DFS Furniture PLC Director/PDMR Shareholding (2923J)
04 December 2018 - 4:02AM
UK Regulatory
TIDMDFS
RNS Number : 2923J
DFS Furniture PLC
03 December 2018
3 December 2018
DFS Furniture plc
Grant of Awards under the 2018 Long-Term Incentive Plan (the
"LTIP")
The Executive Directors of DFS Furniture plc (the "Company")
have been granted conditional shares in DFS on 30 November 2018, as
part of the Company's Long-Term Incentive Plan.
No consideration was payable for the grant of the awards.
Conditional share awards granted under the LTIP will vest after a
three year performance period, subject to achievement of the
performance measures. The performance measures are based on
Adjusted Earnings Per Share ("EPS") and Relative Total Shareholder
Return ("TSR").
Details of the conditional share awards under the LTIP are as
follows:
Name Status Number of conditional shares
awarded
Tim Stacey Director 281,690
---------- -----------------------------
Nicola Bancroft Director 169,014
---------- -----------------------------
Performance targets for the 2018 LTIP award
(1) Adjusted EPS (50% of the Award)
Adjusted EPS will be measured by reference to the reported
Adjusted EPS figure for the Financial Year ending in 2021. This
portion of the award will vest as follows:
Adjusted EPS for the Financial Percentage of this portion of Award
Year ending in 2021 Vesting
Less than 23p Nil
----------------------------------------
23p 20%
----------------------------------------
28.5p 100%
----------------------------------------
Between 23p and 28.5p Between 20% and 100% on a straight-line
basis
----------------------------------------
(2) Total Shareholder Return (TSR) (50% of the Award)
TSR growth will be measured against two indices: the FTSE 250
Index (excluding investment trusts) and the FTSE 350 General
Retailers Index. The performance period for this award shall
commence at the beginning of the Company's 2019 Financial Year and
shall terminate at the end of the 2021 Financial Year. This portion
of the award will vest as follows:
FTSE 250 Index (15% of the Award)
TSR Growth p.a. Percentage of this portion of
Award Vesting
Below FTSE 250 Index return Nil
----------------------------------------
Equal to FTSE 250 Index return 20%
----------------------------------------
10% p.a. above the FTSE 250
Index return 100%
----------------------------------------
Between FTSE 350 Retail Index Between 20% and 100% on a straight-line
return and the Index plus 10% basis
p.a.
----------------------------------------
FTSE 350 General Retailers Index (35% of the Award)
TSR Growth p.a. Percentage of this portion of
Award Vesting
Below FTSE 350 General Retailers Nil
Index return
----------------------------------------
Equal to FTSE 350 General Retailers
Index return 20%
----------------------------------------
10% p.a. above the FTSE 350
General Retailers Index return 100%
----------------------------------------
Between FTSE 350 General Retailers Between 20% and 100% on a straight-line
Index return and the Index plus basis
10% p.a.
----------------------------------------
The conditional share awards are also subject to a two-year
post-vesting holding period. All conditional shares granted are
also subject to continuous employment obligations.
Enquiries:
DFS: (enquiries via FTI) FTI Consulting:
Tim Stacey (CEO) Jonathon Brill
Nicola Bancroft (CFO) Georgina Goodhew
Mike Schmidt (Investor Relations) Eleanor Purdon
Liz McDonald (Group Company
Secretary) +44 (0) 20 3727 1000
investor.relations@dfs.co.uk dfsfurniture@fticonsulting.com
About DFS Furniture plc
DFS is the clear market leading retailer of upholstered
furniture in the United Kingdom. We design, manufacture, sell and
deliver to our customers an extensive range of upholstered
furniture products. The business operates a retail network of
upholstered furniture stores in the United Kingdom and Europe,
together with an online channel. These have been established and
developed gradually over nearly 50 years of operating history. We
attract customers to our stores and website through our substantial
and continued investment in nationwide marketing activities and our
reputation for high quality products and service, breadth of
product ranges and price points and favourable consumer financing
options.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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