Future PLC Director/PDMR Shareholding (7248V)
April 16 2021 - 3:15AM
UK Regulatory
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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END
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