TIDMPDG
RNS Number : 6239D
Pendragon PLC
29 October 2020
29 October 2020
Pendragon PLC ("the Company")
Conditional awards for 2020 under the Pendragon Long Term
Incentive Plan ("LTIP")
The Remuneration Committee (the "Committee") of the Company
granted awards in the form of nil cost share option ("Awards")
pursuant to the Company's LTIP on 28 October 2020 to the executive
directors listed below:-
Director Number of performance
awards
W Berman ("WB") 9,762,851
----------------------
M S Willis ("MW") 5,369,568
----------------------
M S Casha ("MC") 3,190,239
----------------------
Vesting of the Awards under the LTIP is subject to the
satisfaction of certain performance conditions, 50% of which is
based on achieving a defined earnings per share target over a
14-month performance period, commencing on the grant date and
measured at year end 2021, with the remaining 50% based on the
achievement of certain qualitative strategic performance metrics
aligned to the Company's strategic milestones to be delivered in
2021.
Performance Target Percentage vesting of maximum potential
Condition
(weighting)
EPS Year Threshold: Participant: WB, MW MC Straight line vesting
End 2021* Target EPS between these points
(50%) - 20%
Target:
Target EPS
Maximum:
Target EPS
+ 25%
------------- -------------- ------- ------- ----------------------
Threshold: 10% 16.66%
------------------------------------------- ------- ------- ----------------------
Target: 40% 66.66%
------------------------------------------- ------- -------
Maximum: 100% 100%
------------------------------------------- ------- ------- ----------------------
Strategic (i) Unlock value in franchised UK Motor:
metrics * Embed product extension;
(50%)
* Rollout operational efficiency;
* Trial and rollout new propositions.
(ii) Grow and diversify Pinewood:
* Deliver existing order pipeline;
* Geographic expansion;
* Deliver product extension.
(iii) Disrupt standalone used cars:
* Rollout rebrand;
* Embed product extension;
* Define and launch revised value proposition;
* Launch 1 new site
-----------------------------------------------------------------------
If the performance conditions are not satisfied, none of the
LTIP award shares will vest. *Target EPS for 2021 is the analyst's
consensus EPS of 1.58p, available at the time of publication of the
Company's Group Strategy Presentation. The non-financial strategic
milestones are those as set out in the Company's Group Strategy
Investor Presentation published on 02 September 2020 (available at
www.pendragonplc.com ) and reflect those strategic milestones the
Company considers able to achieve in 2021. Delivery against the
2021 strategic milestone performance conditions will be assessed by
the Committee at year end; the specific metrics of the strategic
milestone targets are considered to be commercially sensitive and
are therefore not included here. More detail on the metrics and
achievement against them will be disclosed, once the level of
vesting has been determined.
The Committee retains full discretion over all elements of the
Awards granted and vesting, including the right to effect
forfeiture or clawback of the awards for a period of two years
following the vesting date and the ability to adjust the number of
awards vesting, for example if events occur which mean that the
formulaic outcome is not an accurate reflection of overall business
performance.
The Awards were made based on a share price of GBP0.14084 per
Ordinary Share, being the average quoted closing mid-market price
of the Company's Ordinary Share on the five trading days from 22
October 2020 to 28 October 2020.
The Committee recognised that the LTIP Awards have been made
during a period of market uncertainty due to COVID-19, and as such,
retained a discretion to adjust down the maximum percentage of
salary over which a participant could receive maximum award if it
was considered that the share price at the time of award was less
than the pre-COVID-19 market share price, in order prevent
exceptional levels of award. It has not been necessary to use the
adjustment mechanism on this occasion.
The normal vesting date of the LTIP Awards will be 28 October
2023, being the third anniversary of the award date.
Following the award of the above Awards, the executive
directors' respective beneficial holdings in Pendragon PLC ordinary
shares remains unchanged, and are as detailed below:-
Director Number of Shares Percentage of issued
capital
W Berman Nil Nil
----------------- ---------------------
M S Willis Nil Nil
----------------- ---------------------
M S Casha 9,559,780 0.68434
----------------- ---------------------
The notifications are made in accordance with the requirements
of the EU Market Abuse Regulation (Regulation (EU) No.
