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Lavendon Group plc alert service

RNS Number : 4314U
Lavendon Group PLC
07 April 2016
 

LAVENDON GROUP PLC (the "Company")

 

Director and PDMR announcement

 

This notification is made in accordance with DTR 3.1.4(1)(a).

 

On 6 April 2016, the Company granted awards over ordinary shares of 1p in Lavendon Group plc (the "Ordinary Shares") under the Lavendon 2015 Long Term Incentive Plan (the "Plan") to the following directors and persons discharging managerial responsibilities (PDMRs):

 

Name of Director/PDMR

Position

Number of Shares held under award

Don Kenny

Chief Executive

381,413

Alan Merrell

Group Finance Director

238,383

Hayley Holloway

Group HR Director

60,000

Mike Evenson

Group Technical and Performance Improvement Director

60,000

Jeremy Fish

Managing Director - UK

80,000

Dietmar Mueller

Managing Director - Germany

80,000

Gonzague Depraetere

Managing Director - France

80,000

Paul Rankin

Managing Director - Middle East

80,000

 

No consideration was paid for the grant of the awards which are structured as options with a nil option price. 

 

The vesting of the awards is subject to the satisfaction of the following performance conditions, measured over a performance period of three financial years ending on 31 December 2018:

 

1)   40% of the award is based on relative total shareholder return (TSR) targets, measured

against the constituent companies of the FTSE SmallCap Index (excluding companies in the financials industry). 25% of the TSR-related part of the award will vest if the Company's TSR is ranked at the median of the comparator group, increasing on a straight-line basis to 100% vesting if the Company's TSR is ranked at the upper quartile of the comparator group.

 

2)   40% of the award is based on the average return on capital employed (ROCE) performance

of the Company. 25% of the ROCE-related part of the award will vest if average ROCE over the performance period is 11.75%, increasing on a straight-line basis to 100% vesting if average ROCE is 13.00%.

 

3)   20% of the award is based on the Company's compound annual growth in earnings per

Share (EPS). 25% of the EPS-related part of the award will vest for compound annual growth of 5.00% over the performance period, increasing on a straight-line basis to 100% vesting for compound annual growth of at least 11.00%.

 

Performance against each target is assessed independently. Irrespective of the extent to which the performance conditions have been met, the Company's Remuneration Committee may, at its discretion, scale back the level of vesting of the award if it considers that the proposed level of vesting does not reflect the underlying financial and/or corporate performance of the Company.

 

The award will normally vest on the later of the third anniversary of grant and the determination of the performance conditions. Don Kenny and Alan Merrell are required to hold any awards that vest for a minimum period of two years from date of vesting.

 

Following the grant of these awards under the Plan, the beneficial interests of the PDMRs in the share capital of the Company and their total interest in share incentive schemes over Ordinary Shares in the Company are detailed below:

Name of Director/PDMR

 

Position

Beneficial Interest in Ordinary

Shares

Share Incentive Scheme Awards Outstanding

Don Kenny

Chief Executive

389,147

987,615

Alan Merrell

Group Finance Director

245,899

654,819

Hayley Holloway

Group HR Director

 

174,580

Mike Evenson

Group Technical and Performance Improvement Director

 

155,903

Jeremy Fish

Managing Director - UK

 

250,000

Dietmar Mueller

Managing Director - Germany

8,250

150,000

Gonzague Depraetere

Managing Director - France

 

258,148

Paul Rankin

Managing Director - Middle East

 

250,000

 

 

 

7 April 2016

 

 

For further information, please contact:

Lavendon

 

 

Don Kenny, Chief Executive                                                                 Today T: +44 (0)203 727 1000

Alan Merrell, Group Finance Director                                             Thereafter T: +44 (0)1455  206 736

 

 

FTI Consulting

 

 

Jonathon Brill                                                                                               T: +44 (0)203 727 1000

Adam Cubbage

James Styles

 

 

 

Notes to Editors

Lavendon is the European and Middle East market leader in the rental of powered access equipment. The quality of diversity of its hire fleet, coupled with the professionalism and accessibility of its depot network, provides an exceptional product range for customers. 

 

Powered access equipment is designed to enable people to work safely, productively and comfortably at height. It can be used in a comprehensive range of applications, both inside and outside buildings and structures.

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
DSHUGUBWCUPQGRQ

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