Mitchells & Butlers PLC Director/PDMR Shareholding
04 Dezember 2024 - 12:23PM
RNS Regulatory News
RNS Number : 8068O
Mitchells & Butlers PLC
04 December 2024
4
December 2024
Mitchells & Butlers
plc
LEI no.
213800JHYNDNB1NS2W10
Director/PDMR
Shareholding
|
1
|
Details of the person discharging managerial responsibilities
/ person closely associated
|
|
a)
|
Name
|
Phil Urban
|
|
2
|
Reason for the notification
|
|
a)
|
Position/status
|
Director
|
|
b)
|
Initial notification
/Amendment
|
Initial notification
|
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction
monitor
|
|
a)
|
Name
|
Mitchells & Butlers
plc
|
|
b)
|
LEI
|
213800JHYNDNB1NS2W10
|
|
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
Identification code
|
Ordinary shares in Mitchells &
Butlers plc (Shares)
GB00B1FP6H53
|
|
b)
|
Nature of the transaction
|
Option granted on 3 December 2024 in
respect of the FY 2025-2027 performance cycle for the Performance
Share Plan.
This option will be exercisable for
the ninety day period following the end of the performance cycle,
subject to the satisfaction of performance conditions, details of
which are set out below:
Operating Cash Flow Performance
Condition:
The Operating Cash Flow Performance
Condition, which applies to 70% of the M&B shares which are
subject to the Option, is measured by reference to M&B's
cumulative Operating Cash Flow over the Performance
Period.
The part of the Option which is
subject to the Operating Cash Flow Condition will Vest based on the
following schedule:
|
Operating Cash Flow
|
Vesting
|
|
Below £1,370m
|
Nil
|
|
£1,370m
|
25%
|
|
Between £1,370m - £1,448m
|
Straight line between 25% and
100%
|
|
At or above £1,448m
|
100%
|
EPS
Performance Condition
The EPS Performance Condition, which
applies to 20% of the M&B shares which are subject to the
Option, is measured by reference to M&B's Adjusted Earnings per
Share growth ('EPS Growth') over the Performance Period.
The part of the Option which is
subject to the EPS Performance Condition will Vest based on the
following schedule:
|
EPS
Growth (CAGR)
|
Vesting
|
|
Below 4.1%
|
Nil
|
|
4.1%
|
25%
|
|
Between 4.1% - 6.9%
|
Straight line between 25% and
100%
|
|
At or above 6.9%
|
100%
|
Sustainability Performance
Condition
The Sustainability Performance
Condition, which applies to 10% of the M&B shares which are
subject to the Option, is measured by reference to a reduction in
1, 2 & 3 emissions tCO2e over the Performance Period. The part
of the Option which is subject to the Sustainability Performance
Condition will Vest in full if there is a reduction of at
least 41,891 tCO2e.
Any reduction below 41,891
tCO2e will result in the part of the Option which
is subject to the Sustainability Performance Condition lapsing in
full.
The maximum Share entitlement on
satisfaction of the performance conditions in full is shown in (c)
below (excluding any dividend equivalent shares that may be
received by the participant in respect of any Shares that vest
under the option). In accordance with the Company's Remuneration
Policy vested shares are subject to a two year holding period and
post cessation holding requirements.
|
|
c)
|
Price(s) and
volume(s)
|
The option is granted over a
maximum of 494,908 Shares. The share price used to determine the
number of Shares under option was £2.455 per Share (being the
middle market quotation of a Share for the business day prior to
the grant date).
No amount was payable on the grant of
the option.
|
|
d)
|
Aggregated
information
- Aggregated volume
- Price
|
N/A (single transaction)
|
|
e)
|
Date of the
transaction
|
3 December 2024
|
|
f)
|
Place of the
transaction
|
London Stock Exchange
|
4
December 2024
Mitchells & Butlers
plc
LEI no.
213800JHYNDNB1NS2W10
Director/PDMR
Shareholding
|
1
|
Details of the person discharging managerial responsibilities
/ person closely associated
|
|
a)
|
Name
|
Tim Jones
|
|
2
|
Reason for the notification
|
|
a)
|
Position/status
|
Director
|
|
b)
|
Initial notification
/Amendment
|
Initial notification
|
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction
monitor
|
|
a)
|
Name
|
Mitchells & Butlers
plc
|
|
b)
|
LEI
|
213800JHYNDNB1NS2W10
|
|
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
Identification code
|
Ordinary shares in Mitchells &
Butlers plc (Shares)
GB00B1FP6H53
|
|
b)
|
Nature of the transaction
|
Option granted on 3 December 2024 in
respect of the FY 2025-2027 performance cycle for the Performance
Share Plan.
This option will be exercisable for
the ninety day period following the end of the performance cycle,
subject to the satisfaction of performance conditions, details of
which are set out below:
Operating Cash Flow Performance
Condition:
The Operating Cash Flow Performance
Condition, which applies to 70% of the M&B shares which are
subject to the Option, is measured by reference to M&B's
cumulative Operating Cash Flow over the Performance
Period.
The part of the Option which is
subject to the Operating Cash Flow Condition will Vest based on the
following schedule:
|
Operating Cash Flow
|
Vesting
|
|
Below £1,370m
|
Nil
|
|
£1,370m
|
25%
|
|
Between £1,370m - £1,448m
|
Straight line between 25% and
100%
|
|
At or above £1,448m
|
100%
|
EPS
Performance Condition
The EPS Performance Condition, which
applies to 20% of the M&B shares which are subject to the
Option, is measured by reference to M&B's Adjusted Earnings per
Share growth ('EPS Growth') over the Performance Period.
