Directors and Persons Discharging Managerial Responsibility ("PDMRs") Interests
Imperial Brands PLC (the "Company") Long Term Incentive Plan
On 17 February 2020, the Company made the following grant of awards under the Imperial Brands Long Term Incentive Plan (the "LTIP") to PDMRs:
PDMR |
No. of LTIP awards granted |
Oliver Tant |
102,739 |
Walter Prinz |
53,253 |
Dominic Brisby |
55,890 |
Joerg Biebernick |
53,150 |
David Newns |
24,657 |
The Remuneration Committee is cognisant of the current share price and the impact this has on the number of shares awarded if the same percentage of salary was maintained as in previous years. On this occasion the Remuneration Committee has decided that shareholder interests are best served by making awards linked to a percentage of base salary in line with previous years.
Further to the commitment in its Annual Report and Accounts 2019, the Company confirms that the performance measures in respect of the Annual Imperial Brands LTIP grant made on 17 February 2020 will be:
Earnings per Share Element
This criterion is used for 40 per cent of the award with the following vesting schedule:
Compound annual adjusted EPS growth* |
Shares vesting (as a percentage of element) |
Less than 2% per annum |
nil |
2% per annum |
25% |
2% to 6% per annum |
Between 25% and 100% (pro rata) |
6% per annum or higher |
100% |
*As per the Remuneration Committee's decision in 2014, and all awards since 2015, EPS growth and net revenue growth are measured at constant currency.
The net revenue growth criterion is used for 40 per cent of the award with the following vesting schedule:
Compound annual growth in net revenue** |
Shares vesting (as a percentage of element) |
Less than 1% per annum |
nil |
1% per annum |
25% |
1% to 4% per annum |
Between 25% and 100% (pro rata) |
4% per annum or higher |
100% |
**As per the Remuneration Committee's decision in 2014, and all awards since 2015, EPS growth and net revenue growth are measured at constant currency.
The relative total shareholder return ("TSR") criterion is used for 20 per cent of the award. The peer group used for the assessment of relative TSR now reflects a more relevant group of companies in the consumer goods sector. The companies in the revised peer group are:
Altria Group |
Anheuser-Busch InBev |
Beiersdorf |
British American Tobacco |
Brown-Forman |
Carlsberg |
Clorox |
Constellation Brands |
Diageo |
Heineken |
Henkel |
Japan Tobacco |
Kimberly-Clark |
Kirin Holdings |
L'Oreal |
Monster Beverage |
Pernod Ricard |
Pepsico |
Philip Morris International |
Procter & Gamble |
Reckitt Benckiser Group |
Swedish Match |
Uni Charm |
Unilever PLC |
|
Vesting of awards on this element would occur as per the vesting schedule below:
Relative TSR performance |
Shares vesting (as percentage of element) |
Below median of peer group |
nil |
At median of peer group |
25% |
Between median and upper quartile |
Between 25% and 100% (pro rata) |
At or above upper quartile |
100% |
Each element operates independently and is capable of vesting regardless of the Company's performance in respect of the other elements.
The Remuneration Committee retains the discretion under the rules of the plan to reduce the level of vesting determined by an assessment of the performance conditions, if it is considered to be appropriate having regard to such factors as the Committee considers relevant
There is no opportunity to retest if any of the performance criteria are not achieved.
