3 February 2021
Mitie Group plc
LEI number: 213800MTCLTKEHWZMJ03
Mitie Group plc (the "Company") - Disclosure of Long-Term Incentive Plan performance condition targets
Further to the announcement made on 12 August 2020, in which the Company disclosed the options over Ordinary shares of 2.5 pence each in the Company granted to both Phil Bentley and Peter Dickinson under the Company's Long-Term Incentive Plan, the Company confirms the performance condition targets that apply to the awards are as follows:
| Performance measure | Weighting | Performance range | Vesting of portion of the award (performance period 3 years ending 31 March 2023) |
| Earnings Per | 50% of | 6% - 12% compound annual growth
| Zero vesting if EPS growth, as adjusted by the Committee as appropriate, is less than 6% per annum. If EPS growth is equal to 6% per annum, 25% of this portion of the award will vest. If EPS growth is equal to 9% per annum, 70% of this portion of the award will vest. If EPS growth is equal to or above 12% per annum, 100% of this portion of the award will vest. Between these three points, the proportion of awards vesting will be determined on a linear sliding scale basis. For the purpose of measuring growth under this target, EPS for the base year ending 31 March 2020 shall be 5.0p. This figure is to ensure consistency of comparison with the final year ending 31 March 2023 and was considered by both the Audit Committee and Remuneration Committee to appropriately take account of the 2020 rights issue.
|
| Cash conversion | 50% of | 80% - 90% per annum | Zero vesting if cash conversion is less than 80% per annum. At 80%, 25% of this portion of the award will vest. At 85%, 70% of this portion of the award will vest. At 90% or above, 100% of this portion of the award will vest. Between these three points, the proportion of awards vesting will be determined on a linear sliding scale basis.
|
- Ends -
For further information, contact:
Claire Lovegrove
| Head of Media Relations | M: +44 (0)790 027 6400 | E: claire.lovegrove@mitie.com |
Fiona Lawrence
| Group IR Director | M: +44 (0)7808 727 500 | E: fiona.lawrenceIR@mitie.com |
Peter Dickinson
| Chief of Staff and General Counsel | M: +44 (0)776 821 5013 |
Notes for editors
About Mitie
Founded in 1987, Mitie is the UK's leading facilities management (FM) and professional services company. We offer a range of services to Central Government & Defence and Communities (Hospitals, PFI schools and Local Authorities to the Public Service); and Technical Services (Engineering Services, Energy, Water and Real Estate Services) and Business Services (Security, Cleaning and Office Services) to mainly Private Sector clients in Financial Services, Manufacturing, Transport, Retail and Telecoms; and Specialist Services (Care & Custody, Landscapes and Waste Management) both Public and Private Sectors.
Mitie, which includes Interserve's FM business from 1 December 2020, employs 77,500 people and is the champion of the 'Front-Line Heroes' who have kept Britain running during the COVID-19 pandemic. Our mission to take care of our customers' people and buildings, by delivering essential services and deploying industry leading technology to create safe and effective workspaces, has never been more important.
The business continues to execute its technology-led strategy and in the past six months has received multiple awards.
Find out more at www.mitie.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