596/2014).
1 Details of the person discharging managerial
responsibilities/persons closely associated
a) Name William Berman
------------------------------- -------------------------------------------
2 Reason for 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 Pendragon PLC
------------------------------- -------------------------------------------
b) LEI 213800VRSPZFOGMMIS18
------------------------------- -------------------------------------------
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 Ordinary Shares of GBP0.05
financial instrument, each
type of instrument ISIN: GB00B1JQBT10
and identification
code
--------------------------------- -----------------------------------------
b) Nature of transaction Award of conditional LTIP
shares
--------------------------------- -----------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
GBP 0.14084 9,762,851
----------
--------------------------------- -----------------------------------------
d) Aggregated Information Aggregate Aggregate Aggregate
Price Volume Total
GBP0.14084 9,762,851 GBP1,374,999
---------- -------------
--------------------------------- -----------------------------------------
e) Date of transaction 28 October 2020
--------------------------------- -----------------------------------------
f) Place of transaction London Stock Exchange (XLON)
--------------------------------- -----------------------------------------
1 Details of the person discharging managerial
responsibilities/persons closely associated
a) Name Mark Willis
------------------------------- ----------------------------------------
2 Reason for notification
-------------------------------------------------------------------------
a) Position/Status Chief Finance Officer
------------------------------- ----------------------------------------
b) Initial notification/amendment Initial notification
------------------------------- ----------------------------------------
3 Details of the issuer, emission allowance market
participant, auction platform, auctioneer or
auction monitor
-------------------------------------------------------------------------
a) Name Pendragon PLC
------------------------------- ----------------------------------------
b) LEI 213800VRSPZFOGMMIS18
------------------------------- ----------------------------------------
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 Ordinary Shares of GBP0.05
financial instrument, each
type of instrument ISIN: GB00B1JQBT10
and identification
code
--------------------------------- --------------------------------------
b) Nature of transaction Award of conditional LTIP
shares
--------------------------------- --------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
GBP 0.14084 5,369,568
----------
--------------------------------- --------------------------------------
d) Aggregated Information Aggregate Aggregate Aggregate
Price Volume Total
GBP 5,369,568 GBP756,249
0.14084
---------- -----------
--------------------------------- --------------------------------------
e) Date of transaction 28 October 2020
--------------------------------- --------------------------------------
f) Place of transaction London Stock Exchange (XLON)
--------------------------------- --------------------------------------
1 Details of the person discharging managerial
responsibilities/persons closely associated
a) Name Martin Casha
------------------------------- ----------------------------------------
2 Reason for notification
-------------------------------------------------------------------------
a) Position/Status Chief Operating Officer
------------------------------- ----------------------------------------
b) Initial notification/amendment Initial notification
------------------------------- ----------------------------------------
3 Details of the issuer, emission allowance market
participant, auction platform, auctioneer or
auction monitor
-------------------------------------------------------------------------
a) Name Pendragon PLC
------------------------------- ----------------------------------------
b) LEI 213800VRSPZFOGMMIS18
------------------------------- ----------------------------------------
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 Ordinary Shares of GBP0.05
financial instrument, each
type of instrument ISIN: GB00B1JQBT10
and identification
code
--------------------------------- --------------------------------------
b) Nature of transaction Award of conditional LTIP
shares
--------------------------------- --------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
GBP 0.14084 3,190,239
----------
--------------------------------- --------------------------------------
d) Aggregated Information Aggregate Aggregate Aggregate
Price Volume Total
GBP 3,190,239 GBP449,313
0.14084
---------- -----------
--------------------------------- --------------------------------------
e) Date of transaction 28 October 2020
--------------------------------- --------------------------------------
f) Place of transaction London Stock Exchange (XLON)
--------------------------------- --------------------------------------
RICHARD MALONEY
COMPANY SECRETARY
29 October 2020
Enquiries: Headland Henry Wallers Tel: 0203 805 4822
Oliver Cooper Tel: 0203 805 4822
-ENDS-
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END
DSHEAEENAFDEFFA
(END) Dow Jones Newswires
October 29, 2020 06:30 ET (10:30 GMT)
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