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24 Aug 2018 12:48
N Brown Group plc
("N Brown" or the "Company")
Grant of nil cost options
N Brown announces that on 22 August 2018 nil cost options were granted to its Chief Executive, Angela Spindler over 454,519 shares and its Group Chief Financial Officer, Craig Lovelace over 238,771 shares ("Awards") under the terms of the N Brown Group plc 2014 Long-Term Incentive Plan.
The number of shares placed under Award was based on the closing mid-market price for the preceding day which was 140 pence.
The performance conditions and targets for the 2018 Awards are therefore as follows:
Percentage of each part of the award that will vest | Annual growth in adjusted EPS in excess of CAGR (compound annual growth rate) over 3 financial years | Free cashflow is defined as cashflow generated from operations excluding receivables. Targets are cumulative over 3 financial years | Annual growth in total revenue over 3 financial years | |
Weighting | 50% | 30% | 20% | |
Below threshold | 0% | Less than CAGR +3% | Less than £350m | Less than 3% CAGR |
Threshold* | 25% | At least CAGR +3% | At least £350m | At least 3% CAGR |
Maximum* | 100% | At least CAGR +8% | At least £420m | At least 5% CAGR |
*For performance that is between the threshold and maximum levels, awards vest on a straight-line basis.
The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further detail.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Angela Spindler | ||||
2 | Reason for the notification | |||||
a) | Position/status | Chief Executive | ||||
b)
| Initial notification /Amendment | Initial notification | ||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | N Brown Group plc | ||||
b) | LEI | 213800QFPJQF2NUVAP09 | ||||
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 Identification code | Nil cost options over Ordinary Shares of 11 1/19 pence ISIN: GB00B1P6ZR11
| ||||
b) | Nature of the transaction | Grant of options | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | N/A - single transaction | ||||
e) | Date of the transaction | 22 August 2018 | ||||
f) | Place of the transaction | London Stock Exchange, Main Market | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Craig Lovelace | ||||
2 | Reason for the notification | |||||
a) | Position/status | Group 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 | N Brown Group plc | ||||
b) | LEI | 213800QFPJQF2NUVAP09 | ||||
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 Identification code | Nil cost options over Ordinary Shares of 11 1/19 pence ISIN: GB00B1P6ZR11
| ||||
b) | Nature of the transaction | Grant of options | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | N/A - single transaction | ||||
e) | Date of the transaction | 22 August 2018 | ||||
f) | Place of the transaction | London Stock Exchange, Main Market | ||||
- Ends -
For further information:
ENQUIRIES: Theresa Casey, 0161 238 2298
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