REG - Stobart Group Ltd - Correction of Director/PDMR Shareholding

EskenAnnouncement

09/07/2019 17:30

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RNS Number : 0023F
Stobart Group Limited
09 July 2019
 
9 July 2019
Stobart Group Limited
("Stobart Group")
Correction of Director/PDMR Shareholding Notification
This is a correction for a previous notification (RNS 8470E - released on 8
July 2019).  It corrects the description of the three-year Total Shareholder
Return performance target.
There was a typographical error in the description of the three-year Total
Shareholder Return performance target in the notification published by the
Stobart Group on 8 July 2019 (the "Notification").
The Notification stated that the stretch target for TSR performance is "FTSE
250 + 10% p.a.".  The Notification should have stated that the stretch target
for TSR performance is "FTSE 250 + 8.5% p.a.".
All other details remain unchanged.
The details are restated below (as corrected) for reference.
LTIP Awards in respect of FY20
On 3 July 2019 Stobart Group granted awards over its ordinary shares under the
Stobart Group Limited Long Term Incentive Plan 2014 (the "LTIP"), as noted
below.
 Name                             Number of shares subject to award
 Warwick Brady (75% of salary)    303,686
 Nick Dilworth (150% of salary)   348,376
 Lewis Girdwood (100% of salary)  225,858
The performance targets attached to these awards are cumulative three year EPS
targets to FY22 and three-year Total Shareholder Return ("TSR") (weighted
equally), as set out in the table below:
            Vesting          3 year cumulative EPS  Stobart Group's three-year TSR
 Threshold  25% of maximum   4.4p                   Equal to the TSR performance of the FTSE 250
 Stretch    100% of maximum  14.1p                  Equal to the TSR performance of the FTSE 250 + 8.5% p.a.
The cumulative EPS range represents compound annual growth in underlying
EBITDA of over 60% per annum for threshold performance and compound annual
growth in underlying EBITDA of over 80% per annum for stretch performance,
when compared to the EBITDA outturn for FY19 (this comparison cannot be made
for EPS given the starting EPS for FY19 was negative).  This illustrates the
stretching nature of the targets.
In line with the Directors' Remuneration Policy, if both the EPS and the TSR
elements exceed stretch performance levels, the participants will be eligible
to receive a multiplier of their awards based on the performance levels set
out in the table below:
 Stobart Group's TSR % outperformance of the FTSE 250 Index  Multiplier
 Less than 15%                                               1.00x
 +15% per annum                                              1.17x
 +20% per annum                                              1.33x
 +25% per annum                                              1.5x
 +30% per annum                                              1.67x
 +35% per annum                                              1.83x
 +40% per annum or more                                      2.00x
 
Additional LTIP grant in respect of FY19
As described on page 66 of Stobart Group's FY19 Annual Report and Accounts, it
had been intended to grant Nick Dilworth an additional LTIP award in respect
of FY19 equal to 75% of his salary at the date of his appointment to Stobart
Group's board. However, that grant was delayed due to regulatory
restrictions.  Therefore, an award over 127,660 shares (determined by
reference to a share price of £1.88, being the share price when the
Remuneration Committee agreed to grant the additional award) was also granted
on 3 July 2019.  The award will vest on 20 June 2021, subject to the
satisfaction of the performance conditions set out on page 66 of Stobart
Group's FY19 Annual Report and Accounts, including the application of the
multiplier.
The person responsible for arranging the release of this announcement on
behalf of Stobart Group is Louise Brace, Company Secretary.
Enquiries:
 Stobart Group Limited
 Charlie Geller, Head of Group Communications   C/o Newgate Communications
 Newgate Communications                         Tel: 020 3757 6880
 Robin Tozer                                    Email: Stobart@newgatecomms.com
 
 
FY20 LTIP awards
 1    Details of the person discharging managerial responsibilities / person closely
      associated
 (a)  Name                                                         (i) Warwick Brady
                                                                   (ii) Nick Dilworth
                                                                   (iii) Lewis Girdwood
 2    Reason for the notification
 (a)  Position/Status                                              (i) Chief Executive
                                                                   (ii) Chief Operating Officer
                                                                   (iii) 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                                                         Stobart Group Limited
 (b)  LEI                                                          213800BINQVRZFKA3E89
 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 10p each in the capital of Stobart Group Limited
      Identification Code                                          ISIN: GB00B03HDJ73
 (b)  Nature of the transaction                                    Grant of FY20 awards under the Stobart Group Limited Long Term Incentive Plan
                                                            2014
 (c)  Price(s) and volume(s)                                       Price: Nil                               Volumes:
                                                                                                            (i) 303,686
                                                                                                            (ii) 348,376
                                                                                                            (iii) 225,858
 (d)  Aggregated Information                                       N/A
      - Aggregated Volume
      - Price
 (e)  Date of the Transaction                                      3 July 2019
 (f)  Place of the Transaction                                     Outside a trading venue
 
 
Additional FY19 LTIP award
 1    Details of the person discharging managerial responsibilities / person closely
      associated
 (a)  Name                                                         Nick Dilworth
 2    Reason for the notification
 (a)  Position/Status                                              Chief Operating Officer
 (b)  Initial notification / Amendment                             Initial notification
 3    Details of the issuer, emission allowance market participant, auction
      platform, auctioneer or auction monitor
 (a)  Name                                                         Stobart Group Limited
 (b)  LEI                                                          213800BINQVRZFKA3E89
 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 10p each in the capital of Stobart Group Limited
      Identification Code                                          ISIN: GB00B03HDJ73
 (b)  Nature of the transaction                                    Grant of additional FY19 award under the Stobart Group Limited Long Term
                                                            Incentive Plan 2014
 (c)  Price(s) and volume(s)                                       Price: Nil                             Volume: 127,660
 (d)  Aggregated Information                                       N/A
      - Aggregated Volume
      - Price
 (e)  Date of the Transaction                                      3 July 2019
 (f)  Place of the Transaction                                     Outside a trading venue
 
 
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