Source - LSE Regulatory
RNS Number : 5631U
Next PLC
06 April 2021
 

6 April 2021

Next plc

Notification of Transactions by Person Discharging Managerial Responsibility and Person Closely Associated with Them

The following awards were granted to executive directors on 6 April 2021 under the Next Long Term Incentive Plan (the "LTIP"):                                

 

Maximum No. of Shares

Lord Wolfson of Aspley Guise

13,178

Amanda James

8,024

Richard Papp

7,779

Jane Shields

7,779

Under the terms of each 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;

 

·   the Remuneration Committee has discretion to override and reduce formulaic outcomes under the LTIP awards should this be considered appropriate in the circumstances;

 

·   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;

 

·    to the extent that awards vest, dividend equivalents will be accrued; and

 

·    any vesting of these awards granted to executive directors (including dividend equivalents) 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 112.5% of each director's base salary at the date of 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 6 April 2021 under the LTIP.  This announcement is made in accordance with Article 19.3 of MAR.

1

 

Details of the person discharging managerial responsibilities ("PDMR") / person closely associated ("PCA")

 

a)

 

Name

 

1.   Lord Wolfson of Aspley Guise

2.   Amanda James

3.   Richard Papp

4.   Jane Shields

2

 

Reason for the notification

a)

 

Position/status

 

1.   Chief Executive (PDMR)

2.   Group Finance Director (PDMR)

3.   Group Merchandise and Operations Director (PDMR)

4.   Group Sales and Marketing Director (PDMR)

b)

 

Initial notification /Amendment

 

Initial notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

 

Name

 

Next plc

b)

 

LEI

 

213800WQD8ECPZP9PH98

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 instrument

Ordinary shares of £0.10 each - conditional award

 

 

Identification code

GB0032089863

 

 

b)

 

Nature of the transaction

 

 

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

1.    Lord Wolfson of Aspley Guise  -  13,178

2.    Amanda James - 8,024

3.    Richard Papp - 7,779

4.    Jane Shields -  7,779

c)

 

Price(s) and volume(s)

 

 

 

 

 

 

Price(s)

Volume(s)

 

Lord Wolfson of Aspley Guise

 

Nil

13,178

 

Amanda James

 

Nil

8,024

 

Richard Papp

 

Nil

7,779

 

Jane Shields

 

Nil

7,779

 

 

 

 

 

 

d)

 

Aggregated information

 

- Aggregated volume

n/a single transactions

- Price

n/a

 

e)

 

Date of the transaction

 

6 April 2021

f)

 

Place of the transaction

 

Outside a trading venue

 

Seonna Anderson

Company Secretary

 

 

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