TIDMRMG

RNS Number : 0032Y

Royal Mail PLC

02 September 2022

Royal Mail plc

(Incorporated in England and Wales)

Company Number: 8680755

LSE Share Code: RMG

ISIN: GB00BDVZYZ77

LEI: 213800TCZZU84G8Z2M70

2 September 2022

Notification of Transactions of Directors/Persons Discharging Managerial Responsibility

Royal Mail plc Long Term Incentive Plan (LTIP) Grant

On 1 September 2022, the PDMRs listed below were granted conditional share awards over ordinary shares in Royal Mail plc (the "Company") 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 
 Mark Amsden              114,013 
                     ----------------- 
 Mick Jeavons             239,361 
                     ----------------- 
 Martin Seidenberg        288,888 
                     ----------------- 
 Simon Thompson           299,202 
                     ----------------- 
 

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 will be 1 September 2025, 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 also satisfied that the performance of the Company against the relevant 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. 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 and it may consider making appropriate adjustments to reflect this.

As we explained in our 2022 Annual Report, earlier this year we delayed setting targets and granting 2022 LTIP awards due to the continuing uncertainty around the long-term business environment resulting from the geopolitical uncertainty in Europe and the status of pandemic restrictions in our markets.

Our intention at the time was for these awards to be granted by August. Due to the continuing business uncertainty, these awards were granted on 1 September 2022.

However, the geopolitical and economic uncertainty that caused us to initially delay setting targets has further increased since the start of the year with high rates of inflation and weakening retail trends impacting the parcels market. In addition, for Royal Mail there is the unknown impact of industrial action due to the ongoing dispute with the CWU. These exceptional times means that there remains too much uncertainty to make reasonable three-year revenue and profit forecasts to use as the basis for LTIP targets.

Therefore, for 2022 LTIP awards the Committee has agreed that we will not set three-year Royal Mail operating profit and parcel revenue targets, and instead will replace these elements of our performance framework with relative total shareholder return (TSR) (previously 40% weighting for all executive directors). TSR is a well-established measure for LTIP awards and we consider that this approach is simple and transparent and will provide a meaningful link between executive reward and shareholder interests during this critical time for the Company.

The GLS measures for LTIP awards made to Mick Jeavons (Group CFO) and Martin Seidenberg (GLS CEO) will continue as normal.

In summary, the measures and weightings for 2022 LTIP awards for our executive directors are as follows:

 
                              Mick Jeavons       Simon Thompson   Martin Seidenberg 
                               (Group Chief        (CEO Royal         (CEO GLS) 
 Measure                    Financial Officer)        Mail) 
 Total Shareholder 
  Return vs FTSE 51-150 
  (excluding mining 
  and financials) 
  comparator group(1)              70%                100%               40% 
                          --------------------  ---------------  ------------------ 
 GLS EBITA                         20%                                   40% 
                          --------------------  ---------------  ------------------ 
 GLS cashflow                      10%                                   20% 
                          --------------------  ---------------  ------------------ 
 Total                            100%                100%              100% 
                          --------------------  ---------------  ------------------ 
 

The respective targets are as follows.

 
 UK Scorecard metrics              Weighting     Threshold          Maximum 
                                                (25% Vesting)    (100% Vesting) 
 Relative Total Shareholder          100%          Median        Top Quartile 
  Return (TSR) 
                                  ----------  ---------------  ---------------- 
 GLS Scorecard metrics             Weighting     Threshold          Maximum 
                                                (25% Vesting)    (100% Vesting) 
                                  ----------  ---------------  ---------------- 
 Relative Total Shareholder           40%          Median        Top Quartile 
  Return (TSR) 
                                  ----------  ---------------  ---------------- 
 GLS EBITA (in 2024-25) (EURm)        40%           420               500 
                                  ----------  ---------------  ---------------- 
 GLS Free Cashflow (in 2024-25) 
  (EURm)                              20%           283               343 
                                  ----------  ---------------  ---------------- 
 Group Scorecard metrics           Weighting     Threshold          Maximum 
                                               (25% Vesting)     (100% Vesting) 
                                  ----------  ---------------  ---------------- 
 Relative Total Shareholder           70%         Median         Top Quartile 
  Return (TSR) 
                                  ----------  ---------------  ---------------- 
 GLS EBITA (in 2024-25) (EURm)        20%           420               500 
                                  ----------  ---------------  ---------------- 
 GLS Free Cashflow (in 2024-25) 
  (EURm)                              10%           283               343 
                                  ----------  ---------------  ---------------- 
 

More details will be disclosed in the Directors' Remuneration Report in the 2022-23 Annual Report & Accounts.

