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24 Jan 2024 07:00
24 January 2024
Carr's Group plc
("Carr's", the "Company", or the "Group")
Director/PDMR Shareholdings
Carr's (CARR.L), the Speciality Agriculture and Engineering Group, announces that the following awards of options ("Options") were made on 22 January 2024 ("Award Date"), pursuant to the Company's Long Term Incentive Plan 2023 (the "LTIP"), to certain PDMRs over ordinary shares in the Company of 2.5p each ("Ordinary Shares"):
PDMR | Number of Ordinary Shares |
David White | 267,834 |
The Options were awarded for nil-cost subject to the rules of the LTIP and will be exercisable from the third anniversary of the Award Date to the tenth anniversary of the Award Date.
Vesting of the Options is subject to performance targets based upon the Company's adjusted Earnings Per Share ("EPS") and Total Shareholder Return ("TSR") over a three-year performance period covering the financial years 2023/24, 2024/25 and 2025/26 ("Performance Period") as follows:
Adjusted EPS (75% weighting)
| Threshold | Maximum |
Target | 5% average annual growth in adjusted EPS | 14% average annual growth in adjusted EPS |
Vesting | 25% | 100% |
TSR (25% weighting)
| Threshold | Maximum |
Target | 7% compound annual growth in TSR | 16% compound annual growth in TSR |
Vesting | 25% | 100% |
Vesting is adjusted on a straight-line basis between threshold and maximum targets. Growth in adjusted EPS is calculated from a base adjusted EPS of 6.2p. Growth in TSR is measured by comparing the Company's average TSR over each of the three-month periods ending on: (i) the day before the start of the Performance Period; and (ii) the final day of the Performance Period.
The following information is included in accordance with Article 19(3) of the Market Abuse Regulation (No. 596/2014):
| ||||
a) Name | 2. David White | |||
| ||||
a) Position/status
| 1. 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 | Carr's Group plc | |||
b) LEI | 213800HTIKPQV98RA653 | |||
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 £0.025 each | |||
b) Identification Code | GB00BRK01058 | |||
c) Nature of transactions | Grant of award pursuant to the Company's Long Term Incentive Plan 2023 | |||
d) Price(s) and Volume(s) | Price(s) 1. Nil-Cost | Volume(s) 267,834 | ||
e) Aggregated information: i. Aggregated volume ii. price | N/A | |||
f) Date of the transaction | 22 January 2024 | |||
g) Place of the transaction | Outside trading venue | |||
Enquiries:
Carr's Group plcIan Wood (Remuneration Committee Chair) Justin Richards (Company Secretary) | 01228 554 600 |
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