Last checked at 28 Oct 2019 10:43
28 October 2019
DFS Furniture plc
Grant of 2019Awards under the Long-Term Incentive Plan (the "LTIP")
The Executive Directors of DFS Furniture plc (the "Company") have been granted conditional shares in DFS on 25 October 2019, 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 | 248,275 |
Mike Schmidt | Director | 148,965 |
Performance targets for the 2019 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 2022. This portion of the award will vest as follows:
Adjusted EPS for the Financial Year ending in 2022 | Percentage of this portion of Award Vesting |
Less than 23.5p | Nil |
23.5p | 20% |
28.5p | 100% |
Between 23.5p 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 2020 Financial Year and shall terminate at the end of the 2022 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 250 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) | TULCHAN | ||
Tim Stacey (CEO) | James Macey-White | ||
Mike Schmidt (CFO) | Jessica Reid | ||
Phil Hutchinson (Investor Relations) | Amber Ahluwalia
| ||
Liz McDonald (Group Company Secretary) |
| ||
investor.relations@dfs.co.uk
| dfs@tulchangroup.com |
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 | . A. Tim Stacey . B. Mike Schmidt
|
2 | Reason for the notification | |
a) | Position/status | . A. Chief Executive Officer . B. 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 | DFS Furniture plc |
b) | LEI | 213800GDSOBNKS1U1P93
|
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 | Vesting of options to acquire DFS Furniture plc £1.50 ordinary shares
ISIN: GB00BTC0LB89
|
b) | Nature of the transaction
| Granting of nil cost share options under the DFS Furniture plc 2019 Long Term Incentive Plan |
c) | Price(s) and volume(s)
| A. N/A 248,275 B. N/A 148,965
|
d) | Aggregated information - Aggregated volume - Price | / A. 248,275 N/A B. 148,965 . N/A |
e) | Date of the transaction | 25 October 2019 |
f) | Place of the transaction | London |