REG - Angling Direct PLC - Value Creation Awards under new LTIP

Angling DirectAnnouncement

26/02/2025 07:15

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RNS Number : 4466Y  Angling Direct PLC  26 February 2025

26 February 2025

 

Angling Direct plc

("Angling Direct" or the "Company" or the "Group")

 

Value Creation Awards under new LTIP

 

Grant of Awards and PDMR Dealings

 

 

Angling Direct plc (AIM: ANG), the leading omni-channel specialist fishing
tackle and equipment retailer, today announces the grant of Value Creation
Awards (together the "Awards" and each an "Award") under the new Angling
Direct plc Long Term Incentive Plan (the "LTIP").

 

Since the appointment of Steve Crowe as an Executive Director in January 2020,
Angling Direct has delivered significant profitable growth, with revenues
having progressed from £53.2m in FY20 to an expected £91.3m in FY25, as
announced in the Company's trading update issued earlier today. This
represents a compound annual growth rate of 11.4%.  Sam Copeman has also
contributed to this growth since joining as an Executive Director in July
2023, with revenue up 11.9% to FY25E.

 

Given the growth in the Group's revenue and profits, the Remuneration
Committee believes an evolution of the Company's existing remuneration
arrangements is appropriate to ensure the continued incentivisation, retention
and motivation of the Executive team, in line with the Company's medium-term
objectives published in May 2024.

 

Key terms of the Awards

 

Size of Awards

 

The Awards are one-off nominal cost options awards over ordinary shares of 1
pence in the Company ("Ordinary Shares") as follows:

 

·    An Award over 1,500,000 Ordinary Shares to Steve Crowe, Chief
Executive Officer; and

·    An Award over 1,000,000 Ordinary Shares to Sam Copeman, Chief
Financial Officer.

 

Performance Criteria

 

The Awards are subject to the following performance criteria:

 

 Related Parts of each Award  Associated Performance Periods and Targets                Vesting Date

 One third of each Award      3 years from 31 January 2024 to 31 January 2027           Announcement of final results for financial year ending 31 January 2028

                              Two thirds vest based on TSR (6% p.a. to 15% p.a.)

                              One third vests on adjusted EPS  (4% p.a. to 15% p.a.)

 One third of each Award      3 years from 31 January 2025 to 31 January 2028           Announcement of final results for financial year ending 31 January 2028

                              Two thirds vest based on TSR (6% p.a. to 15% p.a.)

                              One third vests on adjusted EPS  (4% p.a. to 15% p.a.)

 One third of each Award      4 years from 31 January 2025 to 31 January 2029           Announcement of final results for financial year ending 31 January 2029

                              Two thirds vest based on TSR (6% p.a. to 15% p.a.)

                              One third vests on adjusted EPS  (4% p.a. to 15% p.a.)

 

The terms  of the Awards, which were consulted on with certain of the
Company's major shareholders, reward management for the Company's robust
performance in FY25, whilst they do not time vest until at least summer 2028.

 

The underlying distinct Parts of the Awards will ordinarily time vest and
become exercisable on their associated Vesting Date subject to the grantee's
continued employment within the Company's Group through to such associated
Vesting Date and to the extent to which the applicable performance conditions
are met.

 

The rules of the new LTIP have been developed with regard to latest best
practice expectations, including malus and clawback provisions and market
standard good and bad leaver provisions.

 

The Awards will augment the Group's existing senior executive share incentive
plan. Further details of the existing senior executive share incentive plan
and Value Creation Awards under the new LTIP will be set out in the Company's
annual report & accounts.

 

The Awards represent 3.3% of the Company's current issued share capital with
voting rights. Total Ordinary Shares under option (including the Awards)
represent 4.0% of the Company's current issued share capital with voting
rights.

 

Further information on the Awards can be found in the PDMR tables at the foot
of this announcement.

 

Andy Torrance, Angling Direct Chair said:

 

"On behalf of the Board, I am delighted to be issuing these Value Creation
Awards under the new LTIP. The Awards set robust targets for the executive
team, which would see value created for all shareholders, as Steve and Sam
continue to execute on the Company's medium-term objectives. The Awards also
recognise the strong growth in the business achieved since Steve joined
Angling Direct in January 2020 and Sam's contribution since he joined in June
2023 and I look forward to continue working closely with both in the future."

 

 

For further information please contact:

 

 Angling Direct plc                         via FTI Consulting
 Steven Crowe, Chief Executive Officer

 Sam Copeman, Chief Financial Officer

 Singer Capital Markets - NOMAD and Broker  +44 (0) 20 7496 3000
 Peter Steel

 Alex Bond

 Tom Salvesen

 James Todd

 FTI Consulting - Financial PR              +44 (0) 20 3727 1000
 Alex Beagley                               anglingdirect@fticonsulting.com (mailto:anglingdirect@fticonsulting.com)

 Matthew Young

 Hannah Butler

 

 

About Angling Direct

 

