TIDMMKS
RNS Number : 1567S
Marks & Spencer Group PLC
06 July 2020
Director/PDMR Shareholding
Marks and Spencer Group plc (the 'Company') announces that on 6
July 2020 it was notified of the following transactions in the
Company's Ordinary 25p shares undertaken by director / persons
discharging managerial responsibility ('PDMRs'):
1. Performance Share Plan Award 2020/21
As reported within the Company's Annual Report on 26 May 2020,
the Performance Share Plan ('PSP') continues to be Marks &
Spencer's primary long-term incentive plan for executives. As a
result, awards under the PSP have been made to the seven PDMRs of
the Company.
These awards were granted as conditional shares, the vesting of
which is subject to the satisfaction of certain performance
conditions, as well as the continued employment of the participant.
Specifically, the vesting of the award will depend on relative
Total Shareholder Return (TSR), the Company's Earnings Per Share
(EPS), Return on Capital Employed (ROCE) and Strategic Measures
over a fixed three-year performance period starting on the first
day of the financial year in which the award was granted.
As disclosed in the Company's 2020 Annual report, after careful
consideration, and as a direct impact of the current unprecedented
trading and financial environment, target setting for the 2020
awards has been delayed until appropriately stretching but
realistic goals can be set. Targets for these awards will be set
and disclosed no later than 31 December 2020.
On vesting, the award is subject to an additional, mandatory
two-year holding period, making a total period of five years post
grant. The value of dividends accrued, in the form of dividend
equivalents, will be paid at the end of the period (third
anniversary) based on the number of vested shares. No consideration
was paid for the grant of the award and no price is payable on the
exercise of the award. For the purposes of this award, the five-day
average share price immediately preceding the date of grant of
GBP1.00 was used.
2. Restricted Share Plan
As announced, on 11 February 2020 and in line with the Company's
recruitment policy Eoin Tonge, Chief Financial Officer, has been
granted an award of conditional shares, this award compensates, on
a fair value basis, the share awards forfeited on resigning from
his role with Greencore Group PLC. The fair value has been
calculated to take account of the original performance period and
the estimated satisfaction of the performance conditions of the
original awards. The vesting timeline for the first tranche of this
award is in-line with the time horizons of the original awards, for
the remaining tranches the original time horizon has been extended
by six months. For the purposes of this award, the five-day average
share price immediately preceding the date of grant of GBP1.00 was
used.
Conditional shares Vesting Date End of Post
granted Vesting
Holding Period
526,168 10 December 10 December
2020 2022
------------- ----------------
526,168 24 June 2022 24 June 2024
------------- ----------------
263,084 19 June 2023 19 June 2025
------------- ----------------
The value of dividends accrued, in the form of dividend
equivalents, will be paid on the vesting date based on the number
of vested shares. No consideration was paid for the grant of the
award and no price is payable on the exercise of the award. For the
purposes of this award, the grant was made at a share price of
GBP1.00. The Company requires Eoin Tonge to have an equity position
equivalent to 200% of salary within 5 years of appointment.
Stuart Machin, Managing Director, Food, was granted a
conditional share award of 100,000 shares under the Marks and
Spencer Group Restricted Share Plan.
This award will vest in two tranches over three years following
the date of grant, subject to Stuart's continued employment with
the Company.
The value of dividends accrued, in the form of dividend
equivalents, will be paid on the vesting date based on the number
of vested shares. No consideration was paid for the grant of the
award and no price is payable on the exercise of the award. For the
purposes of this award, the five-day average share price
immediately preceding the date of grant of GBP1.00 was used. The
Company requires Stuart Machin to have an equity position
equivalent to 100% of salary within 5 years of appointment.
The relevant notifications set out below are provided in
accordance with the requirements of Article 19 of the EU Market
Abuse Regulation.
