Pendragon PLC Conditional awards for 2023 under the LTIP (6346F)
July 11 2023 - 04:30AM
UK Regulatory (RNS & others)
TIDMPDG
RNS Number : 6346F
Pendragon PLC
11 July 2023
11 July 2023
Pendragon PLC ("the Company")
Conditional awards for 2023 under the Pendragon Long Term
Incentive Plan ("LTIP")
The Remuneration Committee (the "Committee") of the Company
granted awards in the form of nil cost share options ("Awards")
over ordinary shares of the Company of GBP0.05 each pursuant to the
Company's LTIP on 10 July 2023 to the executive directors listed
below:-
Director Number of performance
awards
W R Berman 4,632,749
----------------------
M S Willis 2,548,012
----------------------
Vesting of the Awards under the LTIP is subject to the
satisfaction of certain performance conditions, 70% of which is
based on achieving a defined earnings per share target over a
3-year performance period, commencing on 01 January 2023 and
measured at year end 2025, with the remaining 30% based on the
achievement of certain strategic performance metrics (including the
introduction of an ESG metric and diversity metric) aligned to the
Company's strategic milestones to be delivered by year end 2025.
The maximum potential opportunity as at grant is equivalent to 150%
of base salary.
Financial & ESG Metrics
Performance Condition Threshold Target Maximum/Stretch
& Weighting (16.66% of Max (66.66% of Max (100% of Max
Potential) Potential) Potential)
--------------------- --------------------- ---------------------
EPS Year End 3.6p (Target EPS 4.5p (Target EPS) 5.6p (Target EPS
2025 minus 20%) plus 25%)
Weighting: 70%
--------------------- --------------------- ---------------------
ESG Metric Carbon Overall Carbon Overall Carbon Overall Carbon
Weighting: 3% Emissions Reduction Emissions Reduction Emissions Reduction
of 4% by 2025 of 5% by 2025 of 6.25% by 2025
(Target minus from 2022 YE actual from 2022 YE actual
20%) from 2022 (Target plus 25%)
YE actual
--------------------- --------------------- ---------------------
ESG Metric Diversity Increase female Increase female Increase female
Weighting: 3% representation representation representation
ratio at Board at Board minus ratio at Board
minus 5 levels 5 levels to 1:5.8 minus 5 levels
to 1:6 v 2022 v 2022 YE headcount to 1:5 v 2022
YE headcount YE headcount
--------------------- --------------------- ---------------------
Business Strategic Financial Metrics
Strategic Metric: 1 new OEM signed 2 new OEM's signed 3 new OEM's signed
Expand new car and at least one and at least one and at least one
representation store trading store trading store trading
weighting: 8% in each in each
--------------------- --------------------- ---------------------
Strategic Metrics: Deliver year end Deliver year end Deliver year end
Used Car Weighting: 2025 Gross Profit 2025 Gross Profit 2025 Gross Profit
8% of GBP176m of GBP220m of GBP275m
--------------------- --------------------- ---------------------
Strategic Metrics: Deliver Operating Deliver Operating Deliver Operating
Pinewood Profit of GBP14.2m Profit of GBP17.8m Profit of GBP22.2m
Weighting: 8% by year end 2025 by year end 2025 by year end 2025
--------------------- --------------------- ---------------------
1. Vesting achieved in a Straight Line between target points;
2. Remuneration Committee retains discretion to adjust Gross
Profit targets both up and down if market conditions are materially
different to those considered at the time of grant.
3. Award is subject to the operating expenses being in line
with the 2024 Board approved budget. Remuneration Committee
retain discretion to adjust the budget for material adverse/positive
events;
4. Award is subject to Capital investment being in line with
the 2020 Strategy plan cumulatively to 2025. Remuneration Committee
retain discretion to review Capital expenditure for material
changes in manufacturer and other non-discretionary items.
