Director/PDMR Shareholding

RNS Number : 3423S

Johnson Service Group PLC

08 March 2023

 

8 March 2023

AIM: JSG

Johnson Service Group PLC

PDMR Shareholding - Grant of Share Options

Johnson Service Group PLC (the "Company") announces that it has today granted nil cost options over ordinary shares of 10 pence each in the Company under the Johnson Service Group 2018 Long-Term Incentive Plan ("2018 LTIP Scheme") (the "2023 LTIP Award").

In addition, linked awards were granted on the same date over ordinary shares of 10 pence each in the Company under the Johnson Service Group 2018 Long-Term Incentive Plan CSOP Section (the "2023 Approved LTIP Award") at an exercise price of 117.0 pence each.

The number of options granted to each of the Executive Directors are as follows:

		No. of Options Granted
Executive Director	Position	2023 LTIP Award	2023 Approved LTIP Award
Peter Egan	CEO	487,934	25,641
Yvonne Monaghan	CFO	322,228	25,641

The 2023 LTIP Award options may be exercised on or after 8 March 2026, subject to the satisfaction of performance conditions over the three financial years ending 31 December 2025 and are exercisable up to ten years from the date of grant.

Performance Conditions and Vesting

In determining the applicable performance conditions, the Remuneration Committee has taken into account the Group's business plan as well as the outlook for the sector, general macroeconomic conditions and, to the extent available, the range of analysts' consensus forecasts for the financial year ending 31 December 2025. Following careful consideration, the Remuneration Committee has agreed two separate performance targets. The specific performance conditions are set out below.

Adjusted Profit Before Tax per Share

50 per cent of the 2023 LTIP Award will vest by reference to the Company's adjusted profit before tax ("PBT") per share as at 31 December 2025.  None of the PBT per share element of the 2023 LTIP Award will vest if PBT per share growth is less than 5 per cent per annum above the level of PBT per share for the financial year ended 31 December 2022. One quarter of this element will vest for PBT per share growth of 5 per cent per annum above the PBT per share for the financial year ended 31 December 2022, and the whole of this element will vest for PBT per share growth of 10 per cent per annum or greater above the PBT per share for the financial year ended 31 December 2022. Vesting will be on a straight-line basis if PBT per share growth is between 5 per cent and 10 per cent per annum.

Total Shareholder Return

The remaining 50 per cent of the 2023 LTIP Award will vest by reference to the annualised growth in the Company's net return index ("TSR") over the performance period relative to the annualised growth in the FTSE AIM All-Share Industrial Goods and Services net return index (the "Index") over the performance period.  None of this element of the 2023 LTIP Award will vest if the TSR growth is less than the Index growth, one quarter will vest if the TSR growth is equal to the Index growth and the whole of this element of the 2023 LTIP Award will vest if the TSR growth is at least seven per cent above the Index growth.  Vesting will be on a straight-line basis between these points.

Linked Award

The 2023 Approved LTIP Award has been granted to allow, where possible, the participant to receive part of the gain which may have been received under the 2023 LTIP Award tax efficiently.  The participant will receive the same gross gain as they would have received had they only been granted the 2023 LTIP Award and not been granted the 2023 LTIP Award and the linked 2023 Approved LTIP Award.  At the time of exercise, to the extent that there is a gain on the 2023 Approved 2023 LTIP Award, the options granted under the 2023 LTIP Award will be forfeited to the same value.

Further Holding Period

The 2023 LTIP Award is subject to an additional holding period of two years from the date on which the 2023 LTIP Award vests (the "Holding Period"). During the Holding Period, the 2023 LTIP Award holder may not normally dispose of any of the shares which vest except to cover any income tax or social security contributions arising on the exercise of the 2023 LTIP Award.

Malus, Clawback and Remuneration Committee Discretion

The 2023 LTIP Award will be subject to the 2018 LTIP Scheme rules. In line with its Remuneration Policy, the Remuneration Committee can apply malus and clawback provisions to the 2023 LTIP Award and has discretion to vary formulaic outturns where they do not reflect underlying performance or are inappropriate in the context of unexpected or unforeseen circumstances.

Enquiries:
Johnson Service Group PLC Peter Egan, CEO Yvonne Monaghan, CFO Tel:  [phone]
Investec Investment Banking (NOMAD) David Flin Carlton Nelson Virginia Bull Tel:  [phone]	Camarco (Financial PR) Ginny Pulbrook Rosie Driscoll Letaba Rimell Tel:  [phone] / 4981

About Johnson Service Group PLC

www.jsg.com

Headquartered in Preston Brook, Cheshire, JSG provides textile services across the UK.  The Group is a leading supplier of workwear and protective wear in the UK and also provides premium linen services for the hotel, catering and hospitality markets. With its core values of quality, reliability and service, the Group aims to provide customers with an outstanding level of customer care.

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	Peter Egan
2.	Reason for the Notification
a)	Position / Status	Chief Executive Officer / PDMR
b)	Initial Notification / Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Entity legal name	Johnson Service Group PLC
b)	Entity LEI	2138004WZUPWV53KWV11
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 securities Identification code	Options over ordinary shares of 10 pence each GB0004762810
b)	Nature of the transaction	Grant of options
c)	Individual transaction price(s) and volume(s)	Price Volume £nil 487,934
d)	Aggregated price and volume	Grant of 487,934 options over ordinary shares of 10 pence each at an exercise price of £nil
e)	Date of the transaction	8 March 2023
f)	Place of the transaction	Outside of a trading platform

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	Peter Egan
2.	Reason for the Notification
a)	Position / Status	Chief Executive Officer / PDMR
b)	Initial Notification / Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Entity legal name	Johnson Service Group PLC
b)	Entity LEI	2138004WZUPWV53KWV11
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 securities Identification code	Options over ordinary shares of 10 pence each GB0004762810
b)	Nature of the transaction	Grant of options
c)	Individual transaction price(s) and volume(s)	Price Volume 117.0 pence 25,641
d)	Aggregated price and volume	Grant of 25,641 options over ordinary shares of 10 pence each at an exercise price of 117.0 pence
e)	Date of the transaction	8 March 2023
f)	Place of the transaction	Outside of a trading platform

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	Yvonne Monaghan
2.	Reason for the Notification
a)	Position / Status	Chief Financial Officer / PDMR
b)	Initial Notification / Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Entity legal name	Johnson Service Group PLC
b)	Entity LEI	2138004WZUPWV53KWV11
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 securities Identification code	Options over ordinary shares of 10 pence each GB0004762810
b)	Nature of the transaction	Grant of options
c)	Individual transaction price(s) and volume(s)	Price Volume £nil 322,228
d)	Aggregated price and volume	Grant of 322,228 options over ordinary shares of 10 pence each at an exercise price of £nil
e)	Date of the transaction	8 March 2023
f)	Place of the transaction	Outside of a trading platform

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	Yvonne Monaghan
2.	Reason for the Notification
a)	Position / Status	Chief Financial Officer / PDMR
b)	Initial Notification / Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Entity legal name	Johnson Service Group PLC
b)	Entity LEI	2138004WZUPWV53KWV11
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 securities Identification code	Options over ordinary shares of 10 pence each GB0004762810
b)	Nature of the transaction	Grant of options
c)	Individual transaction price(s) and volume(s)	Price Volume 117.0 pence 25,641
d)	Aggregated price and volume	Grant of 25,641 options over ordinary shares of 10 pence each at an exercise price of 117.0 pence
e)	Date of the transaction	8 March 2023
f)	Place of the transaction	Outside of a trading platform

 

END

 

 

DSHBLGDXRGGDGXI