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Director/PDMR Shareholding

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RNS Number : 1423N
Next PLC
20 September 2019
 

Next plc

Notification of Transactions by Person Discharging Managerial Responsibility and Person Closely Associated With Them

The following awards were granted to executive directors on 20 September 2019 under the Next Long Term Incentive Plan (the "LTIP"):                            


Maximum No. of Shares

Lord Wolfson of Aspley Guise

14,314

Amanda James

8,716

Richard Papp

8,449

Jane Shields

8,449

Under the terms of the LTIP the award comprises a conditional award of shares on the following terms:

·     the award will vest following the third anniversary of the date of grant subject to performance targets and continued employment in the Next Group;

 

·     a variable percentage of the maximum number of shares above can vest, depending on the relative Total Shareholder Return of Next over a three year period against a comparator group;

 

·     for relative performance against the comparator group the percentage vesting will be

 

Relative performance

Percentage vesting

Below median

0%

Median

20%

Upper quintile

100%

 

·     before any of the awards vest, the Committee must have regard to the performance of the Company in the light of underlying economic and other circumstances, including EPS performance of the Company and of other UK retailers over the period;

 

·     to the extent that the performance condition is not met, the award will lapse completely;

 

·     to the extent that awards vest, dividend equivalents will be accrued; and

 

·     any vesting of these awards granted to executive directors (including dividend equivalents) will be settled in shares and, after payment of tax, the net shares received should be retained for a period of two further years.

 

LTIP awards are made twice a year. The maximum number of shares shown above is 100% of each director's base salary at the date of each grant, divided by NEXT's average share price over the three months prior to the start of the performance period.

 

The following notification made under article 19.1 of the Market Abuse Regulation ("MAR") related to awards granted to executive directors on 20 September 2019 under the LTIP.  This announcement is made in accordance with Article 19.3 of MAR.

1

 

Details of the person discharging managerial responsibilities ("PDMR") / person closely associated ("PCA")

 

a)

 

Name

 

1.   Lord Wolfson of Aspley Guise

2.   Amanda James

3.   Richard Papp

4.   Jane Shields

2

 

Reason for the notification

a)

 

Position/status

 

1.   Chief Executive (PDMR)

2.   Group Finance Director (PDMR)

3.   Group Merchandise and Operations Director (PDMR)

4.   Group Sales and Marketing Director (PDMR)

b)

 

Initial notification /Amendment

 

Initial notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

 

Name

 

Next plc

b)

 

LEI

 

213800WQD8ECPZP9PH98

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, type of instrument

Ordinary shares of £0.10 each - conditional award



Identification code

GB0032089863

 


b)

 

Nature of the transaction

 

 

Conditional award granted of shares under the LTIP. Maximum number of shares as follows:

1.    Lord Wolfson of Aspley Guise  -  14,314

2.    Amanda James - 8,716

3.    Richard Papp - 8,449

4.    Jane Shields - 8,449

c)

 

Price(s) and volume(s)

 

 

 

 


 

Price(s)

Volume(s)

 

Lord Wolfson of Aspley Guise

 

Nil

14,314

 

Amanda James

 

Nil

8,716

 

Richard Papp

 

Nil

8,449

 

Jane Shields

 

Nil

8,449

 


 

 

 

 

d)

 

Aggregated information


- Aggregated volume

n/a single transactions









- Price

n/a







e)

 

Date of the transaction

 

 

20 September 2019

f)

 

Place of the transaction

 

Outside a trading venue

 

Seonna Anderson

Company Secretary

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
DSHLLFSIARIIFIA

Quick facts: Next PLC

Price: 6872

Market: LSE
Market Cap: £9.16 billion
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