No consideration was paid for the grant of the share awards.

The below notifications, made in accordance with the requirements of the UK Market Abuse Regulation, give further detail.

Notification of Dealing Form

 
      Details of the person discharging managerial responsibilities 
  1    / person closely associated 
 a)   Name                        Mark Amsden 
     --------------------------  ---------------------------------------- 
      Reason for the notification 
  2 
     -------------------------------------------------------------------- 
 a)   Position/status                   Group General Counsel and Company 
                                         Secretary 
     --------------------------  ---------------------------------------- 
 b)   Initial notification        Initial Notification 
       /Amendment 
     --------------------------  ---------------------------------------- 
      Details of the issuer, emission allowance market participant, 
  3    auction platform, auctioneer or auction monitor 
     -------------------------------------------------------------------- 
 a)   Name                        Royal Mail plc 
     --------------------------  ---------------------------------------- 
 b)   LEI                         213800TCZZU84G8Z2M70 
     --------------------------  ---------------------------------------- 
      Details of the transaction(s): section to be repeated 
  4    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,        Ordinary shares of GBP0.01 each in 
       type of instrument           Royal Mail plc 
 
       Identification code          GB00BDVZYZ77 
     --------------------------  ---------------------------------------- 
 b)   Nature of the transaction   Grant of ordinary shares under the 
                                   Royal Mail plc LTIP 
     --------------------------  ---------------------------------------- 
 c)   Price(s) and volume(s)       Price(s)    Volume(s) 
                                    Nil         114,013 
                                               ---------- 
     --------------------------  ---------------------------------------- 
 d)   Aggregated information 
 
       - Aggregated volume          n/a 
 
       - Price                      n/a 
     --------------------------  ---------------------------------------- 
 e)   Date of the transaction     1 September 2022 
     --------------------------  ---------------------------------------- 
 f)   Place of the transaction    London Stock Exchange (XLON) 
     --------------------------  ---------------------------------------- 
 
 
      Details of the person discharging managerial responsibilities 
  1    / person closely associated 
 a)   Name                         Mick Jeavons 
     ---------------------------  -------------------------------------- 
      Reason for the notification 
  2 
     ------------------------------------------------------------------- 
 a)   Position/status                    Group Chief Financial Officer 
     ---------------------------  -------------------------------------- 
 b)   Initial notification         Initial Notification 
       /Amendment 
     ---------------------------  -------------------------------------- 
      Details of the issuer, emission allowance market participant, 
  3    auction platform, auctioneer or auction monitor 
     ------------------------------------------------------------------- 
 a)   Name                         Royal Mail plc 
     ---------------------------  -------------------------------------- 
 b)   LEI                          213800TCZZU84G8Z2M70 
     ---------------------------  -------------------------------------- 
      Details of the transaction(s): section to be repeated 
  4    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,         Ordinary shares of GBP0.01 each in 
       type of instrument            Royal Mail plc 
 
       Identification code           GB00BDVZYZ77 
     ---------------------------  -------------------------------------- 
 b)   Nature of the transaction    Grant of ordinary shares under the 
                                    Royal Mail plc LTIP 
     ---------------------------  -------------------------------------- 
 c)   Price(s) and volume(s)        Price(s)    Volume(s) 
                                     Nil         239,361 
                                                ---------- 
     ---------------------------  -------------------------------------- 
 d)   Aggregated information 
 
       - Aggregated volume           n/a 
 
       - Price                       n/a 
     ---------------------------  -------------------------------------- 
 e)   Date of the transaction      1 September 2022 
     ---------------------------  -------------------------------------- 
 f)   Place of the transaction     London Stock Exchange (XLON) 
     ---------------------------  -------------------------------------- 
 