The part of the Option which is
subject to the EPS Performance Condition will Vest based on the
following schedule:
|
EPS
Growth (CAGR)
|
Vesting
|
|
Below 4.1%
|
Nil
|
|
4.1%
|
25%
|
|
Between 4.1% - 6.9%
|
Straight line between 25% and
100%
|
|
At or above 6.9%
|
100%
|
Sustainability Performance
Condition
The Sustainability Performance
Condition, which applies to 10% of the M&B shares which are
subject to the Option, is measured by reference to a reduction in
1, 2 & 3 emissions tCO2e over the Performance Period. The part
of the Option which is subject to the Sustainability Performance
Condition will Vest in full if there is a reduction of at
least 41,891 tCO2e.
Any reduction below 41,891
tCO2e will result in the part of the Option which
is subject to the Sustainability Performance Condition lapsing in
full.
The maximum Share entitlement on
satisfaction of the performance conditions in full is shown in (c)
below (excluding any dividend equivalent shares that may be
received by the participant in respect of any Shares that vest
under the option). In accordance with the Company's Remuneration
Policy vested shares are subject to a two year holding period and
post cessation holding requirements.
|
|
c)
|
Price(s) and
volume(s)
|
The option is granted over a
maximum of 413,849 Shares. The share price used to determine the
number of Shares under option was £2.455 per Share (being the
middle market quotation of a Share for the business day prior to
the grant date).
No amount was payable on the grant of
the option.
|
|
d)
|
Aggregated
information
- Aggregated volume
- Price
|
N/A (single transaction)
|
|
e)
|
Date of the
transaction
|
3 December 2024
|
|
f)
|
Place of the
transaction
|
London Stock Exchange
|
4
December 2024
Mitchells & Butlers
plc
LEI no.
213800JHYNDNB1NS2W10
Director/PDMR
Shareholding
|
1
|
Details of the person discharging managerial responsibilities
/ person closely associated
|
|
a)
|
Name
|
Andrew Freeman
|
|
2
|
Reason for the notification
|
|
a)
|
Position/status
|
PDMR
|
|
b)
|
Initial notification
/Amendment
|
Initial notification
|
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction
monitor
|
|
a)
|
Name
|
Mitchells & Butlers
plc
|
|
b)
|
LEI
|
213800JHYNDNB1NS2W10
|
|
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
Identification code
|
Ordinary shares in Mitchells &
Butlers plc (Shares)
GB00B1FP6H53
|
|
b)
|
Nature of the transaction
|
Option granted on 3 December 2024 in
respect of the FY 2025-2027 performance cycle for the Performance
Share Plan.
This option will be exercisable for
the ninety day period following the end of the performance cycle,
subject to the satisfaction of performance conditions, details of
which are set out below:
Operating Cash Flow Performance
Condition:
The Operating Cash Flow Performance
Condition, which applies to 70% of the M&B shares which are
subject to the Option, is measured by reference to M&B's
cumulative Operating Cash Flow over the Performance
Period.
The part of the Option which is
subject to the Operating Cash Flow Condition will Vest based on the
following schedule:
|
Operating Cash Flow
|
Vesting
|
|
Below £1,370m
|
Nil
|
|
£1,370m
|
25%
|
|
Between £1,370m - £1,448m
|
Straight line between 25% and
100%
|
|
At or above £1,448m
|
100%
|
EPS
Performance Condition
The EPS Performance Condition, which
applies to 20% of the M&B shares which are subject to the
Option, is measured by reference to M&B's Adjusted Earnings per
Share growth ('EPS Growth') over the Performance Period.
The part of the Option which is
subject to the EPS Performance Condition will Vest based on the
following schedule:
|
EPS
Growth (CAGR)
|
Vesting
|
|
Below 4.1%
|
Nil
|
|
4.1%
|
25%
|
|
Between 4.1% - 6.9%
|
Straight line between 25% and
100%
|
|
At or above 6.9%
|
100%
|
Sustainability Performance
Condition
The Sustainability Performance
Condition, which applies to 10% of the M&B shares which are
subject to the Option, is measured by reference to a reduction in
1, 2 & 3 emissions tCO2e over the Performance Period. The part
of the Option which is subject to the Sustainability Performance
Condition will Vest in full if there is a reduction of at
least 41,891 tCO2e.
Any reduction below 41,891
tCO2e will result in the part of the Option which
is subject to the Sustainability Performance Condition lapsing in
full.
The maximum Share entitlement
on satisfaction of the performance conditions in full is shown in
(c) below (excluding any dividend equivalent shares that may be
received by the participant in respect of any Shares that vest
under the option).
|
|
c)
|
Price(s) and
volume(s)
|
The option is granted over a maximum
of 109,832 Shares. The share price used to determine the number of
Shares under option was £2.455 per Share (being the middle market
quotation of a Share for the business day prior to the grant
date).
No amount was payable on the grant of
the option.
|
|
d)
|
Aggregated
information
- Aggregated volume
- Price
|
N/A (single transaction)
|
|
e)
|
Date of the
transaction
|
3 December 2024
|
|
f)
|
Place of the
transaction
|
London Stock Exchange
|
Enquiries:
Denise Burton
Deputy Company Secretary
0121 498 6514
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END
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