6 Nov 2018 10:54
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
Debenhams plc (the "Company") announces that the following persons discharging managerial responsibilities (PDMRs) were granted awards under the Debenhams Performance Share Plan ("PSP"). The PSP awards were granted in the form of 0.01p pence options and the PDMRs will be entitled to exercise their awards within the six months from the vesting date, subject to the extent to which the performance conditions have been satisfied. 50% of the award will vest by reference to the Company's Total Shareholder Return ("TSR") performance compared to a bespoke peer group of retail companies, 25% of the award will vest based on Earnings Per Share ("EPS") performance and 25% of the award will vest based on Return on Capital Employed ("ROCE") performance.
For the relative TSR performance, 25% vests for achieving median performance against the peer group, with 100% vesting for upper-quartile performance. The peer group includes the following companies: AO World; B&M European Value Retail; Card Factory; Dixons Carphone; Dunelm Group; Halfords Group; JD Sports Fashion; Marks & Spencer Group; Mothercare; Next; Pets at Home Group; Sports Direct International; and WH Smith.
The EPS targets are between 2.7p and 4.3p with 25% of the tranche vesting at 2.7p, 50% of the tranche vesting at 3.5p (consensus) and 100% of the tranche vesting at 4.3p. There is straight line vesting between these points.
The ROCE targets are between 11.1% and 12.0% with 25% of the tranche vesting at 11.1%, 50% of the tranche vesting at 11.6% (consensus) and 100% of the tranche vesting at 12.0%. There is straight line vesting between these points.
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||
a)
| Name
|
Sergio Bucher | ||||
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
| Debenhams plc | ||||
b)
| LEI
| 5493007MMUEIF4NJG110 | ||||
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
|
Ordinary Shares of 0.01p each
GB00B126KH97
| ||||
b)
| Nature of the transaction
| Award of 0.01p option under the Debenhams plc Performance Share Plan. In light of the fall in share price since awards were last granted, the award to the CEO is based on 100% of salary rather than 150% of salary. This is to strike an appropriate balance between addressing the share price fall and guarding against the potential for windfall gains and the need to motivate to deliver the long-term plans in a challenging environment.
| ||||
c)
| Price(s) and volume(s)
|
| ||||
d)
| Aggregated information
- Aggregated volume
- Value
|
7,918,552
Value at transaction date £700,000 | ||||
e)
| Date of the transaction
| 5 November 2018 | ||||
f)
| Place of the transaction
| Debenhams plc | ||||
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||
a)
| Name
|
Rachel Osborne | ||||
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
| Debenhams plc | ||||
b)
| LEI
| 5493007MMUEIF4NJG110 | ||||
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
|
Ordinary Shares of 0.01p each
GB00B126KH97
| ||||
b)
| Nature of the transaction
| Award of 0.01p option under the Debenhams plc Performance Share Plan. In light of the fall in share price since awards were last granted, the award to the CFO is based on 67% of salary rather than 100% of salary. This is to strike an appropriate balance between addressing the share price fall and guarding against the potential for windfall gains and the need to motivate to deliver the long-term plans in a challenging environment. | ||||
c)
| Price(s) and volume(s)
|
| ||||
d)
| Aggregated information
- Aggregated volume
- Value
|
3,327,262
Value at transaction date £294,130 | ||||
e)
| Date of the transaction
| 5 November 2018 | ||||
f)
| Place of the transaction
| Debenhams plc | ||||
END
6 November 2018
For further information please contact:
Rosalynde Harrison
Company Secretary
Tel: 0203 549 6529
Debenhams plc