26 February
2025
Angling Direct plc
("Angling
Direct" or the "Company" or
the "Group")
Value Creation Awards under new
LTIP
Grant of Awards and PDMR
Dealings
Angling Direct plc (AIM: ANG), the leading
omni-channel specialist fishing tackle and equipment
retailer, today announces the grant of Value Creation
Awards (together the "Awards" and each an "Award") under the new
Angling Direct plc Long Term Incentive Plan (the
"LTIP").
Since the appointment of Steve Crowe as an
Executive Director in January 2020, Angling Direct has delivered
significant profitable growth, with revenues having progressed from
£53.2m in FY20 to an expected £91.3m in FY25, as announced in the
Company's trading update issued earlier today. This represents a
compound annual growth rate of 11.4%. Sam Copeman has also
contributed to this growth since joining as an Executive Director
in July 2023, with revenue up 11.9% to FY25E.
Given the growth in the Group's revenue and
profits, the Remuneration Committee believes an evolution of the
Company's existing remuneration arrangements is appropriate to
ensure the continued incentivisation, retention and motivation of
the Executive team, in line with the Company's medium-term
objectives published in May 2024.
Key terms of
the Awards
Size of
Awards
The Awards are one-off nominal cost options
awards over ordinary shares of 1 pence in the Company
("Ordinary
Shares") as follows:
· An
Award over 1,500,000 Ordinary Shares to Steve Crowe, Chief
Executive Officer; and
· An
Award over 1,000,000 Ordinary Shares to Sam Copeman, Chief
Financial Officer.
Performance
Criteria
The Awards are subject to the following
performance criteria:
|
Related
Parts of each Award
|
Associated Performance Periods and
Targets
|
Vesting
Date
|
|
One third of each Award
|
3 years from 31
January 2024 to 31 January 2027
Two thirds vest based on TSR (6% p.a. to 15%
p.a.)
One third vests on adjusted EPS (4% p.a. to 15%
p.a.)
|
Announcement of final results for financial year
ending 31 January 2028
|
|
One third of each Award
|
3 years from 31
January 2025 to 31 January 2028
Two thirds vest based on TSR (6% p.a. to 15%
p.a.)
One third vests on adjusted EPS (4% p.a. to 15%
p.a.)
|
Announcement of final results for financial year
ending 31 January 2028
|
|
One third of each Award
|
4 years from 31
January 2025 to 31 January 2029
Two thirds vest based on TSR (6% p.a. to 15%
p.a.)
One third vests on adjusted EPS (4% p.a. to 15%
p.a.)
|
Announcement of final results for financial year
ending 31 January 2029
|
The terms of the Awards, which were
consulted on with certain of the Company's major shareholders,
reward management for the Company's robust performance in FY25,
whilst they do not time vest until at least summer 2028.
The underlying distinct Parts of the Awards
will ordinarily time vest and become exercisable on their
associated Vesting Date subject to the grantee's continued
employment within the Company's Group through to such associated
Vesting Date and to the extent to which the applicable performance
conditions are met.
The rules of the new LTIP have been developed
with regard to latest best practice expectations, including malus
and clawback provisions and market standard good and bad leaver
provisions.
The Awards will augment the Group's existing
senior executive share incentive plan. Further details of the
existing senior executive share incentive plan and Value Creation
Awards under the new LTIP will be set out in the Company's annual
report & accounts.
The Awards represent 3.3% of the Company's
current issued share capital with voting rights. Total Ordinary
Shares under option (including the Awards) represent 4.0% of the
Company's current issued share capital with voting
rights.
Further information on the Awards can be found
in the PDMR tables at the foot of this announcement.
Andy Torrance,
Angling Direct Chair said:
"On behalf of the Board, I am delighted
to be issuing these Value Creation Awards under the new LTIP. The
Awards set robust targets for the executive team, which would see
value created for all shareholders, as Steve and Sam continue to
execute on the Company's medium-term objectives. The Awards also
recognise the strong growth in the business achieved since Steve
joined Angling Direct in January 2020 and Sam's contribution since
he joined in June 2023 and I look forward to continue working
closely with both in the future."
For further
information please contact:
|
Angling Direct
plc
|
via FTI
Consulting
|
|
Steven Crowe, Chief Executive Officer
Sam Copeman, Chief Financial Officer
|
|
|
Singer Capital
Markets - NOMAD and Broker
|
+44 (0) 20 7496
3000
|
|
Peter Steel
Alex Bond
Tom Salvesen
James Todd
|
|
|
FTI Consulting
- Financial PR
|
+44 (0) 20 3727
1000
|
|
Alex Beagley
Matthew Young
Hannah Butler
|
anglingdirect@fticonsulting.com
|
|
About Angling
Direct
Angling Direct is the leading omni-channel
specialist fishing tackle retailer in the UK, with an established
and growing presence in Europe. Headquartered in Norfolk UK, the
Company sells fishing tackle products and related equipment through
its network of approximately 50 UK retail stores, as well as
through its leading digital platform (www.anglingdirect.co.uk)
and the MyAD Fishing Club app. The Company has three further native
language websites in its key European territories
(www.anglingdirect.de, .fr, .nl), with
orders fulfilled by its international distribution centre in The
Netherlands.
Angling Direct's purpose is to inspire everyone
to get out and enjoy an exceptional fishing experience, regardless
of background or ability, in the great outdoors. Angling Direct's
active digital channels and its 450 colleagues contribute to the
Company's ethos of care for the wider community and the environment
(www.anglingdirect.co.uk/sustainability).
Angling Direct currently sells over 25,000 fishing tackle products
from industry leading brands alongside its own brands 'Advanta',
and entry level offering 'Discover'.
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
|
Steven Crowe
|
|
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
|
Angling Direct plc
|
|
b)
|
LEI
|
213800MZ7P7HZIRI7H93
|
|
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 1 pence
each
GB00BF1XGQ00
|
|
b)
|
Nature of the transaction
|
Award under the Company's new Long
Term Incentive Plan. The Award comprises three equal distinct parts
(each a nominal cost option) each with an associated normal vesting
date.
|
|
c)
|
Price(s) and volume(s)
|
|
Price
(pence)
|
Volume
|
|
Nil
|
1,500,000
|
|
|
d)
|
Aggregated information
- Aggregated volume
- Price
|
N/A - Single transaction
|
|
e)
|
Date of the transaction
|
25 February 2025
|
|
f)
|
Place of the transaction
|
Outside a trading venue
|
|
|
|
|
1
|
Details of the person discharging managerial responsibilities
/ person closely associated
|
|
a)
|
Name
|
Sam Copeman
|
|
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
|
Angling Direct plc
|
|
b)
|
LEI
|
213800MZ7P7HZIRI7H93
|
|
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 1 pence
each
GB00BF1XGQ00
|
|
b)
|
Nature of the transaction
|
Award under the Company's new Long
Term Incentive Plan. The Award comprises three equal distinct parts
(each a nominal cost option) each with an associated normal vesting
date.
|
|
c)
|
Price(s) and volume(s)
|
|
Price
(pence)
|
Volume
|
|
Nil
|
1,000,000
|
|
|
d)
|
Aggregated information
- Aggregated volume
- Price
|
N/A - Single transaction
|
|
e)
|
Date of the transaction
|
25 February 2025
|
|
f)
|
Place of the transaction
|
Outside a trading venue
|
