RNS Number : 0344E
Polypipe Group PLC
03 May 2017
 

Polypipe Group plc ('the Company')

Notification of Transaction by Persons Discharging Managerial Responsibilities

The Company hereby notifies the following change in the interests of directors and persons discharging managerial responsibility ("PDMRs") in Ordinary Shares of £0.001 each in the Company ("Shares") on 2 May 2017.

Grant of Long Term Incentive Plan awards.

The Company confirms that on 2 May 2017, in accordance with its shareholder approved Remuneration Policy and to align the interests of the Senior Management Team with shareholders, it granted to each of the following Directors/PDMRs an award (structured as a nil cost option) under the rules of the Polypipe Group plc 2014 Long Term Incentive Plan (the "LTIP"). In addition the Company made an award, subject to the same performance conditions as set out below, under the LTIP to 20 members of the Senior Management Team. The awards, which have been granted in respect of the financial year beginning on 1 January 2017, are over the following maximum number of Shares in the Company:

Name/Position

 

Category

Maximum number of Shares

 

D G Hall/Chief Executive Officer

Director

143,383

M K Payne/Chief Financial Officer

Director

73,214

G B Sabin/MD Plumbing and Drainage Division

PDMR

30,056

M V Fenson/Business Development Director

PDMR

19,909

The vesting of each award is subject to the satisfaction of the following performance conditions:

1.   25% of the maximum potential award is based on a Total Shareholder Return (the "TSR element") performance condition with a threshold of 25% of the TSR element reached on achieving median and 100% for achieving upper quartile performance relative to the Total Shareholder Return of the companies in a comparator group (consisting of companies in the FTSE 250 Index that are classified as Industrials by the Industry Classification Benchmark) and;

 

2.   75% of the maximum potential award is based on an Earnings per Share performance condition (the "EPS element") measured on a cumulative underlying diluted basis with cumulative targets equivalent to growth of 5% p.a. required to reach the minimum threshold of 25% and 12% p.a. growth to reach the maximum of 100% against 2016 performance.

The TSR and EPS elements are both measured over the three-year period commencing on 1 January 2017.

Subject to the satisfaction of the performance conditions the awards will normally vest on 2 May 2020 and remain exercisable until the tenth anniversary of the grant date.

The notifications below, which have been made in accordance with the requirements of the EU Market Abuse Regulation, provide further detail.

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated. 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

 

 

David Hall

2

 

Reason for the notification

 

a)

 

Position/status

 

 

Chief Executive Officer/Director and PDMR

b)

 

Initial notification /Amendment

 

Initial notification

3

 

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

 

a)

 

Name

 

Polypipe Group plc

b)

 

LEI

 

2138005IF1N2RKJ6KO18

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 £0.001 each in the capital of Polypipe Group plc

 

 

GB00BKRC5K31

b)

 

Nature of the transaction

 

 

Grant of an award, structured as a nil cost option, under the Company's 2014 Long Term Incentive Plan.

 

c)

 

Price(s) and volume(s)

 

 

 

 

 

 

Price(s)

 

Volume(s)

Nil

143,383

 

d)

 

Aggregated information

 

- Aggregated volume

 

- Price

 

N/A

 

 

 

 

 

e)

 

Date of the transaction

 

2 May 2017

f)

 

Place of the transaction

 

Outside of a Trading Venue

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

 

Martin Payne

2

 

Reason for the notification

 

a)

 

Position/status

 

Chief Financial Officer/Director and PDMR

b)

 

Initial notification /Amendment

 

Initial notification

3

 

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

 

a)

 

Name

 

Polypipe Group plc

b)

 

LEI

 

2138005IF1N2RKJ6KO18

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 £0.001 each in the capital of Polypipe Group plc

 

 

GB00BKRC5K31

 

b)

 

Nature of the transaction

 

 

Grant of an award, structured as a nil cost option, under the Company's 2014 Long Term Incentive Plan.

 

c)

 

Price(s) and volume(s)

 

 

 

 

 

 

Price(s)

 

Volume(s)

Nil

73,214

 

d)

 

Aggregated information

 

- Aggregated volume

 

- Price

 

N/A

 

 

 

 

 

e)

 

Date of the transaction

 

2 May 2017

f)

 

Place of the transaction

 

Outside of a Trading Venue

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

 

Glen Sabin

2

 

Reason for the notification

 

a)

 

Position/status

 

PDMR

b)

 

Initial notification /Amendment

 

Initial notification

3

 

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

 

a)

 

Name

 

Polypipe Group plc

b)

 

LEI

 

2138005IF1N2RKJ6KO18

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 £0.001 each in the capital of Polypipe Group plc

 

 

GB00BKRC5K31

 

b)

 

Nature of the transaction

 

 

Grant of an award, structured as a nil cost option, under the Company's 2014 Long Term Incentive Plan.

 

c)

 

Price(s) and volume(s)

 

 

 

 

 

 

Price(s)

 

Volume(s)

Nil

30,056

 

d)

 

Aggregated information

 

- Aggregated volume

 

- Price

 

N/A

 

 

 

 

 

e)

 

Date of the transaction

 

2 May 2017

f)

 

Place of the transaction

 

Outside of a Trading Venue

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

 

Vince Fenson

2

 

Reason for the notification

 

a)

 

Position/status

 

PDMR

b)

 

Initial notification /Amendment

 

Initial notification

3

 

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

 

a)

 

Name

 

Polypipe Group plc

b)

 

LEI

 

2138005IF1N2RKJ6KO18

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 £0.001 each in the capital of Polypipe Group plc

 

 

GB00BKRC5K31

 

b)

 

Nature of the transaction

 

 

Grant of an award, structured as a nil cost option, under the Company's 2014 Long Term Incentive Plan.

 

c)

 

Price(s) and volume(s)

 

 

 

 

 

 

Price(s)

 

Volume(s)

Nil

19,909

 

d)

 

Aggregated information

 

- Aggregated volume

 

- Price

 

N/A

 

 

 

 

 

e)

 

Date of the transaction

 

2 May 2017

f)

 

Place of the transaction

 

Outside of a Trading Venue

 

Contacts:

Polypipe Group plc

David Hall, Chief Executive Officer           

Martin Payne, Chief Financial Officer        

44 (0) 1709 770 000

Brunswick

Mike Smith

Will Rowberry

44 (0) 20 7404 5959

 

 


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