1. Performance Share Plan
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name S Rowe
-------------------------------------------------------- -------------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------------------------------------
a) Position/status PDMR (Chief Executive Officer)
-------------------------------------------------------- -------------------------------------------------------
b) Initial notification/Amendment Initial notification
-------------------------------------------------------- -------------------------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
-----------------------------------------------------------------------------------------------------------------
a) Name Marks and Spencer Group plc
-------------------------------------------------------- -------------------------------------------------------
b) LEI 213800EJP14A79ZG1X44
-------------------------------------------------------- -------------------------------------------------------
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 Ordinary 25p shares
instrument ISIN: GB0031274896
Identification code
-------------------------------------------------------- -------------------------------------------------------
b) Nature of the transaction Award of options pursuant to the Marks and Spencer
Group Performance Share Plan
-------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil-cost 1,459,732
----------
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information - Aggregated volume n/a (single transaction)
- Price
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 2020-07-06
-------------------------------------------------------- -------------------------------------------------------
f) Place of the transaction Grant of options occurred outside a trading venue
-------------------------------------------------------- -------------------------------------------------------
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name E Tonge
-------------------------------------------------------- -------------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------------------------------------
a) Position/status PDMR (Chief Financial Officer)
-------------------------------------------------------- -------------------------------------------------------
b) Initial notification/Amendment Initial notification
-------------------------------------------------------- -------------------------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
-----------------------------------------------------------------------------------------------------------------
a) Name Marks and Spencer Group plc
-------------------------------------------------------- -------------------------------------------------------
b) LEI 213800EJP14A79ZG1X44
-------------------------------------------------------- -------------------------------------------------------
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 Ordinary 25p shares
instrument ISIN: GB0031274896
Identification code
-------------------------------------------------------- -------------------------------------------------------
b) Nature of the transaction Award of options pursuant to the Marks and Spencer
Group Performance Share Plan
-------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil-cost 1,049,538
----------
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information - Aggregated volume n/a (single transaction)
- Price
------------------
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 2020-07-06
-------------------------------------------------------- -------------------------------------------------------
f) Place of the transaction Grant of options occurred outside a trading venue
-------------------------------------------------------- -------------------------------------------------------
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name S Berendji
-------------------------------------------------------- -------------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------------------------------------
a) Position/status PDMR (Retail, Operations & Property Director)
-------------------------------------------------------- -------------------------------------------------------
b) Initial notification/Amendment Initial notification
-------------------------------------------------------- -------------------------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
-----------------------------------------------------------------------------------------------------------------
a) Name Marks and Spencer Group plc
-------------------------------------------------------- -------------------------------------------------------
b) LEI 213800EJP14A79ZG1X44
-------------------------------------------------------- -------------------------------------------------------
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 Ordinary 25p shares
instrument ISIN: GB0031274896
Identification code
-------------------------------------------------------- -------------------------------------------------------
b) Nature of the transaction Award of options pursuant to the Marks and Spencer
Group Performance Share Plan
-------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil-cost 601,735
----------
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information - Aggregated volume n/a (single transaction)
- Price
------------------
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 2020-07-06
-------------------------------------------------------- -------------------------------------------------------
f) Place of the transaction Grant of options occurred outside a trading venue
-------------------------------------------------------- -------------------------------------------------------
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name P Friston
-------------------------------------------------------- -------------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------------------------------------
a) Position/status PDMR (International Director)
-------------------------------------------------------- -------------------------------------------------------
b) Initial notification/Amendment Initial notification
-------------------------------------------------------- -------------------------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
-----------------------------------------------------------------------------------------------------------------
a) Name Marks and Spencer Group plc
-------------------------------------------------------- -------------------------------------------------------
b) LEI 213800EJP14A79ZG1X44
-------------------------------------------------------- -------------------------------------------------------
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 Ordinary 25p shares
instrument ISIN: GB0031274896
Identification code
-------------------------------------------------------- -------------------------------------------------------
b) Nature of the transaction Award of options pursuant to the Marks and Spencer
Group Performance Share Plan
-------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil-cost 573,747
----------
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information - Aggregated volume n/a (single transaction)
- Price
------------------
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 2020-07-06
-------------------------------------------------------- -------------------------------------------------------
f) Place of the transaction Grant of options occurred outside a trading venue
-------------------------------------------------------- -------------------------------------------------------
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name S Machin
-------------------------------------------------------- -------------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------------------------------------
a) Position/status PDMR (Managing Director, Food)
-------------------------------------------------------- -------------------------------------------------------
b) Initial notification/Amendment Initial notification
-------------------------------------------------------- -------------------------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
-----------------------------------------------------------------------------------------------------------------
a) Name Marks and Spencer Group plc
-------------------------------------------------------- -------------------------------------------------------
b) LEI 213800EJP14A79ZG1X44
-------------------------------------------------------- -------------------------------------------------------
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 Ordinary 25p shares
instrument ISIN: GB0031274896
Identification code
-------------------------------------------------------- -------------------------------------------------------