Angling Direct is the leading omni-channel specialist fishing tackle retailer
in the UK, with an established and growing presence in Europe. Headquartered
in Norfolk UK, the Company sells fishing tackle products and related equipment
through its network of approximately 50 UK retail stores, as well as through
its leading digital platform (www.anglingdirect.co.uk
(https://eu-west-1.protection.sophos.com?d=anglingdirect.co.uk&u=aHR0cDovL3d3dy5hbmdsaW5nZGlyZWN0LmNvLnVrLw==&i=NWZmMzFiMDlmNTYxZTYwZGYyODQyMzUz&t=K2FWYTRxeDV6cWRxd2I5dVpOODk5dnFObVU2U2p5WElLNndSM01SaStUcz0=&h=704002e0ebe140b99f9f3842770cb87e&s=AVNPUEhUT0NFTkNSWVBUSVapg934Yb5nAolTQ9o0CeldsCYWuT9YetF_pLFbutVHOzk4kq9BEj_vGoYOcSbmh2Q)
) and the MyAD Fishing Club app. The Company has three further native language
websites in its key European territories (www.anglingdirect.de,
(https://eu-west-1.protection.sophos.com?d=anglingdirect.de&u=d3d3LmFuZ2xpbmdkaXJlY3QuZGU=&i=NWZmMzFiMDlmNTYxZTYwZGYyODQyMzUz&t=VVRndGRoM1kvaFpNWnRpMzZ0M3NsT2I1NFdGTEp6ZllkYnFBaFFZb2FNWT0=&h=704002e0ebe140b99f9f3842770cb87e&s=AVNPUEhUT0NFTkNSWVBUSVapg934Yb5nAolTQ9o0CeldsCYWuT9YetF_pLFbutVHOzk4kq9BEj_vGoYOcSbmh2Q)
.fr, .nl), with orders fulfilled by its international distribution centre in
The Netherlands.

 

Angling Direct's purpose is to inspire everyone to get out and enjoy an
exceptional fishing experience, regardless of background or ability, in the
great outdoors. Angling Direct's active digital channels and its 450
colleagues contribute to the Company's ethos of care for the wider community
and the environment (www.anglingdirect.co.uk/sustainability
(https://eu-west-1.protection.sophos.com?d=anglingdirect.co.uk&u=aHR0cDovL3d3dy5hbmdsaW5nZGlyZWN0LmNvLnVrL3N1c3RhaW5hYmlsaXR5&i=NWZmMzFiMDlmNTYxZTYwZGYyODQyMzUz&t=a25La0pYblhuR0diWS9OWVhUTEJtSjRiNmhCdktRWnNiUG9ibXlUMjNuTT0=&h=704002e0ebe140b99f9f3842770cb87e&s=AVNPUEhUT0NFTkNSWVBUSVapg934Yb5nAolTQ9o0CeldsCYWuT9YetF_pLFbutVHOzk4kq9BEj_vGoYOcSbmh2Q)
). Angling Direct currently sells over 25,000 fishing tackle products from
industry leading brands alongside its own brands 'Advanta', and entry level
offering 'Discover'.

 

Notification and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely associated with them.

 

 1    Details of the person discharging managerial responsibilities / person closely
      associated
 a)   Name                                                         Steven Crowe
 2    Reason for the notification
 a)   Position/status                                              Chief Executive Officer
 b)   Initial notification /Amendment                              Initial notification

 3    Details of the issuer, emission allowance market participant, auction

    platform, auctioneer or auction monitor

 a)   Name                                                         Angling Direct plc
 b)   LEI                                                          213800MZ7P7HZIRI7H93
 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  Ordinary shares of 1 pence each

      Identification code

                                                                   GB00BF1XGQ00
 b)   Nature of the transaction                                    Award under the Company's new Long Term Incentive Plan. The Award comprises
                                                                   three equal distinct parts (each a nominal cost option) each with an
                                                                   associated normal vesting date.
 c)   Price(s) and volume(s)

  Price (pence)           Volume
                                                                              Nil            1,500,000

 
 d)   Aggregated information

      - Aggregated volume                                          N/A - Single transaction

      - Price
 e)   Date of the transaction                                      25 February 2025
 f)   Place of the transaction                                     Outside a trading venue

 1    Details of the person discharging managerial responsibilities / person closely
      associated
 a)   Name                                                         Sam Copeman
 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                                                         Angling Direct plc
 b)   LEI                                                          213800MZ7P7HZIRI7H93
 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  Ordinary shares of 1 pence each

      Identification code

                                                                   GB00BF1XGQ00
 b)   Nature of the transaction                                    Award under the Company's new Long Term Incentive Plan. The Award comprises
                                                                   three equal distinct parts (each a nominal cost option) each with an
                                                                   associated normal vesting date.
 c)   Price(s) and volume(s)

  Price (pence)           Volume
                                                                              Nil            1,000,000

 
 d)   Aggregated information

      - Aggregated volume                                          N/A - Single transaction

      - Price
 e)   Date of the transaction                                      25 February 2025
 f)   Place of the transaction                                     Outside a trading venue

 

d)

Aggregated information

- Aggregated volume

- Price

 

N/A - Single transaction

 

e)

Date of the transaction

25 February 2025

f)

Place of the transaction

Outside a trading venue

 

 

1

Details of the person discharging managerial responsibilities / person closely
associated

a)

Name

Sam Copeman

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

Angling Direct plc

b)

LEI

213800MZ7P7HZIRI7H93

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

Ordinary shares of 1 pence each

 

 

GB00BF1XGQ00

b)

Nature of the transaction

Award under the Company's new Long Term Incentive Plan. The Award comprises
three equal distinct parts (each a nominal cost option) each with an
associated normal vesting date.

c)

Price(s) and volume(s)

 

   Price (pence)           Volume
            Nil            1,000,000

 

d)

Aggregated information

- Aggregated volume

- Price

 

N/A - Single transaction

 

e)

Date of the transaction

25 February 2025

f)

Place of the transaction

Outside a trading venue

 

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