Source - RNS
RNS Number : 1215K
Next PLC
16 September 2016

Next plc ("Next" and the "Company")



For immediate release

Notification of Transactions of Directors/Persons Discharging Managerial Responsibility

The following awards were granted to executive directors on 16 September 2016 under the Next Long Term Incentive Plan (the "LTIP"):                            

Maximum No. of Shares

Lord Wolfson of Aspley Guise


Amanda James


Michael Law


Jane Shields



Under the terms of the LTIP the award comprises a conditional award of shares on the following terms:


·     the award will vest following the third anniversary of the date of grant subject to performance targets and continued employment in the Next Group;


·     a variable percentage of the maximum number of shares above can vest, depending on the relative Total Shareholder Return of Next over a three year period against a comparator group (comprising 20 other UK listed retail companies selected by the Remuneration Committee as being comparable with NEXT in size or nature of their business);


·     for relative performance against the comparator group the percentage vesting will be


Relative performance

Percentage vesting

Below median




Upper quintile



·     before any of the awards vest, the Committee must have regard to the performance of the Company in the light of underlying economic and other circumstances, including EPS performance of the Company and of other UK retailers over the period;


·     to the extent that the performance condition is not met, the award will lapse completely; and


·     any vesting of these awards granted to executive directors will be settled in shares and, after payment of tax, the net shares received should be retained for a period of two further years.


LTIP awards are made twice a year. The maximum number of shares shown above is 100% of each director's base salary at the date of each grant, divided by NEXT's average share price over the three months prior to the start of the performance period.



The following notification made under article 19.1 of the Market Abuse Regulation ("MAR") related to awards granted to executive directors on 16 September 2016 under the LTIP.  This announcement is made in accordance with Article 19.3 of MAR.



Details of PDMR / person closely associated with them ("PCA")



1.   Lord Wolfson of Aspley Guise

2.   Amanda James

3.   Michael Law

4.   Jane Shields


Position / status

1.   Chief Executive

2.   Finance Director

3.   Group Operations Director

4.   Group Sales and Marketing Director


Initial notification / amendment

Initial notification


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


Description of the financial instrument

Conditional award of Ordinary shares of £0.10 each




Nature of the transaction

Conditional award granted of shares under the LTIP. Maximum number of Shares as follows:

1.    Lord Wolfson of Aspley Guise  - 14,790

2.    Amanda James - 6,952

3.    Michael Law - 7,958

4.    Jane Shields - 7,958


Price(s) and volume(s)



Aggregated information



Date of the transaction

16 September 2016


Place of transaction





Seonna Anderson

Company Secretary

This information is provided by RNS
The company news service from the London Stock Exchange