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RNS Number : 7747I Marston's PLC 28 March 2024
28 March 2024
Notification of interests of directors and persons discharging managerial
responsibilities
Marston's PLC (the "Company") announces that on 28 March 2024 the Directors
listed below were granted nil-cost options over ordinary shares in the Company
under the Company's Long Term Incentive Plan ("Nil-Cost Options").
The Nil-Cost Options are in addition to certain nil-cost options granted to
the Directors on 4 March 2024, which were granted over fewer shares than
intended. The Nil-Cost Options which are the subject of this notification were
therefore granted over such number of shares as was necessary to put the
Directors in materially the same position as had the nil-cost options granted
on 4 March 2024 been granted over the correct number of shares (and the number
of shares over which the Nil-Cost Options have been granted has therefore also
been calculated using the market price at the close of trading on the London
Stock Exchange on 4 March 2024, being £0.2925 per ordinary share, save for
the award granted to Hayleigh Lupino, where a notional share price of 33p was
used to reflect the Remuneration Committee's decision to grant her an award
over shares worth 125% of her base salary when the share price was 33p (which
has decreased since that decision)).
Performance Metrics
Nil-Cost Options will vest to the extent performance conditions are satisfied
as set out below:
Measure Weighting Threshold (25% vest) Maximum (100% vest)
Underlying PBT in 2026(1) 20% £75m £95m
Net cash flow(2) (2024, 2025 and 2026 aggregate) 40% £150m £180m
Operating Margin in 2026 20% 16.3% 18.3%
Relative Total Shareholder Return (TSR) (measured over FY2023/24 to 20% Median Upper quartile
FY2025/2026)
1. Underlying PBT: exclusive of income from associates.
2. Net cash inflow/(outflow) as per the Net Debt note to the financial
statements.
3. Straight-line vesting applies between Threshold and Maximum.
To the extent the performance metrics are met, a Nil-Cost Option will be
released following the end of a further two-year holding period.
Enquiries:
Bethan Raybould, General Counsel & Company Secretary, Marston's PLC, +44
(0) 1902 907250
Notification of Dealing Form
1. Details of the Person Discharging Managerial Responsibility ("PDMR")/person
closely associated with them ("PCA")
a) Name Justin Platt
2. Reason for the notification
a) Position/status Director and PDMR (Chief Executive Officer)
b) Initial notification/ amendment Initial Notification
3. Details of the Issuer
a) Name Marston's PLC
b) LEI code 213800Q6RP3ZJ2CZR962
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 Ordinary Shares of 7.375 pence each
Identification code
ISIN: GB00B1JQDM80
b) Nature of the transaction Grant of a nil-cost option under the Marston's PLC Long Term Incentive Plan.
c) Price(s) and volumes(s)
Price Volume
Nil-cost option: N/A 205,128
d) Aggregated information
- Aggregate volume 205,128
- Price N/A
e) Date of the transaction 28-03-2024
f) Place of the transaction Outside a trading venue
d)
Aggregated information
- Aggregate volume
- Price
205,128
N/A
e)
Date of the transaction
28-03-2024
f)
Place of the transaction
Outside a trading venue
1. Details of the Person Discharging Managerial Responsibility ("PDMR")/person
closely associated with them ("PCA")
a) Name Hayleigh Lupino
2. Reason for the notification
a) Position/status Director and PDMR (Chief Financial Officer)
b) Initial notification/ Initial Notification
amendment
3. Details of the Issuer
a) Name Marston's PLC
b) LEI code 213800Q6RP3ZJ2CZR962
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 Ordinary Shares of 7.375 pence each
Identification code
ISIN: GB00B1JQDM80
b) Nature of the transaction Grant of a nil-cost option under the Marston's PLC Long Term Incentive Plan.
c) Price(s) and volumes(s)
Price Volume
Nil-cost option: N/A 205,128
d) Aggregated information
- Aggregate volume 205,128
- Price N/A
e) Date of the transaction 28-03-2024
f) Place of the transaction Outside a trading venue
d)
Aggregated information
- Aggregate volume
- Price
205,128
N/A
e)
Date of the transaction
28-03-2024
f)
Place of the transaction
Outside a trading venue
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