Dunelm Group plc Targets for long term share incentive awards (9797X)
10 Maggio 2021 - 8:00AM
UK Regulatory
TIDMDNLM
RNS Number : 9797X
Dunelm Group plc
10 May 2021
DUNELM GROUP plc
(the "Company")
NOTIFICATION OF TRANSACTIONS OF DIRECTORS/PERSONS DISCHARGING
MANAGERIAL
RESPONSIBILITY AND CONNECTED PERSONS
10 May 2021
Targets for long term share incentive awards granted to Nick
Wilkinson and Laura Carr in 2020
As previously announced, on 20 November 2020, the Company
granted a conditional nil-cost option under the Long-term Incentive
Plan (the FY21 -23 Award) to Nick Wilkinson and Laura Carr as set
out in the table below.
Name Role Number of conditional nil cost
options awarded under Long-Term
Incentive Plan
Nick Wilkinson CEO 94,846
------ ---------------------------------
Laura Carr CFO 58,166
------ ---------------------------------
The above options may be exercised on or after 20 November 2023,
subject to the satisfaction of performance conditions over the
three financial years commencing on 28 June 2020.
As disclosed in the FY20 Directors' Remuneration Report, the
Committee felt it was unlikely that it would be able to set
meaningful but stretching three-year targets for the FY21-23 Award
at the grant date, given the significant Covid related uncertainty
in the wider economic environment. In a departure from its normal
practice, and in line with the Investment Association's guidance
issued in May 2020, the Committee agreed to set the performance
conditions applicable to the award by May 2021.
The Committee has taken into account the Group's business plan,
as well as the outlook for the sector and general macroeconomic
conditions, and the range of analysts' consensus forecasts for
FY23. Following careful consideration, the Committee has set the
performance condition as set out below, with the number stated
being the figure for fully diluted earnings per share (EPS) as set
out in the financial statements of the Company for the year ending
June 2023:
FY21-23 LTIP Award - Performance targets
Fully diluted
EPS of the
Company for Less than 80.0p or
FY23 60.0p 60.0p 65.0p 72.5p more
Compound
annual growth
rate 11.8% 14.8% 19.1% 23.0%
------ ------ ------ ---------
Percentage
of the FY21-23
Award vesting* Nil 10% 50% 75% 100%
----------- ------ ------ ------ ---------
*Performance between each of these percentage thresholds will be
calculated on a straight line basis
The proposed performance targets represent significant growth in
total profitability compared to the pre-Covid-19 FY19 financial
performance. The Remuneration Committee reserves the right to
adjust the targets in the event of unexpected changes in tax
rates.
In line with its 2020 Remuneration Policy, the Remuneration
Committee can apply malus or clawback to the award, and has
discretion to vary formulaic outturns where this does not reflect
underlying performance or is inappropriate in the context of
unexpected or unforeseen circumstances.
Further, in accordance with the shareholding requirements set
out in the 2020 Remuneration Policy, on exercise Mr Wilkinson and
Mrs Carr have each committed to retain all of the shares vesting
(after sale to cover their tax and national insurance liability on
exercise), until 20 November 2025, and at least two thirds of these
for the duration of employment. In addition, shareholding
requirements apply for the duration of employment and for two years
from termination of employment, as set out in the 2020 Remuneration
Policy.
Name of authorised Company official responsible for making this
notification:
Dawn Durrant, Company Secretary
For further information please contact:
Dunelm Group plc Investorrelations@dunelm.com
Dawn Durrant, Company Secretary
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END
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