TIDMRMG
RNS Number : 0032Y
Royal Mail PLC
02 September 2022
Royal Mail plc
(Incorporated in England and Wales)
Company Number: 8680755
LSE Share Code: RMG
ISIN: GB00BDVZYZ77
LEI: 213800TCZZU84G8Z2M70
2 September 2022
Notification of Transactions of Directors/Persons Discharging
Managerial Responsibility
Royal Mail plc Long Term Incentive Plan (LTIP) Grant
On 1 September 2022, the PDMRs listed below were granted
conditional share awards over ordinary shares in Royal Mail plc
(the "Company") under the Royal Mail plc LTIP. The number of shares
awarded under the LTIP is set out in the table below, which is the
maximum grant that the PDMRs are eligible for, and will only vest
in full if the maximum performance condition is achieved.
PDMR Number of shares
Mark Amsden 114,013
-----------------
Mick Jeavons 239,361
-----------------
Martin Seidenberg 288,888
-----------------
Simon Thompson 299,202
-----------------
LTIP awards normally vest at the end of the three-year
performance period, once the Remuneration Committee has determined
achievement against the performance condition. The earliest release
date will be 1 September 2025, subject to the participant
continuing to hold office or employment within the Royal Mail
Group, and then subject to a two-year holding period. On vesting,
the Committee must also be also satisfied that the performance of
the Company against the relevant measures outlined below is
reflective of the Company's underlying financial performance.
Executive Directors are required to retain any share-based
awards until they achieve a shareholding equivalent of 200 per cent
of salary. Other PDMRs are required to retain a shareholding
equivalent of 100 per cent of salary.
The terms of these awards provide the Remuneration Committee
with the ability to review the outcome at vesting and it may
consider making appropriate adjustments to reflect this.
As we explained in our 2022 Annual Report, earlier this year we
delayed setting targets and granting 2022 LTIP awards due to the
continuing uncertainty around the long-term business environment
resulting from the geopolitical uncertainty in Europe and the
status of pandemic restrictions in our markets.
Our intention at the time was for these awards to be granted by
August. Due to the continuing business uncertainty, these awards
were granted on 1 September 2022.
However, the geopolitical and economic uncertainty that caused
us to initially delay setting targets has further increased since
the start of the year with high rates of inflation and weakening
retail trends impacting the parcels market. In addition, for Royal
Mail there is the unknown impact of industrial action due to the
ongoing dispute with the CWU. These exceptional times means that
there remains too much uncertainty to make reasonable three-year
revenue and profit forecasts to use as the basis for LTIP
targets.
Therefore, for 2022 LTIP awards the Committee has agreed that we
will not set three-year Royal Mail operating profit and parcel
revenue targets, and instead will replace these elements of our
performance framework with relative total shareholder return (TSR)
(previously 40% weighting for all executive directors). TSR is a
well-established measure for LTIP awards and we consider that this
approach is simple and transparent and will provide a meaningful
link between executive reward and shareholder interests during this
critical time for the Company.
The GLS measures for LTIP awards made to Mick Jeavons (Group
CFO) and Martin Seidenberg (GLS CEO) will continue as normal.
In summary, the measures and weightings for 2022 LTIP awards for
our executive directors are as follows:
Mick Jeavons Simon Thompson Martin Seidenberg
(Group Chief (CEO Royal (CEO GLS)
Measure Financial Officer) Mail)
Total Shareholder
Return vs FTSE 51-150
(excluding mining
and financials)
comparator group(1) 70% 100% 40%
-------------------- --------------- ------------------
GLS EBITA 20% 40%
-------------------- --------------- ------------------
GLS cashflow 10% 20%
-------------------- --------------- ------------------
Total 100% 100% 100%
-------------------- --------------- ------------------
The respective targets are as follows.
UK Scorecard metrics Weighting Threshold Maximum
(25% Vesting) (100% Vesting)
Relative Total Shareholder 100% Median Top Quartile
Return (TSR)
---------- --------------- ----------------
GLS Scorecard metrics Weighting Threshold Maximum
(25% Vesting) (100% Vesting)
---------- --------------- ----------------
Relative Total Shareholder 40% Median Top Quartile
Return (TSR)
---------- --------------- ----------------
GLS EBITA (in 2024-25) (EURm) 40% 420 500
---------- --------------- ----------------
GLS Free Cashflow (in 2024-25)
(EURm) 20% 283 343
---------- --------------- ----------------
Group Scorecard metrics Weighting Threshold Maximum
(25% Vesting) (100% Vesting)
---------- --------------- ----------------
Relative Total Shareholder 70% Median Top Quartile
Return (TSR)
---------- --------------- ----------------
GLS EBITA (in 2024-25) (EURm) 20% 420 500
---------- --------------- ----------------
GLS Free Cashflow (in 2024-25)
(EURm) 10% 283 343
---------- --------------- ----------------
More details will be disclosed in the Directors' Remuneration
Report in the 2022-23 Annual Report & Accounts.
No consideration was paid for the grant of the share awards.
The below notifications, made in accordance with the
requirements of the UK Market Abuse Regulation, give further
detail.
