Homeserve Plc Director/PDMR Shareholding (8869C)
June 23 2021 - 9:06AM
UK Regulatory
TIDMHSV
RNS Number : 8869C
Homeserve Plc
23 June 2021
HomeServe plc
Investment and Grant of Awards under the
HomeServe 2018 Long Term Incentive Plan (the 'LTIP') and
Individual Award under Listing Rule 9.4.2 (2)
Performance Awards
A number of Directors have been granted Performance Awards under
the LTIP as follows:
Name Status No of Shares
subject to
Performance
Award
David Bower Director 86,789
---------- -------------
Ross Clemmow Director 77,146
---------- -------------
Richard Harpin Director 115,684
---------- -------------
Tom Rusin Director 94,496
---------- -------------
No consideration was payable for the grant of the Awards.
Performance Awards will vest in three years' time subject to
continued employment and the achievement of stretching performance
criteria relating to EPS. The extent to which Performance Awards
Vest at the end of the Performance Period will be determined as
follows :
Compound Annual Growth in Percentage of Award that Vests
EPS over the Performance Period
Less than 7% 0%
---------------------------------
7% 18.75%
---------------------------------
Between 7% and 13% On a straight-line basis between
18.75% and 75%
---------------------------------
13% 75%
---------------------------------
Over 13% and up to 16% On a straight-line basis between
75% and 100%
---------------------------------
The Performance Period is the period of three Financial Years
ending on 31 March 2024.
The price used to calculate the number of shares in the
Performance Awards was GBP10.37, which was the closing mid-market
price of a HomeServe plc Share on 17 May 2021 (the day before the
announcement of the Preliminary Results for the year ended 31 March
2021).
Usual practice is to use the closing mid-market price on the day
prior to the date of grant of any awards, but on this occasion the
Remuneration Committee discussed in May and then subsequently
approved that the award should be based on the higher of the share
price on the day before the date of grant, or GBP10.37, in
recognition of the fall in the share price since the announcement
of the results. The use of the higher share price means that
Executives have not benefited from receiving a higher number of
shares in their Performance Award because of the share price
performance since the results announcement.
Investment and Matching Awards
Directors who were employed throughout the full year ended 31
March 2021 have also been invited to invest some of their FY21 net
annual bonus in shares ("Investment Shares") under the LTIP.
Investment Shares were purchased on 22 June 2021 at a price of
GBP9.687 per Share.
Following the acquisition of Investment Shares, Matching Awards
were granted as follows:
Name Status No of Investment No of Shares
Shares purchased subject to
Matching
Award
David Bower Director 15,256 57,570
---------- ------------------ -------------
Richard Harpin Director 23,924 90,279
---------- ------------------ -------------
Tom Rusin Director 19,100 72,075
---------- ------------------ -------------
No consideration was paid for the grant of Matching Awards
(other than the acquisition of linked Investment Shares). Subject
to the retention of the Investment Shares, continued employment and
the achievement of stretching comparative TSR related performance
criteria, the Matching Awards will vest in three years' time.
The Company's TSR over the Performance Period must match or
exceed the TSR of the Peer Group over the Performance Period. The
Peer Group is those companies at positions 31 to 200 in the FTSE
Index at the start of the Performance Period. The extent to which
Matching Awards Vest at the end of the Performance Period will be
determined as follows :
The Company's TSR over the Performance Percentage of Shares that
Period Vests
Below the TSR of the median company
in the Peer Group 0%
----------------------------
Equal to the TSR of the median
company in the Peer Group 25%
----------------------------
Equal to or more than the TSR
of the company at the 75(th) percentile
of the Peer Group 100%
----------------------------
Between median and upper quartile Pro-rata on a straight-line
TSR basis
between 25% and 100%
----------------------------
The Performance Period is the period of three Financial Years
ending on 31 March 2024.
Individual Award under Listing Rule 9.4.2 (2)
As explained in the FY21 Directors' Remuneration Report, a
one-off award has been made to buy out Ross Clemmow's participation
in a carried interest fund operated by his previous employer which
was forfeited on leaving. After taking external advice, the
Committee agreed to buy out Ross Clemmow's interest in this fund at
a level of 50% of the minimum projected value of the fund, which
was considered to be a fair estimate of what he was effectively
forfeiting on his departure. The value of the buyout was determined
at GBP750,000 and the number of shares awarded is 72,324 (based on
the closing mid-market price of the Company's shares on 17 May 2021
of GBP10.37).
The extent to which these shares vest at the end of the
Performance Period will be determined as follows :
Compound Annual Growth in Percentage of Shares that Vests
EPS over the Performance Period
Less than 7% 0%
---------------------------------
7% 25%
---------------------------------
Between 7% and 13% On a straight-line basis between
25% and 100%
---------------------------------
13% or more 100%
---------------------------------
The Performance Period is the period of three Financial Years
ending on 31 March 2024.
23 June 2021
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DSHEADKDASFFEFA
(END) Dow Jones Newswires
June 23, 2021 10:06 ET (14:06 GMT)
Homeserve (LSE:HSV)
Historical Stock Chart
From Apr 2024 to May 2024
Homeserve (LSE:HSV)
Historical Stock Chart
From May 2023 to May 2024