REG - Currys PLC - Director/PDMR Shareholding

CurrysAnnouncement

08/09/2025 11:30

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RNS Number : 4292Y  Currys PLC  08 September 2025

8 September 2025

 

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 8 September 2025, the following awards (the "Additional 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             £980,360                    £490,180                    422,933                             23 July 2028  Nil
 Bruce Marsh              £506,900                    £253,450                    218,679                             23 July 2028  Nil

As set out in the 2024/25 Directors' Remuneration Report, shareholders were
asked to approve an increase in the annual LTIP award level from 250% of base
salary to 300% of base salary, for 2025/26 only.  Awards were granted on the
23 July 2025 equal to 250% of base salary ("Main Award"), and, following the
approval of the current Remuneration Policy by shareholders at the AGM on 4
September 2025, Additional Awards equal to 50% of base salary have now been
granted. Further details of the awards are set out in the 2024/25 Directors'
Remuneration Report, which is available to view at www.currysplc.com.

The share price used to calculate the numbers of shares making up the
Additional Awards (each a nil cost option) was the mid-market price on 22 July
2025 (£1.159), being the day prior to the grant of the Main Award made on 23
July 2025.

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 Additional Awards.

In line with the Main Award, the Additional Awards will ordinarily vest and
become exercisable on 23 July 2028 (the "Vesting Date"), subject to each
PDMR's continued service with the Company and the extent to which the
performance conditions applicable to the Additional Awards are achieved. Any
Ordinary Shares which vest in respect of the Additional Awards will be subject
to an additional five-year holding period (on a net of tax basis) from the
Grant Date.

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

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

30% of each Additional Award is subject to the achievement of a relative TSR
performance condition, measured against an Adjusted FTSE 250 group, which
reflects the FTSE 250 Index minus companies in the Basic Resources, Energy,
and Financial Services sectors, at the start of the performance period. The
starting point for measurement will be 4 May 2025 and the closing point will
be the final day of the 2027/2028 Financial Year, with one month averaging
periods up to the beginning and end of the performance period. 25% of this
portion of each Additional 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 each Additional 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 4 May 2025 and ending on the final day of the
2027/2028 Financial Year. 25% of this portion of each Additional Award will
vest if cumulative free cash flow over the three-year period is £305m, rising
to 62.5% of this portion of each Additional Award vesting if cumulative free
cash flow over the three-year period is £360m, and with maximum vesting if
cumulative free cash flow over the three-year period is £415m or higher, and
straight-line vesting between these points.

3)      30% Cumulative EPS

30% of each Additional 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 4 May 2025 and ending on the final day of the
2027/2028 Financial Year. 25% of this portion of each Additional Award will
vest if cumulative adjusted basic EPS over the three-year period is 30p,
rising to 62.5% of this portion of each Additional Award vesting if cumulative
adjusted basic EPS over the three-year period is 35p, and with maximum vesting
if cumulative adjusted basic EPS over the three-year period is 40p 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 1,132,444,341 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 of the Main Award on 23 July 2025, 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       422,933
 d)  Aggregated information                                       Not applicable - single transaction

     -     Aggregated volume

     -     Price
 e)  Date of the transaction                                      8 September 2025
 f)  Place of the transaction                                     Outside a trading venue

d)

Aggregated information

-     Aggregated volume

-     Price

Not applicable - single transaction

e)

Date of the transaction

8 September 2025

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 of the Main Award on 23 July 2025, 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       218,679
 d)  Aggregated information                                       Not applicable - single transaction

     -     Aggregated volume

     -     Price
 e)  Date of the transaction                                      8 September 2025
 f)  Place of the transaction                                     Outside a trading venue

d)

Aggregated information

-     Aggregated volume

-     Price

Not applicable - single transaction

e)

Date of the transaction

8 September 2025

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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