Notification of Dealing Form
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name Mark Amsden
-------------------------- ----------------------------------------
Reason for the notification
2
--------------------------------------------------------------------
a) Position/status Group General Counsel and Company
Secretary
-------------------------- ----------------------------------------
b) Initial notification Initial Notification
/Amendment
-------------------------- ----------------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
--------------------------------------------------------------------
a) Name Royal Mail plc
-------------------------- ----------------------------------------
b) LEI 213800TCZZU84G8Z2M70
-------------------------- ----------------------------------------
Details of the transaction(s): section to be repeated
4 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, Ordinary shares of GBP0.01 each in
type of instrument Royal Mail plc
Identification code GB00BDVZYZ77
-------------------------- ----------------------------------------
b) Nature of the transaction Grant of ordinary shares under the
Royal Mail plc LTIP
-------------------------- ----------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 114,013
----------
-------------------------- ----------------------------------------
d) Aggregated information
- Aggregated volume n/a
- Price n/a
-------------------------- ----------------------------------------
e) Date of the transaction 1 September 2022
-------------------------- ----------------------------------------
f) Place of the transaction London Stock Exchange (XLON)
-------------------------- ----------------------------------------
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name Mick Jeavons
--------------------------- --------------------------------------
Reason for the notification
2
-------------------------------------------------------------------
a) Position/status Group Chief Financial Officer
--------------------------- --------------------------------------
b) Initial notification Initial Notification
/Amendment
--------------------------- --------------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
-------------------------------------------------------------------
a) Name Royal Mail plc
--------------------------- --------------------------------------
b) LEI 213800TCZZU84G8Z2M70
--------------------------- --------------------------------------
Details of the transaction(s): section to be repeated
4 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, Ordinary shares of GBP0.01 each in
type of instrument Royal Mail plc
Identification code GB00BDVZYZ77
--------------------------- --------------------------------------
b) Nature of the transaction Grant of ordinary shares under the
Royal Mail plc LTIP
--------------------------- --------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 239,361
----------
--------------------------- --------------------------------------
d) Aggregated information
- Aggregated volume n/a
- Price n/a
--------------------------- --------------------------------------
e) Date of the transaction 1 September 2022
--------------------------- --------------------------------------
f) Place of the transaction London Stock Exchange (XLON)
--------------------------- --------------------------------------
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name Martin Seidenberg
--------------------------- --------------------------------------
Reason for the notification
2
-------------------------------------------------------------------
a) Position/status Chief Executive Officer, GLS
--------------------------- --------------------------------------
b) Initial notification Initial Notification
/Amendment
--------------------------- --------------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
-------------------------------------------------------------------
a) Name Royal Mail plc
--------------------------- --------------------------------------
b) LEI 213800TCZZU84G8Z2M70
--------------------------- --------------------------------------
Details of the transaction(s): section to be repeated
4 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, Ordinary shares of GBP0.01 each in
type of instrument Royal Mail plc
Identification code GB00BDVZYZ77
--------------------------- --------------------------------------
b) Nature of the transaction Grant of ordinary shares under the
Royal Mail plc LTIP
--------------------------- --------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 288,888
----------
--------------------------- --------------------------------------
d) Aggregated information
- Aggregated volume n/a
- Price n/a
--------------------------- --------------------------------------
e) Date of the transaction 1 September 2022
--------------------------- --------------------------------------
f) Place of the transaction London Stock Exchange (XLON)
--------------------------- --------------------------------------
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name Simon Thompson
-------------------------- ------------------------------------------
Reason for the notification
2
----------------------------------------------------------------------
a) Position/status Chief Executive Officer, Royal Mail
-------------------------- ------------------------------------------
b) Initial notification Initial Notification
/Amendment
-------------------------- ------------------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
----------------------------------------------------------------------
a) Name Royal Mail plc
-------------------------- ------------------------------------------
b) LEI 213800TCZZU84G8Z2M70
-------------------------- ------------------------------------------
Details of the transaction(s): section to be repeated
4 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, Ordinary shares of GBP0.01 each in
type of instrument Royal Mail plc
Identification code GB00BDVZYZ77
-------------------------- ------------------------------------------
b) Nature of the transaction Grant of ordinary shares under the
Royal Mail plc LTIP
-------------------------- ------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 299,202
----------
-------------------------- ------------------------------------------
d) Aggregated information
- Aggregated volume n/a
- Price n/a
-------------------------- ------------------------------------------
e) Date of the transaction 1 September 2022
-------------------------- ------------------------------------------
f) Place of the transaction London Stock Exchange (XLON)
-------------------------- ------------------------------------------
Enquiries:
Investor Relations
John Crosse
Email: investorrelations@royalmail.com
Royal Mail investor relations line: 020 7449 8183
Media Relations
Greg Sage
Phone: 07483 421 374
Royal Mail press office: press.office@royalmail.com
Jenny Hall
Phone: 07776 993 036
Email: jenny.hall@royalmail.com
Company Secretary
Mark Amsden
Email: cosec@royalmail.com
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END
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