19 April 2017
BREEDON GROUP plc
('Breedon' or the 'Company')
Directors' and PDMRs' Dealings
The Company announces that on 18 April 2017 the following Directors and other Persons Discharging Managerial Responsibilities (PDMRs) were granted awards under the Company's Performance Share Plans ("PSPs") in respect of the performance period 2017 to 2019, to acquire the number of ordinary shares of nil par value in the Company ("Ordinary Shares") set against their names in Table 1 below. The awards will vest on 18 April 2020, subject to the satisfaction of a performance condition based on underlying EPS growth being significantly in excess of growth in RPI over the three-year period ending on 31 December 2019.
Table 1
Director/PDMR |
Role |
Ordinary Shares subject to conditional award |
Peter Tom CBE* |
Executive Chairman |
529,801 |
Pat Ward |
Group Chief Executive |
695,364 |
Rob Wood |
Group Finance Director |
417,218 |
Tim Hall |
Chief Executive - Southern |
234,172 |
Alan Mackenzie |
Chief Executive - Northern |
234,172 |
Ross McDonald |
Group Services Director |
166,887 |
Stephen Tagg |
Group Human Resources Director |
190,993 |
Darryl Matthews |
Head of Strategy & Commercial Services |
108,609 |
Stephen Jacobs |
Head of Communications & Marketing |
64,105 |
*The Award to Peter Tom CBE was granted to Rise Rocks Limited, a company in which Mr Tom has a beneficial interest, which provides the services of Mr Tom as Chairman to the Company and was structured as an option at an option price equal to 1 pence per Ordinary Share. Once vested the option may be exercised at any time up to the 4th anniversary of the date of grant. All other awards were structured as conditional awards.
In addition, the Company has granted further awards under the PSPs to the Directors and other PDMRs shown in Table 2 below:
Table 2
Director/PDMR |
Role |
Ordinary Shares subject to conditional award |
Pat Ward |
Group Chief Executive |
231,7881 |
463,5762 |
Rob Wood |
Group Finance Director |
132,4501 |
Stephen Tagg |
Group Human Resources Director |
106,1072 |
169,7723 |
Stephen Jacobs |
Head of Communications & Marketing |
33,8332 |
96,6043 |
1Pat Ward's award is granted in respect of the PSP awards granted in April 2014 which were subject to a performance condition assessed over the period 2014 to 2016 and which vested on 3 April 2017. Pat Ward did not participate in the PSP awards granted in April 2014 but has been in service for part of the performance period; the award granted has been calculated on a pro-rata basis reflecting the proportion of the performance period for which he was in service. Rob Wood's award is granted to ensure that he is rewarded on a fair and consistent basis relative to other members of the senior executive team, and to reflect his contribution since he joined the business. Each award will vest in April 2018, following the expiration of an additional 12 month holding period and subject to an assessment of the relevant executive's ongoing performance in their role.
2These awards are granted in respect of the PSP awards granted in April 2015 and which are subject to a performance condition assessed over the period 2015 to 2017. Pat Ward, Stephen Tagg and Stephen Jacobs did not participate in the PSP awards granted in April 2015 but will have been in service for part of the performance period. The awards granted have been calculated on a pro-rata basis reflecting the proportion of the performance period for which they will be in service. The awards granted are subject to the same performance conditions as the PSP awards granted to other Directors and PDMRs in April 2015 and, subject to the satisfaction of those conditions, will vest in April 2019, following the expiration of an additional 12 month holding period to further align the interests of the executives with shareholders.
3These awards are granted in respect of the PSP awards granted in April 2016 and which are subject to a performance condition assessed over the period 2016 to 2018. Stephen Tagg and Stephen Jacobs did not participate in the PSP awards granted in April 2016 but will have been in service for part of the performance period. The awards granted have been calculated on a pro-rata basis reflecting the proportion of the performance period for which they will be in service. The awards granted are subject to the same performance conditions as the PSP awards granted to other Directors and PDMRs in April 2016 and will vest in April 2020, following the expiration of an additional 12 month holding period to further align the interests of the executives with shareholders.
Enquiries:
Breedon Group plc www.breedongroup.com
Pat Ward, Group Chief Executive 01332 694010
Stephen Jacobs, Head of Communications 07831 764592
Cenkos Securities plc (NOMAD and joint broker)
Max Hartley 020 7397 8900
Peel Hunt (Joint Broker)
Justin Jones / Mike Bell 020 7418 8900
More about Breedon Group
Breedon Group plc is the largest independent construction materials group in the UK after the four global majors. It operates the country's largest cement plant, two cement import terminals, around 60 quarries, 26 asphalt plants, 200 ready-mixed concrete & mortar plants and three concrete block plants, employing around 2,300 people nationwide.
The group has strong asset backing, with over 750 million tonnes of mineral reserves and resources. Breedon's strategy is to continue growing through consolidation of the UK heavyside building materials sector.
