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Balfour Beatty PLC - Director/PDMR Shareholding

RNS Number : 7012P
Balfour Beatty PLC
11 June 2020
 

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES ('PDMRs') AND PERSONS CLOSELY ASSOCIATED WITH THEM

 

Vesting of conditional awards in accordance with the rules of the Balfour Beatty Performance Share Plan 2011 ('PSP')

 

Balfour Beatty plc (the "Company") announces that, on 8 June 2020, the following PDMRs received, for nil consideration, the number of Ordinary Shares of 50p each in the Company ("Ordinary Shares") shown below, following the vesting of conditional awards made pursuant to the rules of the PSP  granted on 7 June 2017 (the "Existing Awards"). Further to the Existing Awards, dividend equivalents were awarded on the date of vesting of the Existing Awards in the form of further conditional awards over Ordinary Shares (the "Further Awards"). The total number of Ordinary Shares received by each PDMR consists of both Existing Awards and the Further Awards.

 

Name of Director / PDMR

Total number of Ordinary Shares Received

Type of Award

Number of Ordinary Shares sold (to cover tax liabilities and expenses)

Number of Ordinary Shares retained

Leo Quinn

367,474

Conditional award

172,973

194,501

Philip Harrison

160,768

Conditional award

75,675

85,093

 

Grant of conditional awards in accordance with the rules of the PSP

 

The Company also announces that, on 11 June 2020, the following PDMRs (the "Grantees") received conditional awards over the number of Ordinary Shares shown below (the "Awards"), in accordance with the rules of the PSP.

 

Name of Director / PDMR

Total number of Shares Awarded

Type of Award

Leo Quinn

609,756

Conditional award

Philip Harrison

274,104

Conditional award

 

The Awards will normally vest on the third anniversary of the grant date and are then subject to a further two-year holding period. No consideration is payable by Grantees on either the grant or vesting of the Awards.

 

The performance condition applying to one third of the Awards (the "TSR Part") will measure the Company's total shareholder return ("TSR") performance over a three-year period relative to the TSR performance over the same period of a comparator group of companies, comprising the constituents of the FTSE 51-200 (excluding investment trusts) as at the start of the measurement period (the "Comparator Group"). The measurement period for the Awards shall comprise three consecutive financial years of the Company, starting with the 2020 financial year.

 

No portion of the TSR Part will vest unless the Company's TSR performance ranks at least equal to median TSR performance of the Comparator Group, at which point 25% of the TSR Part will vest, rising on a straight-line basis to 100% vesting for the Company's TSR performance ranking at upper quartile or better relative to the TSR performance of the Comparator Group.

 

The performance condition applying to a separate one third of the Awards (the "Cash Part") will measure improvement in the Company's Operating Cash Flow ("OCF") from continuing operations over a measurement period starting with the 2020 financial year.

 

No portion of the Cash Part will vest unless the Company's OCF for the 2022 financial year is greater than £135m. Were OCF for 2022 to be greater than £135m but not more than £169m, 25% to 50% of the Cash Part would vest on a straight-line basis. Were OCF for 2022 to be £169m to £203m or more, between 50% of and 100% of the Cash Part would vest on a straight-line basis.

 

The performance condition applying to a separate one third of the Awards (the "EPS Part") will measure the Company's earnings per share performance over a measurement period starting with the 2020 financial year.

 

No portion of the EPS Part will vest unless the Company's EPS for the 2022 financial year is 22p, at which point 25% of the EPS Part will vest, rising on a straight-line basis to 100% vesting for the Company's EPS for 2022 being 33p or more. 

 

The relevant notifications set out below are provided in accordance with the requirements of Article 19 of the EU Market Abuse Regulation.

 

Contact and telephone number for queries /

Duly authorised officer of issuer responsible for making notification:

 

David Mercer

Interim Group General Counsel and Company Secretary

020 7216 6800

 

 

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

 

Vesting of conditional awards in accordance with the rules of the Performance Share Plan

 

 

 

a)

Name

Leo Quinn

2

Reason for the notification

a)

Position/status

Director / PDMR - Chief Executive Officer

b)

Initial notification /Amendment

Initial Notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Balfour Beatty plc

b)

LEI

CT4UIJ3TUKGYYHMENQ17

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

Identification code

Ordinary Shares of 50p each

 

GB0000961622

b)

Nature of the transaction

Vesting of conditional award over Ordinary Shares

c)

