TIDMPDG
RNS Number : 2243F
Pendragon PLC
14 July 2021
14 July 2021
Pendragon PLC ("the Company")
Conditional awards for 2021 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 options ("Awards")
pursuant to the Company's LTIP on 13 July 2021 to the executive
directors listed below:-
Director Number of performance
awards
W R Berman 4,321,634
----------------------
M S Casha 2,412,500
----------------------
M S Willis 2,376,899
----------------------
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
12-month performance period, commencing on 01 January 2021 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. Maximum potential opportunity is equivalent to 150% of base
salary.
Performance Target Percentage vesting of maximum potential
Condition
(weighting)
EPS Year Threshold: Threshold: 16.66% Straight line vesting
End 2021* Target EPS between these points
(50%) - 20%
Target:
Target EPS
Maximum:
Target EPS
+ 25%
--------------- ------------- ------- ------------------------
Target: 66.66%
-------------------------------------------- ------- ------------------------
Maximum: 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 2.75p, the latest available at the time of award.
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 GBP0.1909 per
Ordinary Share, being the average quoted closing mid-market price
of the Company's Ordinary Share on the five trading days from 5
July 2021 to 09 July 2021.
The July 2021 LTIP Awards will be the final awards made with an
exceptional performance period under discretion granted to the
Committee; subject to further and ongoing consultation with
shareholders during the remainder of the year, it is the
Committee's intention to revert to awards with a three-year
performance period and two-year holding period in Spring 2022, in
accordance with the Company's core remuneration policy.
The normal vesting date of the LTIP Awards will be 13 July 2024,
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
M S Casha 11,098,524 0.79
----------------- ---------------------
W Berman 2,825,342 0.20
----------------- ---------------------
M S Willis 1,553,938 0.11
----------------- ---------------------
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 0.1909 4,321,634
----------
--------------------------------- --------------------------------------
d) Aggregated Information Aggregate Aggregate Aggregate
Price Volume Total
GBP0.1909 4,321,634 GBP825,000
---------- -----------
--------------------------------- --------------------------------------
e) Date of transaction 13 July 2021
--------------------------------- --------------------------------------
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 0.1909 2,412,500
----------
--------------------------------- --------------------------------------
d) Aggregated Information Aggregate Aggregate Aggregate
Price Volume Total
GBP 2,412,500 GBP460,546
0.1909
---------- -----------
--------------------------------- --------------------------------------
e) Date of transaction 13 July 2021
--------------------------------- --------------------------------------
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 0.1909 2,376,899
----------
--------------------------------- --------------------------------------
d) Aggregated Information Aggregate Aggregate Aggregate
Price Volume Total
GBP 2,376,899 GBP453,750
0.1909
---------- -----------
--------------------------------- --------------------------------------
e) Date of transaction 13 July 2021
--------------------------------- --------------------------------------
f) Place of transaction London Stock Exchange (XLON)
--------------------------------- --------------------------------------
RICHARD MALONEY
COMPANY SECRETARY
14 July 2021
Enquiries: Headland Henry Wallers Tel: 0203 805 4822
Oliver Cooper Tel: 0203 805 4822
-ENDS-
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July 14, 2021 06:00 ET (10:00 GMT)
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