REG - Currys PLC - Director/PDMR Shareholding

CurrysAnnouncement

17/07/2024 12:30

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RNS Number : 7971W  Currys PLC  17 July 2024

17 July 2024

 

NOTIFICATION OF GRANT OF SHARE AWARDS

 

Currys plc (the "Company")

Notification and public disclosure of transactions by persons discharging
managerial responsibilities ("PDMR") and persons closely associated with them
in accordance with the Market Abuse Regulations.

Awards under the Currys plc Long Term Incentive Plan 2016

On 17 July 2024, the following awards (the "Awards") over ordinary shares of
0.1 pence in the Company ("Ordinary Shares") were granted under the Currys plc
Long Term Incentive Plan 2016 ("LTIP"):

 Name of Director / PDMR  Base Salary for Award (£)   Award Reference Value (£)   No. of Ordinary Shares under Award  Vesting Date  Exercise Price
 Alex Baldock             £942,650                    £2,356,625                  3,003,983                           17 July 2027  Nil
 Bruce Marsh              £487,400                    £1,218,500                  1,553,219                           17 July 2027  Nil

The share price used to calculate the numbers of shares making up each Award
(each a nil cost option) was the mid-market price on the day prior to the
grant, being 16 July 2024 (£0.7845).

The number of Ordinary Shares stated above is the maximum number that could
vest to each PDMR upon full satisfaction of the performance conditions
attaching to the Awards.

The Awards will ordinarily vest and become exercisable on 17 July 2027 (the
"Vesting Date"), subject to each PDMR's continued service with the Company and
the extent to which the performance conditions applicable to the Awards are
achieved. In the case of the awards granted to Alex Baldock and Bruce Marsh,
any Ordinary Shares which vest will be subject to an additional two-year
holding period (on a net of tax basis) from the Vesting Date.

The performance conditions applicable to the Awards are set out as follows:

1)      30% Relative Total Shareholder Return ("TSR")

30% of the Award is subject to the achievement of a relative TSR performance
condition, measured against the companies ranked in the FTSE 250 at the start
of the performance period. The starting point for measurement will be 28 April
2024 and the closing point will be the final day of the 2026/2027 Financial
Year, with one month averaging periods up to the beginning and end of the
performance period. 25% of this portion of the Award will vest for achievement
of median TSR versus the comparator group, with maximum vesting at upper
quartile or above and straight-line vesting between these two points.

2)      40% Cumulative Free Cash Flow((1))

40% of the Award is subject to the achievement of a performance condition
measuring the Company's cumulative free cash flow over the three-year period
starting on 28 April 2024 and ending on the final day of the 2026/2027
Financial Year. 25% of this portion of the Awards will vest if cumulative free
cash flow over the three-year period is £295m, rising to 62.5% of this
portion of the Awards vesting if cumulative free cash flow over the three-year
period is £325m, and with maximum vesting if cumulative free cash flow over
the three-year period is £370m or higher, and straight-line vesting between
these points.

3)      30% Cumulative EPS

30% of the Award is subject to the achievement of a performance condition
measuring the Company's cumulative adjusted basic EPS over the three-year
period starting on 28 April 2024 and ending on the final day of the 2026/2027
Financial Year. 25% of this portion of the Award will vest if cumulative
adjusted basic EPS over the three-year period is 27p, rising to 100% of this
portion of the Award vesting if cumulative adjusted basic EPS over the
three-year period is 33p or higher, and straight-line vesting between these
points.

The Remuneration Committee believes that the above targets represent a
significant degree of stretch.  The Committee will also consider the
formulaic outcome at the time of vesting to ensure that this is aligned with
the holistic performance achieved and the broader stakeholder experience.
The Committee may use discretion to adjust the outcome downwards if
appropriate in the specific circumstances.

(1) As noted in the most recently published annual report, the Group continues
to cooperate with HMRC in relation to open tax cases arising from pre-merger
legacy transactions in the Carphone Warehouse Group. For the purposes of the
Free Cash Flow targets, any potential cash outflows as a result of such cases
will be consistently excluded from both targets and outcomes. However, the
Committee will apply judgement to ensure that the formulaic outcome is
appropriate in light of the shareholder experience.

This announcement is made in accordance with the requirements of Market Abuse
Regulation Article 19.

As at the date of this announcement, the Company has 1,133,494,651 Ordinary
Shares in issue.

 

Details of the full notifications received by the Company are set out below.

 1   Details of the person discharging managerial responsibilities / person closely
     associated
 a)  Name                                                         Alex Baldock
 2   Reason for Notification
 a)  Position/status                                              Group Chief Executive
 b)  Initial notification/Amendment                               Initial Announcement
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                         Currys plc
 b)  LEI                                                          2138001E12GWLLDQQF16
 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 0.1 pence each in Currys plc

     Identification code                                          GB00B4Y7R145
 b)  Nature of the transaction                                    Grant of a nil cost option award under the Currys plc Long Term Incentive
                                                                  Plan. The award will ordinarily become exercisable three years from the date
                                                                  of grant, subject to the grantee's continued service and the extent to which
                                                                  the performance conditions applicable to the award have been met, and then may
                                                                  be exercised for a period of ten years from the date of grant.
 c)  Price(s) and volume(s)                                       Price(s)  Volume(s)
                                                                  Nil       3,003,983
 d)  Aggregated information                                       Not applicable - single transaction

     -     Aggregated volume

     -     Price
 e)  Date of the transaction                                      17 July 2024
 f)  Place of the transaction                                     Outside a trading venue

d)

Aggregated information

-     Aggregated volume

-     Price

Not applicable - single transaction

e)

Date of the transaction

17 July 2024

f)

Place of the transaction

Outside a trading venue

 

 1   Details of the person discharging managerial responsibilities / person closely
     associated
 a)  Name                                                         Bruce Marsh
 2   Reason for Notification
 a)  Position/status                                              Group Chief Financial Officer
 b)  Initial notification/Amendment                               Initial Announcement
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                         Currys plc
 b)  LEI                                                          2138001E12GWLLDQQF16
 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 0.1 pence each in Currys plc

     Identification code                                          GB00B4Y7R145
 b)  Nature of the transaction                                    Grant of a nil cost option award under the Currys plc Long Term Incentive
                                                                  Plan. The award will ordinarily become exercisable three years from the date
                                                                  of grant, subject to the grantee's continued service and the extent to which
                                                                  the performance conditions applicable to the award have been met, and then may
                                                                  be exercised for a period of ten years from the date of grant.
 c)  Price(s) and volume(s)                                       Price(s)  Volume(s)
                                                                  Nil       1,553,219
 d)  Aggregated information                                       Not applicable - single transaction

     -     Aggregated volume

     -     Price
 e)  Date of the transaction                                      17 July 2024
 f)  Place of the transaction                                     Outside a trading venue

d)

Aggregated information

-     Aggregated volume

-     Price

Not applicable - single transaction

e)

Date of the transaction

17 July 2024

f)

Place of the transaction

Outside a trading venue

 

 

Enquiries:

 

Sarah Thomas    Deputy Company Secretary     +44 (0)7401 373 188

 

Dan Homan       Head of Investor Relations      +44 (0)7401 400 442

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