REG - Grainger PLC - Director/PDMR Shareholding
13/12/2022 14:00
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RNS Number : 5764J Grainger PLC 13 December 2022
GRAINGER PLC
("GRAINGER" OR THE "COMPANY")
NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL
RESPONSIBILITY OR CONNECTED PERSONS
GRANT OF OPTIONS UNDER THE GRAINGER PLC 2017 LONG TERM INCENTIVE PLAN
The Company announces that it has made the following grants of nil cost share
options ("Options") over ordinary shares of 5p each in the capital of the
Company ("Shares") pursuant to the 2017 Long Term Incentive Plan ("LTIP") on
12 December 2022.
Grant of Options
On 12 December 2022, Grainger granted Options over a total of 921,967 Shares
to its Executive Directors and Persons Discharging Managerial Responsibilities
("PDMRs") of the Company (as specified in the table below).
Director/ PDMR Position No. of shares under Option
Helen Gordon Chief Executive Officer (Director) 417,297
Rob Hudson Chief Financial Officer (Director) 298,616
Michael Keaveney Director of Land and Development (PDMR) 112,208
Eliza Pattinson Director of Operations and Asset Management (PDMR) 93,846
The Remuneration Committee considered the prevailing share price and whether
an adjustment was required to the LTIP policy grant levels. Reflecting the
strong performance of the business and a grant share price which is less than
20% lower than the average share prices used for the last three awards, the
Committee felt no adjustment was required to policy grant levels. Consistent
with previous LTIP awards, the Committee may adjust LTIP vesting outcomes, if
it considers quantum to be inconsistent with the performance of the Company,
any business or individual during the three-year performance period.
Options will generally vest and become exercisable three years from the date
of grant, subject to continued employment.
Vesting of the Options is subject to performance conditions relating to the
following measures:
- Total income return measured as annual average like for like rental
growth;
- Relative Total Shareholder Return ("TSR"); and
- Secured PRS Investment.
The performance conditions apply respectively to one third of the Shares under
an Option and are each measured across the 2023, 2024 and 2025 financial
years.
Further details of the Relative TSR and Secured PRS Investment performance
conditions are set out in the 2022 Annual Report on page 101.
The Secured PRS Investment target range assumes funding solely from our
ongoing asset recycling programme, operational cash flow generation and with
LTV in mind. To the extent that funding is arranged from other sources or
actual disposals vary against plan, the Committee may exclude investments
and/or adjust the target range to ensure that targets remain at least as
stretching as the original ones.
In respect of the total income return performance condition, after careful
deliberation the Company's Remuneration Committee has decided to set sliding
scale targets based on annual average like for like rental growth over the
3-year performance period. For this part of an Option, the threshold target
(25% vesting of this part) is 3.5% annual average growth, and the maximum
target of this part is 5.0% annual average growth (with pro-rata straight-line
vesting between those boundaries).
A holding period of two years from date of vesting is also applicable to the
Options granted to the Executive Directors.
The notification below, made in accordance with the requirements of the UK
Market Abuse Regulation, provides further detail.
1 Details of the person discharging managerial responsibilities/person closely
associated
a) Name Helen Gordon
2 Reason for the notification
a) Position/status Chief Executive Officer
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Grainger plc
b) LEI 2138007CEIRKZMNI2979
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 £0.05 each
b) Identification code ISIN: GB00B04V1276
c) Nature of the transaction Grant of a nil cost Option over Ordinary Shares pursuant to the Grainger plc
2017 Long Term Incentive Plan
d) Price(s) and volume(s) Price(s) Volume(s)
1. £nil 1. 417,297
e) Aggregated information
- Aggregated volume N/A
- Price
f) Date of the transaction 12 December 2022
g) Place of the transaction Outside a trading venue
1 Details of the person discharging managerial responsibilities/person closely
associated
a) Name Rob Hudson
2 Reason for the notification
a) Position/status 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 Grainger plc
b) LEI 2138007CEIRKZMNI2979
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 £0.05 each
b) Identification code ISIN: GB00B04V1276
c) Nature of the transaction Grant of a nil cost Option over Ordinary Shares pursuant to the Grainger plc
2017 Long Term Incentive Plan
d) Price(s) and volume(s) Price(s) Volume(s)
1. £nil 1. 298,616
e) Aggregated information
- Aggregated volume N/A
- Price
f) Date of the transaction 12 December 2022
g) Place of the transaction Outside a trading venue
1 Details of the person discharging managerial responsibilities/person closely
associated
a) Name Michael Keaveney
2 Reason for the notification
a) Position/status Director of Land and Development (PDMR)
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Grainger plc
b) LEI 2138007CEIRKZMNI2979
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 £0.05 each
b) Identification code ISIN: GB00B04V1276
c) Nature of the transaction Grant of a nil cost Option over Ordinary Shares pursuant to the Grainger plc
2017 Long Term Incentive Plan
d) Price(s) and volume(s) Price(s) Volume(s)
1. £nil 1. 112,208
e) Aggregated information
- Aggregated volume N/A
- Price
f) Date of the transaction 12 December 2022
g) Place of the transaction Outside a trading venue
1 Details of the person discharging managerial responsibilities/person closely
associated
a) Name Eliza Pattinson
2 Reason for the notification
a) Position/status Director of Operations and Asset Management (PDMR)
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Grainger plc
b) LEI 2138007CEIRKZMNI2979
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 £0.05 each
b) Identification code ISIN: GB00B04V1276
c) Nature of the transaction Grant of a nil cost Option over Ordinary Shares pursuant to the Grainger plc
2017 Long Term Incentive Plan
d) Price(s) and volume(s) Price(s) Volume(s)
1. £nil 1. 93,846
e) Aggregated information
- Aggregated volume N/A
- Price
f) Date of the transaction 12 December 2022
g) Place of the transaction Outside a trading venue
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