TIDMMKS
RNS Number : 2713J
Marks and Spencer Group PLC
09 December 2022
Director/PDMR Shareholding
Marks and Spencer Group plc (the 'Company') announces that on 9
December 2022 it was notified of the following transactions in the
Company's Ordinary 1p shares undertaken by directors / persons
discharging managerial responsibility ('PDMRs'):
1. Performance Share Plan Award 2022/23
The Performance Share Plan ('PSP') continues to be the Company's
primary long-term incentive plan for executives. As a result, an
award of 859,537 shares under the PSP was made on 9 December 2022
to an incoming PDMR of the Company, Alex Freudmann, Managing
Director, Food.
As with the awards granted on 5 July 2022 to our other PDMRs,
this award has been granted as conditional shares, the vesting of
which is subject to the continued employment of the participant and
satisfaction of certain performance conditions, as disclosed in the
Company's 2022 Annual Report published on 7 June 2022.
Specifically, the vesting of the award will depend on relative
Total Shareholder Return (TSR), the Company's Earnings Per Share
(EPS), Return on Capital Employed (ROCE) and strategic measures
over a fixed three-year performance period starting on the first
day of the financial year in which the award was granted.
On vesting, the award is subject to an additional, mandatory
two-year holding period, making a total period of five years post
grant. The value of dividends accrued, in the form of dividend
equivalents, will be paid at the end of the period (third
anniversary) based on the number of vested shares. No consideration
was paid for the grant of the award. For the purposes of this
award, a share price of GBP1.3961 was used, being the five-day
average share price immediately preceding the July grant date of 5
July 2022.
2. Restricted Share Plan Award
Alex Freudmann has also been granted an award of conditional
shares under the Company's Restricted Share Plan ('RSP'). This
award compensates, on a fair value basis, the share awards
forfeited on resigning from his role with Endeavour Group. The fair
value has been calculated to take account of the original
performance period and the estimated satisfaction of the
performance conditions of the original awards. The original vesting
timeline for the first tranche of this award has been extended by
eight months. The vesting of the final tranche of the award has
been aligned to the Company's 2021 PSP awards and is subject to
satisfaction of the same performance conditions, as disclosed in
the Company's 2021 Annual Report published on 2 June 2021.
The value of dividends accrued, in the form of dividend
equivalents, will be paid on the vesting date based on the number
of vested shares. No consideration was paid for the grant of the
award and no price is payable on the exercise of the award. The
Company requires Alex Freudmann to have an equity position
equivalent to 100% of salary within 5 years of appointment. For the
purposes of this award, the five-day average share price
immediately preceding the date of grant of GBP1.2227 was used for
the first tranche. For the final tranche of the award, a share
price of GBP1.5267 was used, being the five-day average share price
immediately preceding the 2021 PSP grant date of 29 June 2021.
Conditional RSP Vesting Date
shares granted
397,480 25 March 2024
--------------
655,007 28 June 2024
--------------
3. Restricted Share Plan Vesting
Vesting of an award granted on 6 July 2020 to Stuart Machin
under the Company's Restricted Share Plan ('RSP'), and subsequent
sale of shares to satisfy the tax and National Insurance
liabilities arising as set out below.
The award, as previously announced on 6 July 2020, was a
conditional share award of 100,000 shares vesting in two tranches
over three years, subject to Stuart's continued employment with the
Company. This vesting is the first of the two tranches. Following
his appointment in May 2022 as CEO, the Company requires Stuart
Machin to have an equity position equivalent to 250% of salary
within 5 years of appointment.
PDMR Shares vested Shares sold Shares retained
on 9 December to cover tax by individual
2022 and NI
S Machin 50,000 23,801 26,199
--------------- -------------- ----------------
The relevant notifications set out below are provided in
accordance with the requirements of Article 19 of the UK Market
Abuse Regulations.
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name A Freudmann
-------------------------------------------------------- -------------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------------------------------------
a) Position/status PDMR (Managing Director, Food)
-------------------------------------------------------- -------------------------------------------------------
b) Initial notification/Amendment Initial notification
-------------------------------------------------------- -------------------------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
-----------------------------------------------------------------------------------------------------------------
a) Name Marks and Spencer Group plc
-------------------------------------------------------- -------------------------------------------------------
b) LEI 213800EJP14A79ZG1X44
-------------------------------------------------------- -------------------------------------------------------
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 Ordinary 1p shares
instrument
Identification code ISIN: GB0031274896
-------------------------------------------------------- -------------------------------------------------------
b) Nature of the transaction 1. Award of conditional shares pursuant to the Marks
and Spencer Group Performance Share Plan
2. Award of conditional shares pursuant to the Marks
and Spencer Group Restricted Share Plan
-------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) 1. PSP Price(s) Volume(s)
Nil-cost 859,537
----------
2. RSP Price(s) Volume(s)
Nil-cost 1,052,487
----------
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information - Aggregated volume 1. PSP Price(s) Volume(s) Total
Nil-cost 859,537 GBP0.00
- Price ---------- -------
2. RSP Price(s) Volume(s) Total
Nil-cost 1,052,487 GBP0.00
---------- -------
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 2022-12-09
-------------------------------------------------------- -------------------------------------------------------
f) Place of the transaction Grant of conditional shares occurred outside a trading
venue
-------------------------------------------------------- -------------------------------------------------------
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name S Machin
-------------------------------------------------------- -------------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------------------------------------
a) Position/status PDMR (Chief Executive Officer)
-------------------------------------------------------- -------------------------------------------------------
b) Initial notification/Amendment Initial notification
-------------------------------------------------------- -------------------------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
-----------------------------------------------------------------------------------------------------------------
a) Name Marks and Spencer Group plc
-------------------------------------------------------- -------------------------------------------------------
b) LEI 213800EJP14A79ZG1X44
-------------------------------------------------------- -------------------------------------------------------
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 Ordinary 1p shares
instrument
Identification code ISIN: GB0031274896
-------------------------------------------------------- -------------------------------------------------------
b) Nature of the transaction 3. Vesting of 50,000 shares awarded under the
Restricted Share Plan.
4. Subsequent sale of 23,801 shares acquired under the
RSP award to cover the tax and NI liability,
with 26,199 shares retained.
-------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) 3. Vesting Price(s) Volume(s)
GBP0.01 50,000
----------
4. Sale Price(s) Volume(s)
GBP1.226729 23,801
----------
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information - Aggregated volume 3. Vesting Price(s) Volume(s) Total
GBP0.01 50,000 GBP500.00
- Price ---------- ---------
4. Sale Price(s) Volume(s) Total
GBP1.226729 23,801 GBP29,197.38
---------- ------------
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 2022-12-09
-------------------------------------------------------- -------------------------------------------------------
f) Place of the transaction London Stock Exchange, Main Market (XLON)
-------------------------------------------------------- -------------------------------------------------------
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END
DSHBUBDDXDGDGDC
(END) Dow Jones Newswires
December 09, 2022 10:27 ET (15:27 GMT)
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