 
      Details of the person discharging managerial responsibilities 
  1    / person closely associated 
 a)   Name                         Martin Seidenberg 
     ---------------------------  -------------------------------------- 
      Reason for the notification 
  2 
     ------------------------------------------------------------------- 
 a)   Position/status                    Chief Executive Officer, GLS 
     ---------------------------  -------------------------------------- 
 b)   Initial notification         Initial Notification 
       /Amendment 
     ---------------------------  -------------------------------------- 
      Details of the issuer, emission allowance market participant, 
  3    auction platform, auctioneer or auction monitor 
     ------------------------------------------------------------------- 
 a)   Name                         Royal Mail plc 
     ---------------------------  -------------------------------------- 
 b)   LEI                          213800TCZZU84G8Z2M70 
     ---------------------------  -------------------------------------- 
      Details of the transaction(s): section to be repeated 
  4    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,         Ordinary shares of GBP0.01 each in 
       type of instrument            Royal Mail plc 
 
       Identification code           GB00BDVZYZ77 
     ---------------------------  -------------------------------------- 
 b)   Nature of the transaction    Grant of ordinary shares under the 
                                    Royal Mail plc LTIP 
     ---------------------------  -------------------------------------- 
 c)   Price(s) and volume(s)        Price(s)    Volume(s) 
                                     Nil         288,888 
                                                ---------- 
     ---------------------------  -------------------------------------- 
 d)   Aggregated information 
 
       - Aggregated volume           n/a 
 
       - Price                       n/a 
     ---------------------------  -------------------------------------- 
 e)   Date of the transaction      1 September 2022 
     ---------------------------  -------------------------------------- 
 f)   Place of the transaction     London Stock Exchange (XLON) 
     ---------------------------  -------------------------------------- 
 
 
      Details of the person discharging managerial responsibilities 
  1    / person closely associated 
 a)   Name                        Simon Thompson 
     --------------------------  ------------------------------------------ 
      Reason for the notification 
  2 
     ---------------------------------------------------------------------- 
 a)   Position/status                   Chief Executive Officer, Royal Mail 
     --------------------------  ------------------------------------------ 
 b)   Initial notification        Initial Notification 
       /Amendment 
     --------------------------  ------------------------------------------ 
      Details of the issuer, emission allowance market participant, 
  3    auction platform, auctioneer or auction monitor 
     ---------------------------------------------------------------------- 
 a)   Name                        Royal Mail plc 
     --------------------------  ------------------------------------------ 
 b)   LEI                         213800TCZZU84G8Z2M70 
     --------------------------  ------------------------------------------ 
      Details of the transaction(s): section to be repeated 
  4    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,        Ordinary shares of GBP0.01 each in 
       type of instrument           Royal Mail plc 
 
       Identification code          GB00BDVZYZ77 
     --------------------------  ------------------------------------------ 
 b)   Nature of the transaction   Grant of ordinary shares under the 
                                   Royal Mail plc LTIP 
     --------------------------  ------------------------------------------ 
 c)   Price(s) and volume(s)       Price(s)    Volume(s) 
                                    Nil         299,202 
                                               ---------- 
     --------------------------  ------------------------------------------ 
 d)   Aggregated information 
 
       - Aggregated volume          n/a 
 
       - Price                      n/a 
     --------------------------  ------------------------------------------ 
 e)   Date of the transaction     1 September 2022 
     --------------------------  ------------------------------------------ 
 f)   Place of the transaction    London Stock Exchange (XLON) 
     --------------------------  ------------------------------------------ 
 

Enquiries:

Investor Relations

John Crosse

Email: investorrelations@royalmail.com

Royal Mail investor relations line: 020 7449 8183

Media Relations

Greg Sage

Phone: 07483 421 374

Royal Mail press office: press.office@royalmail.com

Jenny Hall

Phone: 07776 993 036

Email: jenny.hall@royalmail.com

Company Secretary

Mark Amsden

Email: cosec@royalmail.com

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September 02, 2022 06:00 ET (10:00 GMT)

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