Director/PDMR Shareholding

RNS Number : 1941G

Big Yellow Group PLC

22 July 2021

 

22 July 2021

Big Yellow Group PLC

Director/PDMR Shareholding

Notification of Transactions of Directors/Persons Discharging Managerial Responsibility and Persons Closely Associated with them.

1.	Details of PDMR / person closely associated with them ('PCA')
a)	Name	1. Nicholas Vetch 2. James Gibson 3. Adrian Lee 4. John Trotman
b)	Position / status	1. Executive Chairman 2. Chief Executive Officer 3. Operations Director 4. Chief Financial Officer
c)	Initial notification / amendment	Initial Notification in each case
2.	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 Big Yellow Group PLC (the "Company").
b)	Nature of the transaction	In each case, on 22 July 2021 the Executive Directors were granted nil paid options over ordinary shares of 10 pence (the "Options") granted under the Company's Long Term Investment Plan.  The Options are exercisable from 22 July 2024 to 21 July 2031, subject to performance criteria being met. Each of the messrs Vetch, Gibson, Lee and Trotman were granted the following Options: 1. Mr Vetch:   27,617 2. Mr Gibson:  32,404 3. Mr Lee:  20,989 4. Mr Trotman:   23,935 The performance conditions attributable to these Options are as follows: Weighting Target Performance threshold 50% Adjusted earnings per share Threshold performance (25% vesting) of average annual compound adjusted earnings per share growth of 4% over the three year period ended 31 March 2024, with 100% vesting on achievement of average annual compound adjusted earnings per share growth of 8% over the three year period ended 31 March 2024.  50% Total Shareholder return Relative TSR against the constituents of the FTSE Real Estate Index.  Threshold vesting of 25% for median performance with 100% vesting for upper quartile performance. The Group is in the process of drawing up appropriate Science Based Targets for the business and expects to be in a position to report these in the Annual Report and Accounts for the year ended 31 March 2022.  The recent acquisition of the remaining interest in Armadillo which the Group did not already own, will also take time to integrate into our sustainability targets. In view of these factors the Remuneration Committee has decided that it should postpone the introduction of ESG targets (intended to be introduced for a minority of LTIP awards) into the LTIP until next year's grant.  The Committee will continue to target a range of ESG measures in the annual deferred bonus scheme. On 22 July 2021, James Gibson, Adrian Lee and John Trotman were also each granted 2,166 options under the Company's Approved Option scheme.  At the date of exercise, to the extent that there is a gain on the Approved options, LTIP options will be forfeited to the same value.
c)	Price(s) and volume(s)	Price(s) Volume(s) 1. £nil 27,617 2. £nil 32,404 3. £nil 20,989 4. £nil 23,935
d)	Aggregated information Aggregated volume Price	104,945 shares £nil
e)	Date of the transaction	22 July 2021
f)	Place of the transaction	Outside a trading venue

 

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