REG - Next PLC - Director/PDMR Shareholding

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22/03/2024 14:30

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RNS Number : 0201I  Next PLC  22 March 2024

22 March 2024

NEXT plc

Notification of Transactions by Persons Discharging Managerial
Responsibilities and Persons Closely Associated with Them (PCA)

The following awards were granted to executive directors and a PCA on 22 March
2024 under the NEXT Long Term Incentive Plan (the "LTIP"):
 

                               Maximum No. of Shares
 Lord Wolfson of Aspley Guise  13,315
 Amanda James                  8,108
 Richard Papp                  7,859
 Jane Shields                  7,859
 Jeremy Stakol                 7,038
 Marcelle Stakol (PCA)         1,910

Under the terms of each LTIP the award comprises a conditional award of shares
on the following terms:

 ·         the award will vest following the third anniversary of the date of grant
           subject to performance targets and continued employment in the NEXT Group;

 ·         a variable percentage of the maximum number of shares above can vest,
           depending on the relative Total Shareholder Return of NEXT over a three year
           period against a comparator group;

 ·         for relative performance against the comparator group the percentage vesting
           will be:

 

 Relative performance  Percentage vesting
 Below median          0%
 Median                20%
 Upper quintile        100%

 

 ·         the Remuneration Committee has discretion to override and reduce formulaic
           outcomes under the LTIP awards should this be considered appropriate in the
           circumstances;

 ·         before any of the awards vest, the Committee must have regard to the
           underlying financial performance of the Company;

 ·         to the extent that the performance condition is not met, the award will lapse
           completely;

 ·         to the extent that awards vest, dividend equivalents will be accrued; and

 ·         any vesting of these awards granted (including dividend equivalents) will be
           settled in shares and, after payment of tax, the net shares received should be
           retained by executive directors for a period of two further years and PCAs for
           a further period of 6 months.

LTIP awards are made twice a year. The maximum number of shares shown above is
112.5% of each executive director's (60% of PCA's) base salary at the date of
grant, divided by NEXT's average share price over the three months prior to
the start of the performance period.

The following notification made under article 19.1 of the UK Market Abuse
Regulation ("MAR") related to awards granted to executive directors on 22
March 2024 under the LTIP.  This announcement is made in accordance with
Article 19.3 of MAR.

 1    Details of the person discharging managerial responsibilities ("PDMR") /

    person closely associated ("PCA")

 a)   Name                                                         1.   Lord Wolfson of Aspley Guise

                                                                   2.   Amanda James

                                                                   3.   Richard Papp

                                                                   4.   Jane Shields

                                                                   5.   Jeremy Stakol

                                                                   6.   Marcelle Stakol

 2    Reason for the notification
 a)   Position/status                                              1.   Chief Executive (PDMR)

                                                                   2.   Group Finance Director (PDMR)

                                                                   3.   Group Merchandise and Operations Director (PDMR)

                                                                   4.   Group Sales, Marketing and HR Director (PDMR)

                                                                   5.   Group Investments, Acquisitions and Third Party Brands Director (PDMR)

                                                                   6.    Brand Director (PCA with Jeremy Stakol)

 b)   Initial notification /Amendment                              Initial notification
 3    Details of the issuer, emission allowance market participant, auction

    platform, auctioneer or auction monitor

 a)   Name                                                         NEXT plc
 b)   LEI                                                          213800WQD8ECPZP9PH98

 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 £0.10 each - conditional award

      Identification code                                          GB0032089863

 b)   Nature of the transaction                                    Conditional award granted of shares under the LTIP. Maximum number of shares

                                                            as follows:

                                                            1.    Lord Wolfson of Aspley Guise - 13,315

                                                            2.    Amanda James - 8,108

                                                            3.    Richard Papp - 7,859

                                                            4.    Jane Shields - 7,859

                                                            5.    Jeremy Stakol - 7,038

                                                            6.    Marcelle Stakol - 1,910

 c)   Price(s) and volume(s)

                                                                                                 Price(s)              Volume(s)
                                                                   Lord Wolfson of Aspley Guise  Nil                   13,315
                                                                   Amanda James                  Nil                   8,108
                                                                   Richard Papp                  Nil                   7,859
                                                                   Jane Shields                  Nil                   7,859
                                                                   Jeremy Stakol                 Nil                   7,038
                                                                   Marcelle Stakol               Nil                   1,910

 d)   Aggregated information

      - Aggregated volume                                          n/a single transactions
      - Price

 e)   Date of the transaction                                      22 March 2024

 f)   Place of the transaction                                     Outside a trading venue

 

Seonna Anderson

Company Secretary

 

 

 

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