Director/PDMR Shareholding

Coats

17/03/2025 14:00

RNS Number : 9823A

Coats Group PLC

17 March 2025

 

17 March 2025

Coats Group plc

Director/PDMR Shareholding

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
David Paja
2
Reason for the notification
a)
Position/status
Chief Executive Officer and Executive Director
b)
Initial notification/Amendment
Initial notification
3
Details of the issuer, UK emission allowance market participant, auction platform or auctioneer
a)
Name
Coats Group plc
b)
LEI
2138003SPYWGAITNFY17
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
Share award constituting a right to acquire Ordinary shares of £0.05
GB00B4YZN328
b)
Nature of the transaction
1.
Award of nil cost share options under the terms of the Coats Group plc Deferred Annual Bonus Plan ("DABP") as set out below:
The DABP awards represent a proportion of the annual bonus awarded for the year ended 31 December 2024 and vest after 3 years from the date of the award. DABP awards are not subject to performance conditions, as the bonus targets in respect of 2024 have already been met, but awards are subject to certain forfeiture and clawback provisions in certain situations such as personal misconduct or a misstatement of results.
2.
Award of nil cost share options under the terms of the Coats Group plc Long Term Incentive Plan ("LTIP") the performance conditions are set out in the attached Appendix 1.
c)
Price(s) and volume(s)
Price(s)
Volume(s)
1) DABP
2) LTIP
Nil
Nil
220,210
1,541,472
d)
Aggregated information
· - Aggregated volume
· - Price
1,761,682
n/a
e)
Date of the transaction
2025-03-14
f)
Place of the transaction
Outside a trading venue

 

1
Details of the person discharging managerial responsibilities/person closely associated
a)
Name
Jacqueline Callaway
2
Reason for the notification
a)
Position/status
Chief Financial Officer and Executive Director
b)
Initial notification/Amendment
Initial notification
3
Details of the issuer, UK emission allowance market participant, auction platform or auctioneer
a)
Name
Coats Group plc
b)
LEI
2138003SPYWGAITNFY17
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
Share award constituting a right to acquire Ordinary shares of £0.05
GB00B4YZN328
b)
Nature of the transaction
1.
Award of nil cost share options under the terms of the Coats Group plc Deferred Annual Bonus Plan ("DABP") as set out below:
The DABP awards represent a proportion of the annual bonus awarded for the year ended 31 December 2024 and vest after 3 years from the date of the award. DABP awards are not subject to performance conditions, as the bonus targets in respect of 2024 have already been met, but awards are subject to certain forfeiture and clawback provisions in certain situations such as personal misconduct or a misstatement of results.
c)
Price(s) and volume(s)
Price(s)
Volume(s)
1) DABP
Nil
290,375
d)
Aggregated information
· - Aggregated volume
· - Price
290,375
n/a
e)
Date of the transaction
2025-03-14
f)
Place of the transaction
Outside a trading venue


 

Enquiry details
Investors
Anjali Kotak
Coats Group plc
+44 (0)7880 471350
Media
Richard Mountain / Nick Hasell
FTI Consulting
+44 (0)20 3727 1374

 

Appendix 1

Coats Group plc - 2025 Long Term Incentive Award - Performance Schedule

Introduction

The following schedule sets out the performance conditions that will apply to the 2025 Coats Group PLC Long Term Incentive award. The performance period is 1 January 2025 to 31 December 2027.

 

Performance Measures & Weighting

The award has four performance measures and is weighted as set out below.

Measure
Weighting
(% of total award)
Definition1
Coats Group plc Earnings Per Share Compound Annual Growth (CAGR)
30%
The Compound Annual Growth (CAGR) in EPS achieved in the performance period. The Board will consider the CAGR in Normalised EPS which is EPS, adjusted to exclude exceptional items such as property gains or losses and the impact of IAS19 charges (pensions finance) .
Average Cash Conversion over 3-years (Cash)
20%
The average of the adjusted Free Cash Flow divided by normalised Attributable Profit for each of the three years in the performance period. The adjusted Free Cash Flow is after maintaining the company's asset base ie operating cash flow minus capital expenditures, adjusted for exceptional items such as property gains or losses.
Total Shareholder Return
25%
The total returns to shareholders which includes share price growth and ordinary dividend payments. The performance condition is measured against a comparator group consisting of the FTSE250 minus investment trusts.
Sustainability
25%
Achievement of 3 independent equally weighted Sustainability goals.
TOTAL
100%


1.     Subject to such adjustments as required by the Committee to ensure the performance condition fulfils its original intent. 

Performance Targets and Vesting Schedule

EPS CAGR (adjusted if necessary)
Threshold
Maximum
EPS CAGR in the period from 2025-2027. Measured from the 2024 base year
4%
12%
Vesting (The proportion of the award for this measure that vests)
25%
100%
Average Cash Conversion
Threshold
Maximum
Average Cash Conversion over the period 2025 to 2027
70%
90%
Vesting (The proportion of the award for this measure that vests)
25%
100%
Total Shareholder Return
Threshold
Maximum
Ranking Position vs FTSE250 (excluding investment trusts)
Median
Upper Quartile
Vesting (The proportion of the award for this measure that vests)
25%
100%
Sustainability
Threshold
Maximum
Absolute reduction in Scope 1&2 emissions in tonnes from 2019 baseline
55%
65%
Absolute reduction in Scope 3 emissions in tonnes from 2019 baseline
22%
26%
Percentage of females in senior leadership roles
33%
37%
Vesting (The proportion of the award for this measure that vests)
25%
100%

 

There is a proportionate straight-line vesting for performance between each of the targets shown above. 

The range of performance targets have been set with reference to internal planning and external market expectations for the Company's future performance and are considered similarly challenging to the targets set in prior years allowing for current market conditions.  The Committee would consider appropriate adjustments to the financial performance targets to extent the Company undertook material acquisitions or divestments, or share buybacks, during the period from 1 January 2025 to 31 December 2027.  

 

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