REG - Coats Group PLC - Director/PDMR Shareholding

CoatsAnnouncement

25/03/2024 14:30

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RNS Number : 2000I  Coats Group PLC  25 March 2024

25 March 2024

Coats Group plc

Director/PDMR Shareholding

 Notification of Transactions of Directors/Persons Discharging Managerial
Responsibility and their Closely Associated Persons

 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a)  Name                                                                        Jacqueline Callaway
 b)  Position/status                                                             Chief Financial Officer
 c)  Initial notification/ Amendment                                             Initial notification
 2   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Full name of entity                                                         Coats Group plc
 b)  Legal Entity Identifier Code                                                2138003SPYWGAITNFY17
 3   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  Share award constituting a right to acquire Ordinary shares of £0.05
     code
 b)  Identification code/ ISIN                                                   GB00B4YZN328
 c)  Nature of the transaction                                                   Award of nil cost share options under the terms of the Coats Group plc Long
                                                                                 Term Incentive Plan ("LTIP") as set out in the attached Appendix 1.
 d)  Price(s) and volume(s)                                                      Price(s)                                Volume(s)
                                                                                             Nil                         821,478
 e)  Aggregated information                                                      821,478

- Aggregated volume

- Price                                                                    n/a

 f)  Date of the transaction                                                     22 March 2024
 g)  Place of the transaction                                                    London Stock Exchange, Main Market (XLON)

 

 Enquiry details

 Investors        Julian Wais                     Coats Group plc  +44 (0)797 497 4690

 Media            Richard Mountain / Nick Hasell  FTI Consulting   +44 (0)20 3727 1374

 

 

 Appendix 1

Coats Group plc - 2024 Long Term Incentive Award - Performance Schedule

 

Introduction

The following schedule sets out the performance conditions that will apply to
the 2024 Coats Group plc Long Term Incentive award.  The performance period
is 1 January 2024 to 31 December 2026.

 

Performance Measures & Weighting

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

 Measure                                                           Weighting            Definition(1)

                                                                   (% of total award)
 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 before deficit repair contributions to the UK pension scheme
                                                                                        and 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 5 independent equally weighted 2026 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 2024-2026.  Measured from the 2023 base year       5%                                13%

 Vesting (The proportion of the award for this measure that vests)              25%                               100%

 Average Cash Conversion                                                        Threshold                         Maximum
 Average Cash Conversion over the period 2024 to 2026                           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
 Energy: Absolute reduction in Scope 1&2 emissions in tonnes from 2022          20%                               24%
 baseline

 Sustainable Materials: Growth in sustainable (non-virgin oil) based materials  Growth to 55%                     Growth to 65%
 from 2022 baseline

 Waste: Zero waste generated within our facilities being                        93% reduction from 2022 baseline  100% reduction and zero waste to landfill by 2026

 diverted to landfill sites.
 Diversity & inclusion: Percentage of females in senior leadership roles        28%                               32%

 People: Percentage of employees in Coats units that have a                     87%                               89%

 GPTW or equivalent certification

 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.

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