Price(s) and volume(s)

 

 

Price(s)

Volume(s)

£Nil

367,474

d)

Aggregated information

- Aggregated volume

- Price

n/a

e)

Date of the transaction

 8 June 2020

f)

Place of the transaction

Outside a trading venue

 

 

 

a)

Name

Leo Quinn

2

Reason for the notification

a)

Position/status

Director / PDMR - Chief Executive Officer

b)

Initial notification /Amendment

Initial Notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Balfour Beatty plc

b)

LEI

CT4UIJ3TUKGYYHMENQ17

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

Identification code

Ordinary Shares of 50p each

 

GB0000961622

b)

Nature of the transaction

Sale of sufficient Ordinary Shares to cover tax liabilities arising from vesting

c)

Price(s) and volume(s)

 

 

Price(s)

Volume(s)

£2.62674

 172,973

d)

Aggregated information

- Aggregated volume

- Price

n/a

e)

Date of the transaction

 8 June 2020

f)

Place of the transaction

London Stock Exchange (XLON)

 

 

 

a)

Name

Philip Harrison

2

Reason for the notification

a)

Position/status

Director / PDMR - Chief Financial Officer

b)

Initial notification /Amendment

Initial Notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Balfour Beatty plc

b)

LEI

CT4UIJ3TUKGYYHMENQ17

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

Identification code

Ordinary Shares of 50p each

 

GB0000961622

b)

Nature of the transaction

Vesting of conditional award over Ordinary Shares

c)

Price(s) and volume(s)

 

 

Price(s)

Volume(s)

 £Nil

160,768

d)

Aggregated information

- Aggregated volume

- Price

n/a

e)

Date of the transaction

 8 June 2020

f)

Place of the transaction

Outside a trading venue

 

 

 

a)

Name

Philip Harrison

2

Reason for the notification

a)

Position/status

Director / PDMR - Chief Financial Officer

b)

Initial notification /Amendment

Initial Notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Balfour Beatty plc

b)

LEI

CT4UIJ3TUKGYYHMENQ17

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

Identification code

Ordinary Shares of 50p each

 

GB0000961622

b)

Nature of the transaction

Sale of sufficient Ordinary Shares to cover tax liabilities arising from vesting

c)

Price(s) and volume(s)

 

 

Price(s)

Volume(s)

£2.62674

75,675

d)

Aggregated information

- Aggregated volume

- Price

n/a

e)

Date of the transaction

8 June 2020

f)

Place of the transaction

London Stock Exchange (XLON)

 

Grant of conditional awards in accordance with the rules of the Performance Share Plan

 

a)

Name

Leo Quinn

2

Reason for the notification

a)

Position/status

Director / PDMR - Chief Executive Officer

b)

Initial notification /Amendment

Initial Notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Balfour Beatty plc

b)

LEI

CT4UIJ3TUKGYYHMENQ17

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

Identification code

Ordinary Shares of 50p each

 

GB0000961622

b)

Nature of the transaction

Conditional award over Ordinary Shares made in accordance with the rules of the PSP.

c)

Price(s) and volume(s)

 

 

Price(s)

Volume(s)

£Nil

609,756

d)

Aggregated information

- Aggregated volume

- Price

n/a

e)

Date of the transaction

 11 June 2020

f)

Place of the transaction

Outside a trading venue

 

 

 

a)

Name

Philip Harrison

2

Reason for the notification

a)

Position/status

Director / PDMR - Chief Financial Officer

b)

Initial notification /Amendment

Initial Notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Balfour Beatty plc

b)

LEI

CT4UIJ3TUKGYYHMENQ17

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

Identification code

Ordinary Shares of 50p each

 

GB0000961622

b)

Nature of the transaction

Conditional award over Ordinary Shares made in accordance with the rules of the PSP.

c)

Price(s) and volume(s)

 

Price(s)

Volume(s)

£Nil

274,104

d)

Aggregated information

- Aggregated volume

- Price

n/a

e)

Date of the transaction

 11 June 2020

f)

Place of the transaction

Outside a trading venue

 

Balfour Beatty plc's Legal Entity Identifier is CT4UIJ3TUKGYYHMENQ17.


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 [email protected] or visit www.rns.com.
 
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Quick facts: Balfour Beatty plc

Price: 212.8

Market: LSE
Market Cap: £1.5 billion
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