Details of individual awards are provided below:
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
|
OLIVER REGINALD TANT |
||||
2
|
Reason for the notification
|
|||||
a)
|
Position/status
|
EXECUTIVE DIRECTOR - CHIEF FINANCIAL OFFICER |
||||
b)
|
Initial notification /Amendment |
INITIAL NOTIFICATION |
||||
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||
a)
|
Name
|
IMPERIAL BRANDS PLC |
||||
b)
|
LEI
|
549300DFVPOB67JL3A42 |
||||
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
Identification code |
ORDINARY SHARES
GB0004544929 |
||||
b)
|
Nature of the transaction
|
LAPSING OF AWARD UNDER LONG TERM INCENTIVE PLAN |
||||
c)
|
Price(s) and volume(s)
|
|
||||
d)
|
Aggregated information
- Aggregated volume
- Price
|
LAPSED 47,049
NOT APPLICABLE
|
||||
e)
|
Date of the transaction
|
17 FEBRUARY 2020
|
||||
f)
|
Place of the transaction
|
OUTSIDE A TRADING VENUE |
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
|
OLIVER REGINALD TANT |
||||
2
|
Reason for the notification
|
|||||
a)
|
Position/status
|
EXECUTIVE DIRECTOR - CHIEF FINANCIAL OFFICER |
||||
b)
|
Initial notification /Amendment |
INITIAL NOTIFICATION |
||||
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||
a)
|
Name
|
IMPERIAL BRANDS PLC |
||||
b)
|
LEI
|
549300DFVPOB67JL3A42 |
||||
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
Identification code |
ORDINARY SHARES
GB0004544929 |
||||
b)
|
Nature of the transaction
|
CONDITIONAL AWARD GRANTED UNDER LONG TERM INCENTIVE PLAN |
||||
c)
|
Price(s) and volume(s)
|
|
||||
d)
|
Aggregated information
- Aggregated volume
- Price |
102,739
NOT APPLICABLE |
||||
e)
|
Date of the transaction
|
17 FEBRUARY 2020 |
||||
f)
|
Place of the transaction
|
OUTSIDE A TRADING VENUE |
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
|
WALTER NORBERT PRINZ |
||||
2
|
Reason for the notification
|
|||||
a)
|
Position/status
|
PDMR - GROUP MANUFACTURING AND SUPPLY CHAIN DIRECTOR |
||||
b)
|
Initial notification /Amendment |
INITIAL NOTIFICATION |
||||
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||
a)
|
Name
|
IMPERIAL BRANDS PLC |
||||
b)
|
LEI
|
549300DFVPOB67JL3A42 |
||||
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
Identification code |
ORDINARY SHARES
GB0004544929 |
||||
b)
|
Nature of the transaction
|
LAPSING OF AWARD UNDER LONG TERM INCENTIVE PLAN |
||||
c)
|
Price(s) and volume(s)
|
|
||||
d)
|
Aggregated information
- Aggregated volume
- Price
|
LAPSED 17,947
NOT APPLICABLE
|
||||
e)
|
Date of the transaction
|
17 February 2020 |
||||
f)
|
Place of the transaction
|
OUTSIDE A TRADING VENUE |
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
|
WALTER NORBERT PRINZ
|
||||
2
|
Reason for the notification |
|||||
a)
|
Position/status
|
PDMR - GROUP MANUFACTURING AND SUPPLY CHAIN DIRECTOR |
||||
b)
|
Initial notification /Amendment |
INITIAL NOTIFICATION |
||||
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||
a)
|
Name
|
IMPERIAL BRANDS PLC |
||||
b)
|
LEI
|
549300DFVPOB67JL3A42 |
||||
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
Identification code |
ORDINARY SHARES
GB0004544929 |
||||
b)
|
Nature of the transaction |
CONDITIONAL AWARD GRANTED UNDER LONG TERM INCENTIVE PLAN |
||||
c)
|
Price(s) and volume(s)
|
|
||||
d)
|
Aggregated information
- Aggregated volume
- Price
|
53,253
NOT APPLICABLE
|
||||
e)
|
Date of the transaction
|
17 FEBRUARY 2020 |
||||
f)
|
Place of the transaction
|
OUTSIDE A TRADING VENUE |
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
|
DOMINIC JAMES BRISBY |
||||
2
|
Reason for the notification
|
|||||
