REG - Future PLC - Director/PDMR Shareholding

FutureAnnouncement

19/09/2024 15:45

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RNS Number : 9332E  Future PLC  19 September 2024

Date: 19 September 2024

 

 

 

Future plc

(the "Company")

 

Director/PDMR holding

 

 

Performance Share Plan (PSP)

On 19 September 2024, in accordance with the provisions of the Company's
approved Remuneration Policy, an award was made of the following nil-cost
options over Ordinary Shares of 15p each in the Company ("Shares") under the
terms of the Future plc 2023 Performance Share Plan ("PSP").  This award was
made to buy out certain incentives which Sharjeel Suleman has foregone on
leaving his former employer, ITV plc ('ITV'), to join the Company.  The
vesting dates mirror the vesting dates of the ITV awards and, as explained
below, the awards are not subject to performance conditions.  A holding
period applies to the Executive Directors from the vesting date in respect of
any Shares which vest under this award.

 

 1    Details of the person discharging managerial responsibilities / person closely

    associated

 a)   Name

                                                                   Sharjeel Suleman

 2    Reason for the notification

 a)   Position/status

                                                                   Chief Financial Officer (PDMR)

 b)   Initial notification /Amendment

                                                                   Initial notification
 3    Details of the issuer, emission allowance market participant, auction

    platform, auctioneer or auction monitor

 a)   Name

                                                                   Future plc

 b)   LEI

                                                                   213800K2581YRLEXV353

 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 15p each
      Identification code                                          GB00BYZN9041

 b)   Nature of the transaction                                    Grant of nil cost options over Future plc Shares under the PSP. The awards

                                                            will vest on the dates that the ITV awards would have vested, which are 14
                                                                   April 2025 (12,261 awards), 14 April 2026 (15,050 awards) and 14 April 2027

                                                            (9,154 awards).

                                                                   Sharjeel Suleman joined the Company as Chief Financial Officer on 16 September
                                                                   2024.  It was considered appropriate by the Company's Remuneration Committee
                                                                   to buy out certain incentives which Sharjeel would forego on leaving his
                                                                   former employer, ITV, to join the Company, which the Remuneration Policy
                                                                   provides the Committee with flexibility to do.  Under the Remuneration
                                                                   Policy,  there is no defined monetary limit to the level of buyout which can
                                                                   be offered; rather, the value should be no higher (in fair value terms) than
                                                                   the incentives being forfeited, taking into account the time to vesting and
                                                                   any applicable performance conditions.  In Sharjeel's case, one element of
                                                                   the buyout, which was made to cover the value of his unvested ITV share
                                                                   awards, is the award of Future shares under the PSP.

                                                                   The ITV awards forfeited did not have performance criteria attached to them
                                                                   and vesting was purely time-based. The replacement awards are also, therefore,
                                                                   purely time-based.  In line with best practice, the number of replacement
                                                                   awards was calculated based on the average closing prices of Future and ITV
                                                                   shares over the three dealing days immediately preceding 16 September 2024,
                                                                   being the date that Sharjeel joined Future.

                                                                   Full details of this award and a breakdown of the number of Future shares
                                                                   awarded to Sharjeel to replace his ITV awards will be set out in the Company's
                                                                   Annual Report & Accounts for FY2024.

 c)   Price(s) and volume(s)

                                                                                         Price(s)              Volume(s)
                                                                                         Nil                   36,465

 d)   Aggregated information                                       N/A (single transaction)

      - Aggregated volume

      - Price

 e)   Date of the transaction                                      19 September 2024

 f)   Place of the transaction                                     London

 

 

 

 

 

 

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