b) Nature of the transaction Award of options pursuant to the Marks and Spencer
Group Performance Share Plan
-------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil-cost 909,599
----------
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information - Aggregated volume n/a (single transaction)
- Price
------------------
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 2020-07-06
-------------------------------------------------------- -------------------------------------------------------
f) Place of the transaction Grant of options occurred outside a trading venue
-------------------------------------------------------- -------------------------------------------------------
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name R Price
-------------------------------------------------------- -------------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------------------------------------
a) Position/status PDMR (Managing Director, Clothing & Home)
-------------------------------------------------------- -------------------------------------------------------
b) Initial notification/Amendment Initial notification
-------------------------------------------------------- -------------------------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
-----------------------------------------------------------------------------------------------------------------
a) Name Marks and Spencer Group plc
-------------------------------------------------------- -------------------------------------------------------
b) LEI 213800EJP14A79ZG1X44
-------------------------------------------------------- -------------------------------------------------------
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 Ordinary 25p shares
instrument ISIN: GB0031274896
Identification code
-------------------------------------------------------- -------------------------------------------------------
b) Nature of the transaction Award of options pursuant to the Marks and Spencer
Group Performance Share Plan
-------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil-cost 804,645
----------
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information - Aggregated volume n/a (single transaction)
- Price
------------------
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 2020-07-06
-------------------------------------------------------- -------------------------------------------------------
f) Place of the transaction Grant of options occurred outside a trading venue
-------------------------------------------------------- -------------------------------------------------------
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name K Bickerstaffe
-------------------------------------------------------- -------------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------------------------------------
a) Position/status PDMR (Chief Strategy & Transformation Director)
-------------------------------------------------------- -------------------------------------------------------
b) Initial notification/Amendment Initial notification
-------------------------------------------------------- -------------------------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
-----------------------------------------------------------------------------------------------------------------
a) Name Marks and Spencer Group plc
-------------------------------------------------------- -------------------------------------------------------
b) LEI 213800EJP14A79ZG1X44
-------------------------------------------------------- -------------------------------------------------------
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 Ordinary 25p shares
instrument ISIN: GB0031274896
Identification code
-------------------------------------------------------- -------------------------------------------------------
b) Nature of the transaction Award of options pursuant to the Marks and Spencer
Group Performance Share Plan
-------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil-cost 727,679
----------
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information - Aggregated volume n/a (single transaction)
- Price
------------------
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 2020-07-06
-------------------------------------------------------- -------------------------------------------------------
f) Place of the transaction Grant of options occurred outside a trading venue
-------------------------------------------------------- -------------------------------------------------------
2. Restricted Share Plan
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name E Tonge
-------------------------------------------------------- -------------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------------------------------------
a) Position/status PDMR (Chief Financial Officer)
-------------------------------------------------------- -------------------------------------------------------
b) Initial notification/Amendment Initial notification
-------------------------------------------------------- -------------------------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
-----------------------------------------------------------------------------------------------------------------
a) Name Marks and Spencer Group plc
-------------------------------------------------------- -------------------------------------------------------
b) LEI 213800EJP14A79ZG1X44
-------------------------------------------------------- -------------------------------------------------------
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 Ordinary 25p shares
instrument ISIN: GB0031274896
Identification code
-------------------------------------------------------- -------------------------------------------------------
b) Nature of the transaction Award of options pursuant to the Marks and Spencer
Group Restricted Share Plan
-------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil cost 1,315,420
----------
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information - Aggregated volume n/a (single transaction)
- Price
------------------
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 2020-07-06
-------------------------------------------------------- -------------------------------------------------------
f) Place of the transaction Grant of options occurred outside a trading venue
-------------------------------------------------------- -------------------------------------------------------
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name S Machin
-------------------------------------------------------- -------------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------------------------------------
a) Position/status PDMR (Managing Director, Food)
-------------------------------------------------------- -------------------------------------------------------
b) Initial notification/Amendment Initial notification
-------------------------------------------------------- -------------------------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
-----------------------------------------------------------------------------------------------------------------
a) Name Marks and Spencer Group plc
-------------------------------------------------------- -------------------------------------------------------
b) LEI 213800EJP14A79ZG1X44
-------------------------------------------------------- -------------------------------------------------------
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 Ordinary 25p shares
instrument ISIN: GB0031274896
Identification code
-------------------------------------------------------- -------------------------------------------------------
b) Nature of the transaction Award of options pursuant to the Marks and Spencer
Group Restricted Share Plan
-------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil cost 100,000
----------
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information - Aggregated volume n/a (single transaction)
- Price
------------------
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 2020-07-06
-------------------------------------------------------- -------------------------------------------------------
f) Place of the transaction Grant of options occurred outside a trading venue
-------------------------------------------------------- -------------------------------------------------------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
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of this information may apply. For further information, please
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END
DSHLQLFBBDLEBBK
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July 06, 2020 09:01 ET (13:01 GMT)
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