Cairn Homes Plc — Remuneration Information 2020

Sep 23, 2020

National Storage Mechanism | Additional information

RNS Number : 9186Z

Cairn Homes plc

23 September 2020

Cairn Homes plc (the "Company")

Director/PDMR Shareholding

23 September 2020

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them in accordance with the Market Abuse Regulations.

Awards under the Cairn Homes plc Long Term Incentive Plan

On 22 September 2020, the following awards over ordinary shares of €0.001 cent in the Company were granted under the Cairn Homes plc Long Term Incentive Plan ("LTIP"):

Name of Director/PDMR	Role	No. of Ordinary Shares under Award
Shane Doherty*	Chief Financial Officer ("CFO")	921,053
Tara Grimley	Company Secretary	141,612

*The total number of shares granted to the CFO includes his joining grant, as detailed in the 2019 Annual Report, in addition to the annual grant under the LTIP.

The number of shares awarded under the LTIP is based on the closing price on Euronext Dublin on 21 September 2020, the dealing day immediately preceding the date of grant.

As detailed in the 2019 Annual Report, in light of the level of uncertainty facing the business due to the outbreak of COVID-19 and associated government restrictions, the Remuneration Committee (the "Committee") determined it was prudent to delay the setting of the 2020 LTIP targets until it had a clearer line of sight over expected performance in the period ahead.

Following a comprehensive review of the business and its prospects, overseen by the Committee, the Company announces the following metrics and targets that will apply to the 2020 LTIP awards:

Metric	Weighting	Threshold Target (25%)	Maximum Target (100%)
EPS	80%	9.0C	15.0c
Stakeholder Measures: ·    Customer Satisfaction   ·    Health and Safety	20%	Stakeholder measures will pay out based on customer satisfaction performance. In order for the stakeholder measure to begin to payout, a Health & Safety gateway must be achieved. That gateway will require a sustained and strong level of Health & Safety performance over the performance period which will be assessed by the Committee

The primary measure, EPS, provides an easily understandable and transparent framework for all stakeholders and will motivate participants to deliver our strategy over the performance period. Vesting between threshold and maximum targets will be calculated on a straight-line basis. The targets for the financial measure were set after a rigorous review of internal forecasts and took into account external expectations of future performance. The stakeholder measures - which are non-financial - will draw a sharp focus on wider areas central to delivering our strategy. The Company will further develop its sustainability targets with a view to integrating these into the LTIP stakeholder metrics in future years.

In the context of the effect on markets of COVID-19, the Committee will continue to monitor the risk of 'windfall gains' and will take this into account when determining the final vesting outcome. The overall shareholder experience over the performance period will also play a role in the Committee's determination of final vesting levels.

Notification of Transactions by Persons Discharging Managerial Responsibilities and Persons Closely Associated with them

[This form is required for disclosure of transactions under Article 19 of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (Market Abuse Regulation)]

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Shane Doherty

2

Reason for the notification

a)

Position/status

Executive Director; 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

Cairn Homes plc

b)

LEI

635400DPX6WP2KKDOA83

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

Cairn Homes plc ordinary shares of €0.001 each

ISIN: IE00BWY4ZF18

b)

Nature of the transaction  

Conditional grant of awards pursuant to the rules of the Cairn Homes plc Long Term Incentive Plan, under which shares are granted in the form of a provisional allocation of shares, for which no exercise price is payable.  The delivery of the shares is subject to performance conditions set out in the plan rules.

c)

Price(s) and volume(s)

Price(s)	Volume(s)
Nil Consideration	921,053

d)

Aggregated information

- Aggregated volume

- Price

Not applicable - single transaction

e)

Date of the transaction

22 September 2020

f)

Place of the transaction

Outside a trading venue

g)

Additional Information

N/A

Notification of Transactions by Persons Discharging Managerial Responsibilities and Persons Closely Associated with them

[This form is required for disclosure of transactions under Article 19 of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (Market Abuse Regulation)]

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Tara Grimley

2

Reason for the notification

a)

Position/status

Company Secretary / PDMR

b)

Initial Notification Amendment

Initial notification

3

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

a)

Name

Cairn Homes plc

b)

LEI

635400DPX6WP2KKDOA83

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

Cairn Homes plc ordinary shares of €0.001 each

ISIN: IE00BWY4ZF18

b)

Nature of the transaction  

Conditional grant of awards pursuant to the rules of the Cairn Homes plc Long Term Incentive Plan, under which shares are granted in the form of a provisional allocation of shares, for which no exercise price is payable.  The delivery of the shares is subject to performance conditions set out in the plan rules.

c)

Price(s) and volume(s)

Price(s)	Volume(s)
Nil Consideration	141,612

d)

Aggregated information

- Aggregated volume

- Price

Not applicable - single transaction

e)

Date of the transaction

22 September 2020

f)

Place of the transaction

Outside a trading venue

g)

Additional Information

N/A

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