Value Creation Awards under new LTIP
26/02/2025 07:01
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 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.) | Announcement of final results for financial year ending 31 January 2028 |
| One third of each Award | 3 years from 31 January 2025 to 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.) | Announcement of final results for financial year ending 31 January 2028 |
| One third of each Award | 4 years from 31 January 2025 to 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.) | Announcement of final results for financial year ending 31 January 2029 |
|
| 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 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) |
| ||||
| 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) |
| ||||
| 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 | ||||