Bovis Homes Group PLC LTIP 2018 performance conditions (5574N)
May 09 2018 - 11:00AM
UK Regulatory
TIDMBVS
RNS Number : 5574N
Bovis Homes Group PLC
09 May 2018
Bovis Homes Group PLC (the "Company")
Long Term Incentive Plan ("LTIP") - performance conditions for
2018 awards
Further to the announcement made on 6 March 2018 regarding the
grant of LTIP awards on 5 March 2018 (the "2018 Award"), the
Company confirms the following performance measures and targets in
respect of the 2018 Award. Full details will be included in the
Directors' Remuneration Report for the year ending 31 December
2018.
Performance targets for 2018 Award:
TSR ROCE EPS Customer
satisfaction
---------- ----------------- --------------- --------------- ---------------
Weighting 25% 25% 25% 25%
---------- ----------------- --------------- --------------- ---------------
Peer See note below N/A N/A N/A
Group
---------- ----------------- --------------- --------------- ---------------
Target Vesting Target Vesting Target Vesting Target Vesting
---------- -------- ------- ------ ------- ------ ------- ------ -------
Equal to
Threshold Index 30% 21.8% 30% 300p 30% N/A N/A
---------- -------- ------- ------ ------- ------ ------- ------ -------
Index+
Max 7.5% pa 100% 25% 100% 343p 100% 4* 100%
---------- -------- ------- ------ ------- ------ ------- ------ -------
Note: The peer group for the TSR performance target, which may
be subject to change, consists of the following companies:
Barratt Developments PLC, Bellway p.l.c., The Berkeley Group
plc, Countryside Properties PLC, Crest Nicholson Holdings plc,
Persimmon plc, Redrow plc, Taylor Wimpey plc.
Total vesting at threshold is 22.5%.
TSR will be calculated using a three month averaging period at
the start and end of the period to smooth the impact of share price
volatility on vesting.
Performance targets for the additional LTIP granted to Earl
Sibley in lieu of his participation in the Project 200 Incentive
Plan can be found on page 92 of the 2017 Directors' Remuneration
Report.
Malus and clawback conditions apply to the above awards. In
addition, a two year holding period following vesting extends to
five years the time between awards being granted and when they can
be exercised.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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