The LTIP Award shares will only vest in the proportion by which
the performance conditions are satisfied. The strategic milestones
reflect those strategic milestones the Company considers able to
achieve by year end 2025. Delivery against the 2025 strategic
milestone performance conditions will be assessed by the Committee
at year end; the specific metrics of the strategic milestone
targets are considered to be commercially sensitive and are
therefore not included here. More detail on the metrics and
achievement against them will be disclosed, once the level of
vesting has been determined.
The Committee retains discretion over all elements of the Awards
granted and vesting, including the right to effect forfeiture or
clawback of the awards for a period of two years following the
vesting date and the ability to adjust the number of Award shares
vesting, for example if events occur which mean that the formulaic
outcome is not an accurate reflection of overall business
performance.
The Awards were granted based on a share price of GBP0.17808 per
Ordinary Share, being the average quoted closing mid-market price
of the Company's Ordinary Share on the five trading days from 3
July 2023 to 7 July 2023. The normal vesting date of the LTIP
Awards will be 10 July 2026, being the third anniversary of the
award date.
Following the grant of the above Awards, the executive
directors' respective beneficial holdings in Pendragon PLC ordinary
shares remains unchanged as detailed below:-
Director Number of Shares Percentage of issued
capital
W Berman 1,462,114 0.10
----------------- ---------------------
M S Willis 804,163 0.06
----------------- ---------------------
The notifications are made in accordance with the requirements
of the EU Market Abuse Regulation (Regulation (EU) No.
596/2014).
1 Details of the person discharging managerial
responsibilities/persons closely associated
a) Name William Berman
------------------------------- ------------------------------------------
2 Reason for notification
---------------------------------------------------------------------------
a) Position/Status 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 Pendragon PLC
------------------------------- ------------------------------------------
b) LEI 213800VRSPZFOGMMIS18
------------------------------- ------------------------------------------
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 Ordinary Shares of GBP0.05
financial instrument, each
type of instrument ISIN: GB00B1JQBT10
and identification
code
---------------------------------- ---------------------------------------
b) Nature of transaction Award of conditional LTIP
shares as nil cost options
---------------------------------- ---------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
GBP 0.17808 4,632,749
----------
---------------------------------- ---------------------------------------
d) Aggregated Information Aggregate Aggregate Aggregate
Price Volume Total
GBP0.17808 4,632,749 GBP825,000
---------- -----------
---------------------------------- ---------------------------------------
e) Date of transaction 10 July 2023
---------------------------------- ---------------------------------------
f) Place of transaction London Stock Exchange (XLON)
---------------------------------- ---------------------------------------
1 Details of the person discharging managerial
responsibilities/persons closely associated
a) Name Mark Willis
------------------------------- -----------------------------------------
2 Reason for notification
--------------------------------------------------------------------------
a) Position/Status Chief Finance Officer
------------------------------- -----------------------------------------
b) Initial notification/amendment Initial notification
------------------------------- -----------------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
--------------------------------------------------------------------------
a) Name Pendragon PLC
------------------------------- -----------------------------------------
b) LEI 213800VRSPZFOGMMIS18
------------------------------- -----------------------------------------
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 Ordinary Shares of GBP0.05
financial instrument, each
type of instrument ISIN: GB00B1JQBT10
and identification
code
---------------------------------- --------------------------------------
b) Nature of transaction Award of conditional LTIP
shares as nil cost options
---------------------------------- --------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
GBP 0.17808 2,548,012
----------
---------------------------------- --------------------------------------
d) Aggregated Information Aggregate Aggregate Aggregate
Price Volume Total
GBP 2,548,012 GBP453,750
017808
---------- -----------
---------------------------------- --------------------------------------
e) Date of transaction 10 July 2023
---------------------------------- --------------------------------------
f) Place of transaction London Stock Exchange (XLON)
---------------------------------- --------------------------------------
RICHARD MALONEY
GROUP GENERAL COUNSEL & COMPANY SECRETARY
11 July 2023
Enquiries: Headland Henry Wallers Tel: 0203 805 4822
-ENDS-
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