BARRATT REDROW
PLC
(the
'Company')
Notification and public
disclosure of transactions by persons discharging managerial
responsibilities ('PDMRs') and persons closely associated ('PCAs')
with them.
The Company announces the following
share transactions undertaken by PDMRs:
Grant of Awards under the Barratt Developments Long-Term
Performance Plan (the 'LTPP')
The Company announces that it has
granted the following awards on 7 October 2024 to each of the
Executive Directors of the Company under the LTPP:
Details of the award are set out
below.
|
|
Role
|
Number of shares under
award
|
|
David Thomas
|
Chief Executive
|
344,035
|
|
Steven Boyes
|
Chief Operating Officer & Deputy
Chief Executive
|
277,515
|
|
Mike Scott
|
Chief Financial Officer
|
211,714
|
|
Matthew Pratt
|
Chief Executive
|
281,026
|
The number of shares over which the
award was granted was calculated based on a share price of 500.30
pence per share, 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 (excluding any dealing days that fall
within any period when dealing restrictions apply).
The awards are subject to the
attainment of performance targets based on TSR (30%), Adjusted EPS
(15%), Underlying ROCE (40%) and reduction of Greenhouse Gas
Emissions (15%), measured over a three-year performance period
commencing 1 July 2024. The targets have been set for each of the
financial and non-financial performance conditions for the Barratt
Group on a standalone basis. These targets, together with those for
all in-flight LTPP awards, may need to be adjusted to reflect the
enlarged Group following completion of the combination with Redrow
plc. Accordingly, the Barratt standalone targets have not been
disclosed. The adjusted targets will be communicated at the
appropriate time (currently anticipated to be the second quarter of
2025).
The awards are also subject to a
two-year holding period commencing from 7 October 2027, being the
expected vesting date of these awards. 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 between the
date of grant and the date on which the awards are
released.
Following the above transactions,
the Company confirms that at the date of this announcement, each of
the Executive Directors, and the persons closely associated with
them, hold the following 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
|
1,248,247
|
|
Steven Boyes
|
Chief Operating Officer & Deputy
Chief Executive
|
1,010,162
|
|
Mike Scott
|
Chief Financial Officer
|
709,880
|
|
Matthew Pratt
|
Chief Executive Redrow
|
6,779
|
The Notification of Dealing Forms
for the above transactions are set out below:
Notification of Dealing Form
|
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 Redrow 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)
|
344,035 shares awarded at no
cost
|
|
d)
|
Aggregated information
- Aggregated volume
- Price
|
N/A - Single Transaction
|
|
e)
|
Date of the transaction
|
7 October 2024
|
|
f)
|
Place of the transaction
|
Outside a trading venue
|
Notification of Dealing Form - 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 Redrow 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)
|
277,515 shares awarded at no
cost
|
|
d)
|
Aggregated information
- Aggregated volume
- Price
|
N/A - Single Transaction
|
|
e)
|
Date of the transaction
|
7 October 2024
|
|
f)
|
Place of the transaction
|
Outside a trading venue
|
Notification of Dealing Form - Mike Scott
|
1
|
Details of the person discharging managerial responsibilities
/ person closely associated
|
|
a)
|
Name
|
Mike Scott
|
|
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 Redrow 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)
|
211,714 shares awarded at no
cost
|
|
d)
|
Aggregated information
- Aggregated volume
- Price
|
N/A - Single Transaction
|
|
e)
|
Date of the transaction
|
7 October 2024
|
|
f)
|
Place of the transaction
|
Outside a trading venue
|
Notification of Dealing Form - Matthew Pratt
|
1
|
Details of the person discharging managerial responsibilities
/ person closely associated
|
|
a)
|
Name
|
Matthew Pratt
|
|
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 Redrow 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)
|
281,026 shares awarded at no
cost
|
|
d)
|
Aggregated information
- Aggregated volume
- Price
|
N/A - Single Transaction
|
|
e)
|
Date of the transaction
|
7 October 2024
|
|
f)
|
Place of the transaction
|
Outside a trading venue
|
This notification is made in
accordance with the requirements of the UK Market Abuse
Regulation.
For further information, please
contact:
Tina Bains, Company
Secretary
+44 (0) 7469 054476