Director/PDMR Shareholding

RNS Number : 5108I

Royal Mail PLC

13 August 2021

 

Royal Mail plc

(Incorporated in England and Wales)

Company Number: 8680755

LSE Share Code: RMG

ISIN: GB00BDVZYZ77

LEI: 213800TCZZU84G8Z2M70

13 August 2021

Notification of Transactions of Directors/Persons Discharging Managerial Responsibility

Royal Mail plc Long Term Incentive Plan (LTIP) Grant

On 12 August 2021, the PDMRs listed below were granted conditional share awards over ordinary shares in Royal Mail plc under the Royal Mail 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
Mark Amsden	59,919
Mick Jeavons	125,831
Martin Seidenberg	147,098
Simon Thompson	157,289

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 will be 12 August 2024, 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 also satisfied that the performance of the Company against the relevant 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.  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 and it may consider making appropriate adjustments to reflect this.

The performance measures and their respective weightings are as follows.

Measure	Mick Jeavons (Group Chief Financial Officer) Mark Amsden (Group General Counsel)	Stuart Thompson (CEO Royal Mail)	Martin Seidenberg (CEO GLS)
Total Shareholder Return vs FTSE 51-150 (excluding mining and financials) comparator group	P (40%)	P (40%)	P (40%)
UK operating profit	P (20%)	P (40%)
UK Parcels Revenue	P (10%)	P (20%)
GLS EBITA	P (20%)		P (40%)
GLS Cashflow	P (10%)		P (20%)
Total	100%	100%	100%

The respective targets are as follows.

Measure	Measurement period	Target
Total Shareholder Return vs FTSE 51-150 (excluding mining and financials) comparator group	1 April 2021 - 31 March 2024	Threshold (25% vesting) - Median Maximum (100% vesting) - UQ
UK operating profit	2023-24	Threshold (25% vesting) - £656.1m Maximum (100% vesting) - £801.9m
UK Parcels Revenue	2023-24	Threshold (25% vesting) - £5,344.7m Maximum (100% vesting) - £5,907.3m
GLS EBITA	2023-24	Threshold (25% vesting) - €410m Maximum (100% vesting) - €449.9m
GLS Cashflow	2023-24	Threshold (25% vesting) - €281.2m Maximum (100% vesting) - €310.8m

More details will be disclosed in the directors' remuneration report in the 2021-22 Annual Report & Accounts.

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

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

Notification of Dealing Form

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 Long Term Incentive Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 59,919
d)	Aggregated information - Aggregated volume - Price	n/a n/a
e)	Date of the transaction	12 August 2021
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	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 Long Term Incentive Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 125,831
d)	Aggregated information - Aggregated volume - Price	n/a n/a
e)	Date of the transaction	12 August 2021
f)	Place of the transaction	London Stock Exchange (XLON)

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Martin Seidenberg
2	Reason for the notification
a)	Position/status	Chief Executive Officer, GLS
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 Long Term Incentive Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 147,098
d)	Aggregated information - Aggregated volume - Price	n/a n/a
e)	Date of the transaction	12 August 2021
f)	Place of the transaction	London Stock Exchange (XLON)

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Simon Thompson
2	Reason for the notification
a)	Position/status	Chief Executive Officer, 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 Long Term Incentive Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 157,289
d)	Aggregated information - Aggregated volume - Price	n/a n/a
e)	Date of the transaction	12 August 2021
f)	Place of the transaction	London Stock Exchange (XLON)

Enquires:

Investor Relations

John Crosse

Email:  [e-mail]  

Royal Mail investor relations line: 020 7449 8183

Media Relations 

Helen Reynoldson

Phone: [phone]

Royal Mail press office: [e-mail]

Jenny Hall

Phone: [phone]

Email: [e-mail]

Company Secretary

Mark Amsden

Email:  [e-mail]    

 

END

 

 

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