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30 Nov 2020 16:00
Royal Mail plc
(Incorporated in England and Wales)
Company Number: 8680755
LSE Share Code:
RMG ISIN: GB00BDVZYZ77
LEI: 213800TCZZU84G8Z2M70
30 November 2020
Notification of Transactions of Directors/Persons Discharging Managerial Responsibility
Royal Mail plc Long Term Incentive Plan (LTIP) Grant
On 27 November 2020, the PDMRs listed below were granted conditional share awards over ordinary shares in Royal Mail plc under the Royal Mail plc LTIP. The number of shares awarded under the LTIP is set out in the table below, which is the maximum grant that the PDMRs are eligible for, and will only vest in full, if the maximum performance condition is achieved.
PDMR | Number of shares |
Stuart Simpson | 221,725 |
Mark Amsden | 98,544 |
Mick Jeavons | 128,108 |
LTIP awards normally vest at the end of the three-year performance period, once the Remuneration Committee has determined achievement against the performance condition. The earliest release date of the LTIP will be 27 November 2023, subject to the participant continuing to hold office or employment within the Royal Mail Group, and then subject to a two-year holding period. On vesting, the Committee must also be satisfied that the performance of the Company against the three measures outlined below is reflective of the Company's underlying financial performance.
Executive Directors are required to retain any share-based awards until they achieve a shareholding equivalent of 200 per cent of salary. All other PDMRs are required to retain a shareholding equivalent of 100 per cent of salary.
The terms of these awards provide the Remuneration Committee with the ability to review the outcome at vesting taking into account the underlying performance of the business and it may consider making appropriate adjustments to reflect this.
The performance conditions are as follows.
Measure | Weighting | Measurement period | |
TSR versus FTSE 51-150 comparator group | 40% | 1 April 2020 - 31 March 2023 | Threshold (25% vesting) - Median Maximum (100% vesting) - UQ |
Group EBITDA | 40% | 2022/23 | Threshold (25% vesting) - £1.07bn Maximum (100% vesting) - £1.38bn |
Group Parcels Revenue | 20% | 2022/23 | Threshold (25% vesting) - £7.65bn Maximum (100% vesting) - £8.45bn |
More details will be disclosed in the directors' remuneration report in the 2020-21 Annual Report & Accounts.
No consideration was paid for the grant of the share awards.
The below notifications, made in accordance with the requirements of Article 19 of the EU Market Abuse Regulation, give 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 | Stuart Simpson | ||||
2
| Reason for the notification
| |||||
a)
| Position/status
| Interim Chief Executive Officer of Royal Mail
| ||||
b)
| Initial notification /Amendment
| Initial Notification | ||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||
a)
| Name
| Royal Mail plc | ||||
b)
| LEI
| 213800TCZZU84G8Z2M70 | ||||
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 £0.01 each in Royal Mail plc
GB00BDVZYZ77
| ||||
b)
| Nature of the transaction
| Grant of ordinary shares under the Royal Mail plc Long Term Incentive Plan | ||||
c)
| Price(s) and volume(s)
|
| ||||
d)
| Aggregated information
- Aggregated volume
- Price
|
221,725
Nil
| ||||
e)
| Date of the transaction
| 27 November 2020
| ||||
f)
| Place of the transaction
| London Stock Exchange (XLON) | ||||
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||
a) | Name | Mick Jeavons | ||||
2
| Reason for the notification
| |||||
a)
| Position/status
| Interim 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
| Royal Mail plc | ||||
b)
| LEI
| 213800TCZZU84G8Z2M70 | ||||
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 £0.01 each in Royal Mail plc
GB00BDVZYZ77
| ||||
b)
| Nature of the transaction
| Grant of ordinary shares under the Royal Mail plc Long Term Incentive Plan | ||||
c)
| Price(s) and volume(s)
|
| ||||
d)
| Aggregated information
- Aggregated volume
- Price
|
128,108
Nil
| ||||
e)
| Date of the transaction
| 27 November 2020
| ||||
f)
| Place of the transaction
| London Stock Exchange (XLON) | ||||
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||
a) | Name | Mark Amsden | ||||
2
| Reason for the notification
| |||||
a)
| Position/status
| Group General Counsel and Company Secretary
| ||||
b)
| Initial notification /Amendment
| Initial Notification | ||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||
a)
| Name
| Royal Mail plc | ||||
b)
| LEI
| 213800TCZZU84G8Z2M70 | ||||
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 £0.01 each in Royal Mail plc
GB00BDVZYZ77
| ||||
b)
| Nature of the transaction
| Grant of ordinary shares under the Royal Mail plc Long Term Incentive Plan | ||||
c)
| Price(s) and volume(s)
|
| ||||
d)
| Aggregated information
- Aggregated volume
- Price
|
98,544
Nil
| ||||
e)
| Date of the transaction
| 27 November 2020
| ||||
f)
| Place of the transaction
| London Stock Exchange (XLON) | ||||
For further information, please contact:
Investor Relations
John Crosse
Phone: 020 7449 8183
Email: investorrelations@royalmail.com
Company Secretariat
Mark Amsden
Phone: 020 7449 8289
Email: cosec@royalmail.com
Media
Mark Street
Phone: 07515 924 344
Email: mark.street@royalmail.com
Royal Mail press office out of hours: 020 7449 8246
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