30 September 2021
Disclosure of LTIP 2020/21 performance targets
In the 2020 Annual Report on Remuneration, contained with the Annual Report and Accounts for the 53-week period ending 3 October 2020, the Remuneration Committee confirmed that in light of the continuing global pandemic and the impact on economic conditions, setting appropriate targets was challenging and the Committee had agreed to delay the grant of options for the 2020/21 LTIP award until later in the financial period. The Company announced on 25 May 2021 that awards had been granted and today announces that performance targets have now been confirmed.
Vesting of these awards will be determined in accordance with the following performance targets measured over the three financial periods ending 30 September 2023.
| Performance measure | Weighting | Threshold (25% vesting) | On-target (50% vesting) | Maximum (100% vesting) |
| Underlying EPS | 40% | 6.4p | 6.9p | 7.2p |
| Net Cash Flow | 40% | £200m | £215m | £240m |
| TSR v FTSE250 (excluding Investment Trusts) | 20% | Median | - | Upper quartile |
Underlying EPS excludes income from associates.
The Remuneration Committee reserves the right to adjust the Net Cash Flow targets (up or down) in the event the contingent proceeds from the disposal of the Beer Company materially differ from the assumptions made when the targets were agreed. Any adjustment will be disclosed in the Directors' Remuneration Report.
To the extent an award vests, it will be released (so that the participant is entitled to acquire the shares) following the end of a further two year holding period.
Enquiries:
Anne-Marie Brennan, Group Secretary, Marston's PLC, +44 (0) 1902 329163
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