TIDMRMG

RNS Number : 9836G

Royal Mail PLC

30 November 2020

Royal Mail plc

(Incorporated in England and Wales)

Company Number: 8680755

LSE Share Code:

RMG ISIN: GB00BDVZYZ77

LEI: 213800TCZZU84G8Z2M70

30 November 2020

Notification of Transactions of Directors/Persons Discharging Managerial Responsibility

Royal Mail plc Long Term Incentive Plan (LTIP) Grant

On 27 November 2020, the PDMRs listed below were granted conditional share awards over ordinary shares in Royal Mail plc 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 
 Stuart Simpson        221,725 
                  ----------------- 
 Mark Amsden            98,544 
                  ----------------- 
 Mick Jeavons          128,108 
                  ----------------- 
 

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 of the LTIP will be 27 November 2023, 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 satisfied that the performance of the Company against the three 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. All 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 taking into account the underlying performance of the business and it may consider making appropriate adjustments to reflect this.

The performance conditions are as follows.

 
               Measure                 Weighting        Measurement period 
 TSR versus FTSE 51-150 comparator        40%       1 April 2020 - 31 March 2023     Threshold (25% vesting) - Median 
 group                                                                                  Maximum (100% vesting) - UQ 
                                      ----------  ------------------------------  ------------------------------------ 
 Group EBITDA                             40%                 2022/23               Threshold (25% vesting) - 
                                                                                    GBP1.07bn 
                                                                                    Maximum (100% vesting) - GBP1.38bn 
                                      ----------  ------------------------------  ------------------------------------ 
 Group Parcels Revenue                    20%                 2022/23               Threshold (25% vesting) - 
                                                                                    GBP7.65bn 
                                                                                    Maximum (100% vesting) - GBP8.45bn 
                                      ----------  ------------------------------  ------------------------------------ 
 

More details will be disclosed in the directors' remuneration report in the 2020-21 Annual Report & Accounts.

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

The below notifications, made in accordance with the requirements of Article 19 of the EU Market Abuse Regulation, give further detail.

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                        Stuart Simpson 
     --------------------------  ----------------------------------------- 
 2    Reason for the notification 
     --------------------------------------------------------------------- 
 a)   Position/status                   Interim Chief Executive Officer of 
                                         Royal Mail 
     --------------------------  ----------------------------------------- 
 b)   Initial notification        Initial Notification 
       /Amendment 
     --------------------------  ----------------------------------------- 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     --------------------------------------------------------------------- 
 a)   Name                        Royal Mail plc 
     --------------------------  ----------------------------------------- 
 b)   LEI                         213800TCZZU84G8Z2M70 
     --------------------------  ----------------------------------------- 
 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,        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 Long Term Incentive 
                                   Plan 
     --------------------------  ----------------------------------------- 
 c)   Price(s) and volume(s)       Price(s)    Volume(s) 
                                    Nil         221,725 
                                               ---------- 
     --------------------------  ----------------------------------------- 
 d)   Aggregated information 
 
       - Aggregated volume          221,725 
 
       - Price                      Nil 
     --------------------------  ----------------------------------------- 
 e)   Date of the transaction     27 November 2020 
     --------------------------  ----------------------------------------- 
 f)   Place of the transaction    London Stock Exchange (XLON) 
     --------------------------  ----------------------------------------- 
 
 
 1    Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                        Mick Jeavons 
     --------------------------  -------------------------------------------- 
 2    Reason for the notification 
     ------------------------------------------------------------------------ 
 a)   Position/status                   Interim Group Chief Financial Officer 
     --------------------------  -------------------------------------------- 
 b)   Initial notification        Initial Notification 
       /Amendment 
     --------------------------  -------------------------------------------- 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ------------------------------------------------------------------------ 
 a)   Name                        Royal Mail plc 
     --------------------------  -------------------------------------------- 
 b)   LEI                         213800TCZZU84G8Z2M70 
     --------------------------  -------------------------------------------- 
 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,        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 Long Term Incentive 
                                   Plan 
     --------------------------  -------------------------------------------- 
 c)   Price(s) and volume(s)       Price(s)    Volume(s) 
                                    Nil         128,108 
                                               ---------- 
     --------------------------  -------------------------------------------- 
 d)   Aggregated information 
 
       - Aggregated volume          128,108 
 
       - Price                      Nil 
     --------------------------  -------------------------------------------- 
 e)   Date of the transaction     27 November 2020 
     --------------------------  -------------------------------------------- 
 f)   Place of the transaction    London Stock Exchange (XLON) 
     --------------------------  -------------------------------------------- 
 
 
 1    Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                        Mark Amsden 
     --------------------------  ---------------------------------------- 
 2    Reason for the notification 
     -------------------------------------------------------------------- 
 a)   Position/status                   Group General Counsel and Company 
                                         Secretary 
     --------------------------  ---------------------------------------- 
 b)   Initial notification        Initial Notification 
       /Amendment 
     --------------------------  ---------------------------------------- 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     -------------------------------------------------------------------- 
 a)   Name                        Royal Mail plc 
     --------------------------  ---------------------------------------- 
 b)   LEI                         213800TCZZU84G8Z2M70 
     --------------------------  ---------------------------------------- 
 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,        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 Long Term Incentive 
                                   Plan 
     --------------------------  ---------------------------------------- 
 c)   Price(s) and volume(s)       Price(s)    Volume(s) 
                                    Nil         98,544 
                                               ---------- 
     --------------------------  ---------------------------------------- 
 d)   Aggregated information 
 
       - Aggregated volume          98,544 
 
       - Price                      Nil 
     --------------------------  ---------------------------------------- 
 e)   Date of the transaction     27 November 2020 
     --------------------------  ---------------------------------------- 
 f)   Place of the transaction    London Stock Exchange (XLON) 
     --------------------------  ---------------------------------------- 
 

For further information, please contact:

Investor Relations

John Crosse

Phone: 020 7449 8183

Email: investorrelations@royalmail.com

Company Secretariat

Mark Amsden

Phone: 020 7449 8289

Email: cosec@royalmail.com

Media

Mark Street

Phone: 07515 924 344

Email: mark.street@royalmail.com

Royal Mail press office out of hours: 020 7449 8246

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END

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November 30, 2020 11:00 ET (16:00 GMT)

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