Remuneration Information • Oct 23, 2018
Remuneration Information
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RNS Number : 9267E
Barratt Developments PLC
23 October 2018
23 October 2018
Barratt Developments PLC
(the 'Company')
Notification and public disclosure of transactions by persons discharging managerial responsibilities ('PDMRs') and persons closely associated ('PCAs') with them
Grant of Awards under the Barratt Developments PLC Long-Term Performance Plan (the 'LTPP')
The Company announces that the following awards were made on 22 October 2018 under the LTPP:
| Executive Director | Role | Number of shares awarded |
| David Thomas | Chief Executive | 272,426 |
| Steven Boyes | Chief Operating Officer & Deputy Chief Executive | 215,602 |
| Jessica White | Chief Financial Officer | 151,945 |
The number of shares over which the awards were granted were calculated based on a per share price of 542.3 pence, being the average of the closing prices, as derived from the London Stock Exchange daily official list, for each of the dealing days in the period of three months ending with the day before the Grant Date.
The awards are subject to the attainment of performance targets based on relative TSR (40%), absolute EPS (20%) and Underlying ROCE (40%) measured over a three-year performance period commencing 1 July 2018. The awards are also subject to a two-year holding period commencing from 1 July 2021, being the end of the performance period. No shares will be released to the Executive Directors until such time as any tax and national insurance contributions due on release of the shares has been settled. These shares will accrue a dividend equivalent.
Grant of Awards under the Barratt Developments PLC Deferred Bonus Plan (the 'DBP')
Further to the disclosure in the Company's 2018 Annual Report and Accounts in respect of the deferral into shares of any bonus earned in excess of 100% of base salary for the financial year ended 30 June 2018, the Company announces that it has granted awards (the 'DBP Awards') to its Executive Directors in accordance with the provisions of the DBP as approved by shareholders at the 2017 AGM as follows:
| Executive Director | Role | Amount of bonus deferred (£) | Number of shares under award |
| David Thomas | Chief Executive | 274,916 | 49,445 |
| Steven Boyes | Chief Operating Officer & Deputy Chief Executive | 260,141 | 46,787 |
| Jessica White | Chief Financial Officer | 183,334 | 32,973 |
The number of shares awarded was calculated at a share price of £5.56 per share, being the average of the closing middle-market quotations, as derived from the daily official list of the Stock Exchange, for the first five dealing days following the date of the final results announcement of the Company for the financial year ended 30 June 2018.
The DBP Awards will be subject to a continued employment condition for a period of three years, commencing 22 October 2018. At the end of the three years, the shares will be released to the participants, subject to the payment of any tax and national insurance liability due on the shares at that time. No matching shares have been granted against the DBP Awards.
Following the above transactions, the Company confirms that at the date of this announcement, each of the Executive Directors holds the following total number of options and awards over Ordinary Shares of 10 pence each in the Company:
| Executive Director | Role | Total number of shares under option and/or award |
| David Thomas | Chief Executive | 965,641 |
| Steven Boyes | Chief Operating Officer and Deputy Chief Executive | 769,959 |
| Jessica White | Chief Financial Officer | 334,959 |
The Notification of Dealing Forms for each of the above transactions by the Executive Directors/PDMRs can be found below.
Notification of Dealing - Mr David Thomas
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | David Thomas |
| 2 | Reason for the notification | |
| a) | Position/status | Chief Executive |
| b) | Initial notification /Amendment | Initial notification |
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
| a) | Name | Barratt Developments PLC |
| b) | LEI | 2138006R85VEOF5YNK29 |
| 4.1 | 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 10 pence ISIN: GB0000811801 |
| b) | Nature of the transaction | Grant of a Conditional Award under the Barratt Developments Long-Term Performance Plan |
| c) | Price(s) and volume(s) | 272,426 shares awarded at no cost |
| d) | Aggregated information - Aggregated volume - Price |
N/A - Single Transaction |
| e) | Date of the transaction | 22 October 2018 |
| f) | Place of the transaction | Outside a trading venue |
| 4.2 | 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 10 pence ISIN: GB0000811801 |
| b) | Nature of the transaction | Grant of a Conditional Award under the Barratt Developments Deferred Bonus Plan |
| c) | Price(s) and volume(s) | 49,445 shares awarded at no cost |
| d) | Aggregated information - Aggregated volume - Price |
N/A - Single Transaction |
| e) | Date of the transaction | 22 October 2018 |
| f) | Place of the transaction | Outside a trading venue |
Notification of Dealing Form - Mr Steven Boyes
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | Steven Boyes | |
| 2 | Reason for the notification | ||
| a) | Position/status | Chief Operating Officer and Deputy Chief Executive | |
| b) | Initial notification /Amendment | Initial notification | |
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
| a) | Name | Barratt Developments PLC | |
| b) | LEI | 2138006R85VEOF5YNK29 | |
| 4.1 | 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 10 pence ISIN: GB0000811801 |
|
| b) | Nature of the transaction | Grant of a Conditional Award under the Barratt Developments Long-Term Performance Plan | |
| c) | Price(s) and volume(s) | 215,602 shares awarded at no cost | |
| d) | Aggregated information - Aggregated volume - Price |
N/A - Single Transaction | |
| e) | Date of the transaction | 22 October 2018 | |
| f) | Place of the transaction | Outside a trading venue | |
| 4.2 | 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 10 pence ISIN: GB0000811801 |
|
| b) | Nature of the transaction | Grant of a Conditional Award under the Barratt Developments Deferred Bonus Plan | |
| c) | Price(s) and volume(s) | 46,787 shares awarded at no cost | |
| d) | Aggregated information - Aggregated volume - Price |
N/A - Single Transaction | |
| e) | Date of the transaction | 22 October 2018 | |
| f) | Place of the transaction | Outside a trading venue | |
Notification of Dealing Form - Mrs Jessica White
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||||
| a) | Name | Jessica White | |||
| 2 | Reason for the notification | ||||
| a) | Position/status | 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 | Barratt Developments PLC | |||
| b) | LEI | 2138006R85VEOF5YNK29 | |||
| 4.1 | 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 10 pence ISIN: GB0000811801 |
|||
| b) | Nature of the transaction | Grant of a Conditional Award under the Barratt Developments Long-Term Performance Plan | |||
| c) | Price(s) and volume(s) | 151,945 shares awarded at no cost | |||
| d) | Aggregated information - Aggregated volume - Price |
N/A - Single Transaction | |||
| e) | Date of the transaction | 22 October 2018 | |||
| f) | Place of the transaction | Outside a trading venue | |||
| 4.2 | 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 10 pence ISIN: GB0000811801 |
|||
| b) | Nature of the transaction | Grant of a Conditional Award under the Barratt Developments Deferred Bonus Plan | |||
| c) | Price(s) and volume(s) | 32,973 shares awarded at no cost | |||
| d) | Aggregated information - Aggregated volume - Price |
N/A - Single Transaction | |||
| e) | Date of the transaction | 22 October 2018 | |||
| f) | Place of the transaction | Outside a trading venue | |||
This notification is made in accordance with the requirements of the Market Abuse Regulation.
For further information please contact:
Tina Bains
Company Secretary
01530 278278
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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