REG - Grainger PLC - Director/PDMR Shareholding
12/12/2023 12:45
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RNS Number : 5205W Grainger PLC 12 December 2023
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
11 December 2023.
Grant of Options
On 11 December 2023, Grainger granted Options over a total of 929,064 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) 423,954
Rob Hudson Chief Financial Officer (Director) 292,183
Michael Keaveney Director of Land and Development (PDMR) 114,068
Eliza Pattinson Director of Operations and Asset Management (PDMR) 98,859
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:
- (30%) Total property income return measured as annual average like
for like rental growth;
- (30%) Relative Total Shareholder Return (versus a bespoke group of
real estate peers);
- (30%) Secured PRS Investment; and
- (10%) Reduction in operational and embodied carbon emissions.
The performance conditions are each measured across the 2024, 2025 and 2026
financial years.
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.
Further details of the performance conditions are set out in the 2023 Annual
Report on page 110.
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. 423,954
e) Aggregated information
- Aggregated volume N/A
- Price
f) Date of the transaction 11 December 2023
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. 292,183
e) Aggregated information
- Aggregated volume N/A
- Price
f) Date of the transaction 11 December 2023
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. 114,068
e) Aggregated information
- Aggregated volume N/A
- Price
f) Date of the transaction 11 December 2023
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. 98,859
e) Aggregated information
- Aggregated volume N/A
- Price
f) Date of the transaction 11 December 2023
g) Place of the transaction Outside a trading venue
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