a)
|
Position/status
|
PDMR - JOINT INTERIM CHIEF EXECUTIVE OFFICER AND DIVISION DIRECTOR, AMERICAS, AFRICA, ASIA & AUSTRALASIA |
||||
b)
|
Initial notification /Amendment |
INITIAL NOTIFICATION |
||||
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||
a)
|
Name
|
IMPERIAL BRANDS PLC |
||||
b)
|
LEI
|
549300DFVPOB67JL3A42 |
||||
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
Identification code |
ORDINARY SHARES
GB0004544929 |
||||
b)
|
Nature of the transaction
|
LAPSING OF AWARD UNDER LONG TERM INCENTIVE PLAN |
||||
c)
|
Price(s) and volume(s)
|
|
||||
d)
|
Aggregated information
- Aggregated volume
- Price
|
LAPSED 16,061
NOT APPLICABLE
|
||||
e)
|
Date of the transaction
|
17 FEBRUARY 2020 |
||||
f)
|
Place of the transaction
|
OUTSIDE A TRADING VENUE |
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
|
DOMINIC JAMES BRISBY |
||||
2
|
Reason for the notification |
|||||
a)
|
Position/status
|
PDMR - JOINT INTERIM CHIEF EXECUTIVE OFFICER AND DIVISION DIRECTOR, AMERICAS, AFRICA, ASIA & AUSTRALASIA |
||||
b)
|
Initial notification /Amendment |
INITIAL NOTIFICATION |
||||
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||
a)
|
Name
|
IMPERIAL BRANDS PLC |
||||
b)
|
LEI
|
549300DFVPOB67JL3A42 |
||||
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
Identification code |
ORDINARY SHARES
GB0004544929 |
||||
b)
|
Nature of the transaction
|
CONDITIONAL AWARD GRANTED UNDER LONG TERM INCENTIVE PLAN |
||||
c)
|
Price(s) and volume(s)
|
|
||||
d)
|
Aggregated information
- Aggregated volume
- Price
|
55,890
NOT APPLICABLE
|
||||
e)
|
Date of the transaction
|
17 FEBRUARY 2020 |
||||
f)
|
Place of the transaction
|
OUTSIDE A TRADING VENUE |
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
|
JOERG BIEBERNICK |
||||
2
|
Reason for the notification |
|||||
a)
|
Position/status
|
PDMR - JOINT INTERIM CHIEF EXECUTIVE OFFICER AND DIVISION DIRECTOR, EUROPE |
||||
b)
|
Initial notification /Amendment |
INITIAL NOTIFICATION |
||||
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||
a)
|
Name
|
IMPERIAL BRANDS PLC |
||||
b)
|
LEI
|
549300DFVPOB67JL3A42 |
||||
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
Identification code |
ORDINARY SHARES
GB0004544929 |
||||
b)
|
Nature of the transaction
|
CONDITIONAL AWARD GRANTED UNDER LONG TERM INCENTIVE PLAN |
||||
c)
|
Price(s) and volume(s)
|
|
||||
d)
|
Aggregated information
- Aggregated volume
- Price
|
53,150
NOT APPLICABLE
|
||||
e)
|
Date of the transaction
|
17 FEBRUARY 2020 |
||||
f)
|
Place of the transaction
|
OUTSIDE A TRADING VENUE |
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
|
DAVID THOMAS NEWNS |
||||
2
|
Reason for the notification |
|||||
a)
|
Position/status
|
PDMR - GROUP INNOVATION AND SCIENCE DIRECTOR |
||||
b)
|
Initial notification /Amendment |
INITIAL NOTIFICATION |
||||
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||
a)
|
Name
|
IMPERIAL BRANDS PLC |
||||
b)
|
LEI
|
549300DFVPOB67JL3A42 |
||||
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
Identification code |
ORDINARY SHARES
GB0004544929 |
||||
b)
|
Nature of the transaction
|
CONDITIONAL AWARD GRANTED UNDER LONG TERM INCENTIVE PLAN |
||||
c)
|
Price(s) and volume(s)
|
|
||||
d)
|
Aggregated information
- Aggregated volume
- Price
|
24,657
NOT APPLICABLE |
||||
e)
|
Date of the transaction
|
17 FEBRUARY 2020 |
||||
f)
|
Place of the transaction
|
OUTSIDE A TRADING VENUE |
Trevor Williams
Deputy Company Secretary
Copies of our announcements are available on our website: www.imperialbrandsplc.com/Investors/Stock-Exchange-announcements