REG - Stobart Group Ltd - Director/PDMR Shareholding

EskenAnnouncement

08/07/2019 16:30

RNS Number : 8470E
Stobart Group Limited
08 July 2019
 


8 July 2019
Stobart Group Limited

("Stobart Group")
Director/PDMR Shareholding
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.
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 + 10% 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 
Robin Tozer
 


 
Tel: 020 3757 6880
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
 
Identification Code
 


Ordinary Shares of 10p each in the capital of Stobart Group Limited
 
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
- Aggregated Volume
- Price


N/A




(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
 
Identification Code
 


Ordinary Shares of 10p each in the capital of Stobart Group Limited
 
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
- Aggregated Volume
- Price


N/A




(e)


Date of the Transaction


3 July 2019




(f)


Place of the Transaction


Outside a trading venue



 




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