Grant under Performance Share Plan
Performance share plan awards granted to directors and management on 19 March 2025.
- Total awards granted 1,965,064 shares
- Neil Ash (CEO) award 545,873 shares
- Ben Guyatt (CFO) award 334,917 shares
- Share price used for calculation £1.605
- Vesting date 19 March 2028
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Forterra plc (the "Company") announces that on 19 March 2025 awards over ordinary shares of £0.01 each in the capital of the Company were granted to certain Directors and persons discharging managerial responsibility ("PDMRs") under the Forterra plc Performance Share Plan ("PSP") as follows:
| Name of Director / PDMR | Number of Shares over which the PSP Award is granted |
|---|---|
| Neil Ash (Chief Executive Officer) | 545,873 |
| Ben Guyatt (Chief Financial Officer) | 334,917 |
| George Stewart (Strategic Projects Director) | 87,590 |
| Adam Smith (Commercial Director) | 87,590 |
| Mark Davies (Chief Operations Officer) | 115,640 |
| Nicola Chapman (Strategy and Marketing Director) | 65,412 |
| Sarah Renton (Chief People Officer) | 84,102 |
| Frances Tock (Company Secretary) | 33,311 |
| Other management | 610,629 |
| Total awards granted | 1,965,064 |
No consideration was paid for the grant of the awards which are structured as nominal cost options at an option exercise price of £0.01 per Ordinary Share. The number of Ordinary Shares granted under the award has been calculated using a share price of £1.605 being an average mid-market quotation as derived from the London Stock Exchange Daily Official List for the last 5 days of trading.
The vesting of an award is subject to the satisfaction of performance conditions which have been set by the Remuneration Committee of the Board of Directors of the Company and are set out below:
Plan conditions
| Performance condition | % of award subject to condition | Growth | % of PSP award which will vest |
|---|---|---|---|
| Absolute EPS (before exceptional items) reported for the year ending 31 December 2027 | 40% | <15p | 0% |
| Equal to 15p | 25% | ||
| 23p or above | 100% | ||
| Company's total TSR against TSR of index members (FTSE 250 excluding investment trusts) - measured at 31 December 2027 | 40% | <Median | 0% |
| Median | 25% | ||
| Upper quartile or above | 100% | ||
| Reduction in Group's clay product carbon emissions intensity versus 2019 baseline measured at 31 December 2027 | 10% | <12% | 0% |
| 12% | 25% | ||
| 18% or above | 100% | ||
| Reduction in Group's plastic packaging intensity versus 202024 baseline measured at 31 December 2027 | 10% | <15% | 0% |
| 15% | 25% | ||
| 26% or above | 100% |
Vesting is measured on a straight-line basis between the above performance points
The awards will normally vest on 19 March 2028, subject to the achievement of the performance conditions and the participant being a director or employee within the Company's group at that time.
The above notification is intended to satisfy the Company's obligations under Article 19 of the Market Abuse Regulations and Listing Rule 9.3.2R.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.