Director/PDMR Shareholding

RNS Number : 9702S

Dixons Carphone PLC

28 June 2018

 

28 June 2018

DIXONS CARPHONE PLC

 (the 'Company')

NOTIFICATION OF TRANSACTION OF DIRECTOR/PDMR

Award under The Dixons Carphone plc Long Term Incentive Plan 2016

The Company announces that on 22 June 2018, the Company's Group Chief Executive, Alex Baldock, was granted a nil cost option ('Award') in respect of 1,197,182 ordinary shares of 0.1 pence ('Ordinary Shares') in the Company, pursuant to the Dixons Carphone plc Long Term Incentive Plan 2016.

Name of Director / PDMR	Base Salary for Award (£)	Award Reference Value (£)	Number of Ordinary Shares awarded on 22 June 2018	Vesting date	Exercise price
Alex Baldock	850,000	2,337,500	1,197,182	22 June 2021	Nil

The share price for the award was calculated using the mid-market price on the day prior to grant being 21 June 2018.

The number of Ordinary Shares stated above is the maximum number that could vest to Mr Baldock upon full satisfaction of the performance conditions attaching to the Award.

The Award will ordinarily vest on 22 June 2021 ('Vesting Date'), subject to Mr Baldock's continued service with the Company and the extent to which the performance conditions applicable to the Award are achieved. The vested Ordinary Shares will be subject to an additional two-year holding period (on a net of tax basis) from the Vesting Date.

The performance conditions applicable to the Award are two equally weighted performance measures (which are described in full in the Annual Report and Accounts):

1)      Relative Total Shareholder Return ('TSR')

One half of the Award is subject to the achievement of a relative TSR performance condition, measured against a comparator group comprising the companies ranked FTSE 51-150 as at the start of the performance period. The starting point for measurement will be 29 April 2018 and the closing point will be 1 May 2021 with one month averaging periods up to the beginning and end of the performance period. 25% of this portion of the Award will vest for achievement of median TSR versus the comparator group, with maximum vesting at upper quartile or above and straight-line vesting between these two points.

2)      Cumulative Free Cash Flow

The other half of the Award is subject to the achievement of a performance condition measuring the Company's cumulative free cash flow over the three-year period starting on 29 April 2018 and ending on 1 May 2021. 10% of this portion of the Award will vest if cumulative free cash flow over the three-year period is £517m, rising to 25% of this portion of the Award vesting if cumulative free cash flow over the three-year period is £574m, and with maximum vesting if cumulative free cash flow over the three-year period is £689m or higher, and straight-line vesting between these points.

As at the date of this announcement, the Company has 1,158,031,230 Ordinary Shares in issue.

This announcement is made in accordance with the requirements of Market Abuse Regulation Article 19.  

For further information:

Julia Foo	Deputy Company Secretary	[phone]
Assad Malic	IR, PR and Corporate Affairs Director	[phone]

PDMR DEALING NOTIFICATION
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	Alex Baldock
2	Reason for the notification
a)	Position / status	Group Chief Executive
b)	Initial notification / Amendment	Initial notification
3	Details of issuer
a)	Name	Dixons Carphone plc
b)	LEI	2138001E12GWLLDQQF16
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 in Dixons Carphone plc
	Identification code	GB00B4Y7R145
b)	Nature of the transaction	Nil cost option award under The Dixons Carphone plc Long Term Incentive Plan 2016
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		Nil	1,197,182
d)	Aggregated information	Aggregated price	Aggregated volume
		N/A (single transaction)	N/A (single transaction)
e)	Date of the transaction	2018-06-22
f)	Place of the transaction	Outside a trading venue

- Ends -

 

END

 

 

DSHQVLFLVQFFBBZ