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3 Dec 2018 17:02
3 December 2018
DFS Furniture plc
Grant of Awards under the 2018 Long-Term Incentive Plan (the "LTIP")
The Executive Directors of DFS Furniture plc (the "Company") have been granted conditional shares in DFS on 30 November 2018, as part of the Company's Long-Term Incentive Plan.
No consideration was payable for the grant of the awards. Conditional share awards granted under the LTIP will vest after a three year performance period, subject to achievement of the performance measures. The performance measures are based on Adjusted Earnings Per Share ("EPS") and Relative Total Shareholder Return ("TSR").
Details of the conditional share awards under the LTIP are as follows:
Name | Status | Number of conditional shares awarded |
Tim Stacey | Director | 281,690 |
Nicola Bancroft | Director | 169,014 |
Performance targets for the 2018 LTIP award
(1) Adjusted EPS (50% of the Award)
Adjusted EPS will be measured by reference to the reported Adjusted EPS figure for the Financial Year ending in 2021. This portion of the award will vest as follows:
Adjusted EPS for the Financial Year ending in 2021 | Percentage of this portion of Award Vesting |
Less than 23p | Nil |
23p | 20% |
28.5p | 100% |
Between 23p and 28.5p | Between 20% and 100% on a straight-line basis |
(2) Total Shareholder Return (TSR) (50% of the Award)
TSR growth will be measured against two indices: the FTSE 250 Index (excluding investment trusts) and the FTSE 350 General Retailers Index. The performance period for this award shall commence at the beginning of the Company's 2019 Financial Year and shall terminate at the end of the 2021 Financial Year. This portion of the award will vest as follows:
FTSE 250 Index (15% of the Award)
TSR Growth p.a. | Percentage of this portion of Award Vesting |
Below FTSE 250 Index return | Nil |
Equal to FTSE 250 Index return | 20% |
10% p.a. above the FTSE 250 Index return | 100% |
Between FTSE 350 Retail Index return and the Index plus 10% p.a. | Between 20% and 100% on a straight-line basis |
FTSE 350 General Retailers Index (35% of the Award)
TSR Growth p.a. | Percentage of this portion of Award Vesting |
Below FTSE 350 General Retailers Index return | Nil |
Equal to FTSE 350 General Retailers Index return | 20% |
10% p.a. above the FTSE 350 General Retailers Index return | 100% |
Between FTSE 350 General Retailers Index return and the Index plus 10% p.a. | Between 20% and 100% on a straight-line basis |
The conditional share awards are also subject to a two-year post-vesting holding period. All conditional shares granted are also subject to continuous employment obligations.
Enquiries:
DFS: (enquiries via FTI) | FTI Consulting: | ||
Tim Stacey (CEO) | Jonathon Brill | ||
Nicola Bancroft (CFO) | Georgina Goodhew | ||
Mike Schmidt (Investor Relations) | Eleanor Purdon | ||
Liz McDonald (Group Company Secretary) | +44 (0) 20 3727 1000 | ||
investor.relations@dfs.co.uk | dfsfurniture@fticonsulting.com |
About DFS Furniture plc
DFS is the clear market leading retailer of upholstered furniture in the United Kingdom. We design, manufacture, sell and deliver to our customers an extensive range of upholstered furniture products. The business operates a retail network of upholstered furniture stores in the United Kingdom and Europe, together with an online channel. These have been established and developed gradually over nearly 50 years of operating history. We attract customers to our stores and website through our substantial and continued investment in nationwide marketing activities and our reputation for high quality products and service, breadth of product ranges and price points and favourable consumer financing options.
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