TIDMFUTR

RNS Number : 7248V

Future PLC

16 April 2021

Date: 16 April 2021

Future plc

(the "Company")

Director/PDMR holding

The Company announces that an award of units under the Value Creation Plan to employees across the Company, including the two Executive Directors, was made on 14 April 2021.

Units will vest based on value created in terms of GBP Total Shareholder Return (TSR), being the growth in Future's market capitalisation plus net equity cashflows to shareholders (i.e. dividends plus share buybacks, less share issues), over and above a hurdle rate of return of 10% per annum. Future's starting market capitalisation (GBP1,903m) is based on the spot closing price of a share on 30 September 2020 (GBP19.42). Value created at each measurement date will be calculated with reference to the average closing return index over the three months ending on that date. To the extent that performance exceeds the hurdle on a measurement date, participants will share 3.33% of the additional shareholder value created above the hurdle. Participants will be allocated an individual share of this amount, reflecting the number of units they hold. These amounts will be converted into a number of Future plc shares, based on the share price at the relevant vesting date. The aggregate additional shareholder value created and allocated to participants is capped at GBP95m per tranche. To the extent that performance does not exceed the hurdle on a measurement date, the relevant tranche will lapse in full, immediately. There will be no re-testing allowed. The awards are subject to malus and clawback provisions.

Additionally, for Executive Directors:

- Any shares awarded in respect of the first tranche (measurement date 30 September 2023) will be subject to a mandatory two-year holding period

- Any shares awarded in respect of the second tranche (measurement date 30 September 2024) will be subject to a mandatory one-year holding period

The ultimate release of any shares will be subject to the Committee satisfying itself that the recorded outcome is a fair reflection of the underlying business performance over the period.

Details of the awards to the Executive Directors are as follows:

 
 Name                 Number of units   Performance         Vesting date 
                       awarded           period 
 Zillah Byng-Thorne   140,000 (first    1 October 2020      The first Dealing 
                       tranche)          to: 30 September    Day after the 
                                         2023                announcement 
                                                             of the FY23 
                                                             results 
                     ----------------  ------------------  ------------------ 
 Zillah Byng-Thorne   140,000 (second   1 October 2020      The first Dealing 
                       tranche)          to 30 September     Day after the 
                                         2024                announcement 
                                                             of the FY24 
                                                             results 
                     ----------------  ------------------  ------------------ 
 Zillah Byng-Thorne   140,000 (third    1 October 2020      The first Dealing 
                       tranche)          to 30 September     Day after the 
                                         2025                announcement 
                                                             of the FY25 
                                                             results 
                     ----------------  ------------------  ------------------ 
 Rachel Addison       63,000 (first     1 October 2020      The first Dealing 
                       tranche)          to: 30 September    Day after the 
                                         2023                announcement 
                                                             of the FY23 
                                                             results 
                     ----------------  ------------------  ------------------ 
 Rachel Addison       63,000 (second    1 October 2020      The first Dealing 
                       tranche)          to 30 September     Day after the 
                                         2024                announcement 
                                                             of the FY24 
                                                             results 
                     ----------------  ------------------  ------------------ 
 Rachel Addison       63,000 (third     1 October 2020      The first Dealing 
                       tranche)          to 30 September     Day after the 
                                         2025                announcement 
                                                             of the FY25 
                                                             results 
                     ----------------  ------------------  ------------------ 
 

Enquiries:

 
 Future plc                          Tel: +44 (0)1225 442244 
  Zillah Byng-Thorne, Chief 
  Executive Officer 
  Rachel Addison, Chief Financial 
  Officer 
  Marion Le Bot, Head of Investor 
  Relations 
 Headland Consultancy (Financial    Tel: +44 (0)20 3805 4822 
  PR)                                    +44 (0)7734 956 201 
  Stephen Malthouse                      +44 (0)77 9195 8922 
  Rob Walker 
  Charlie Twigg 
  future@headlandconsultancy.com 
                                   ------------------------- 
 

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April 16, 2021 04:15 ET (08:15 GMT)