Director/PDMR Shareholding

RNS Number : 9836G

Royal Mail PLC

30 November 2020

 

Royal Mail plc

(Incorporated in England and Wales)

Company Number: 8680755

LSE Share Code:

RMG ISIN: GB00BDVZYZ77

LEI: 213800TCZZU84G8Z2M70

30 November 2020

Notification of Transactions of Directors/Persons Discharging Managerial Responsibility

Royal Mail plc Long Term Incentive Plan (LTIP) Grant

On 27 November 2020, the PDMRs listed below were granted conditional share awards over ordinary shares in Royal Mail plc under the Royal Mail plc LTIP. The number of shares awarded under the LTIP is set out in the table below, which is the maximum grant that the PDMRs are eligible for, and will only vest in full, if the maximum performance condition is achieved.

PDMR	Number of shares
Stuart Simpson	221,725
Mark Amsden	98,544
Mick Jeavons	128,108

LTIP awards normally vest at the end of the three-year performance period, once the Remuneration Committee has determined achievement against the performance condition. The earliest release date of the LTIP will be 27 November 2023, subject to the participant continuing to hold office or employment within the Royal Mail Group, and then subject to a two-year holding period. On vesting, the Committee must also be satisfied that the performance of the Company against the three measures outlined below is reflective of the Company's underlying financial performance.

Executive Directors are required to retain any share-based awards until they achieve a shareholding equivalent of 200 per cent of salary. All other PDMRs are required to retain a shareholding equivalent of 100 per cent of salary.

The terms of these awards provide the Remuneration Committee with the ability to review the outcome at vesting taking into account the underlying performance of the business and it may consider making appropriate adjustments to reflect this.

The performance conditions are as follows.

Measure	Weighting	Measurement period
TSR versus FTSE 51-150 comparator group	40%	1 April 2020 - 31 March 2023	Threshold (25% vesting) - Median Maximum (100% vesting) - UQ
Group EBITDA	40%	2022/23	Threshold (25% vesting) - £1.07bn Maximum (100% vesting) - £1.38bn
Group Parcels Revenue	20%	2022/23	Threshold (25% vesting) - £7.65bn Maximum (100% vesting) - £8.45bn

More details will be disclosed in the directors' remuneration report in the 2020-21 Annual Report & Accounts.

No consideration was paid for the grant of the share awards.

The below notifications, made in accordance with the requirements of Article 19 of the EU Market Abuse Regulation, give further detail.

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	Stuart Simpson
2	Reason for the notification
a)	Position/status	Interim Chief Executive Officer of Royal Mail
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Royal Mail plc
b)	LEI	213800TCZZU84G8Z2M70
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 of £0.01 each in Royal Mail plc GB00BDVZYZ77
b)	Nature of the transaction	Grant of ordinary shares under the Royal Mail plc Long Term Incentive Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 221,725
d)	Aggregated information - Aggregated volume - Price	221,725 Nil
e)	Date of the transaction	27 November 2020
f)	Place of the transaction	London Stock Exchange (XLON)

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Mick Jeavons
2	Reason for the notification
a)	Position/status	Interim Group 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	Royal Mail plc
b)	LEI	213800TCZZU84G8Z2M70
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 of £0.01 each in Royal Mail plc GB00BDVZYZ77
b)	Nature of the transaction	Grant of ordinary shares under the Royal Mail plc Long Term Incentive Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 128,108
d)	Aggregated information - Aggregated volume - Price	128,108 Nil
e)	Date of the transaction	27 November 2020
f)	Place of the transaction	London Stock Exchange (XLON)

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Mark Amsden
2	Reason for the notification
a)	Position/status	Group General Counsel and Company Secretary
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Royal Mail plc
b)	LEI	213800TCZZU84G8Z2M70
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 of £0.01 each in Royal Mail plc GB00BDVZYZ77
b)	Nature of the transaction	Grant of ordinary shares under the Royal Mail plc Long Term Incentive Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 98,544
d)	Aggregated information - Aggregated volume - Price	98,544 Nil
e)	Date of the transaction	27 November 2020
f)	Place of the transaction	London Stock Exchange (XLON)

For further information, please contact:

Investor Relations

John Crosse

Phone: [phone]

Email: [e-mail]  

Company Secretariat

Mark Amsden

Phone: [phone]

Email: [e-mail]

Media

Mark Street

Phone: [phone]

Email:  [e-mail]

Royal Mail press office out of hours: 020 7449 8246

 

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