Greencore Group PLC Director/PDMR Shareholding (1217J)
09 December 2022 - 3:04AM
UK Regulatory
TIDMGNC
RNS Number : 1217J
Greencore Group PLC
08 December 2022
Notification of Transactions by Persons Discharging Managerial
Responsibilities and Persons Closely Associated with them
1 Details of the person discharging managerial responsibilities/person
closely associated
=== =================================================================================================================
a) Name DALTON PHILIPS
======================= ----------------------------------------------------------------------------------------
2 Reason for the notification
=================================================================================================================
a) Position/status EXECUTIVE DIRECTOR
======================= ========================================================================================
b) Initial Notification INITIAL NOTIFICATION
Amendment
======================= ========================================================================================
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
=================================================================================================================
a) Name Greencore Group plc
======================= ========================================================================================
b) LEI LEI: 635400GGBEWULJXM5868
======================= ========================================================================================
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 ORDINARY SHARES of GBP0.01 EACH
the financial
instrument,
type of ISIN: IE0003864109
instrument
Identification
code
======================= ========================================================================================
b) Nature of the An award in respect of 1,548,767 Ordinary Shares of GBP0.01
transaction each in Greencore Group plc ("GREENCORE") under the Greencore
Group plc 2013 Performance Share Plan ("the Plan"). Vesting
of this award is subject to Adjusted Earnings per Share,
Return on Invested Capital and Total Shareholder Return
performance targets which are measured over the period
FY23 to FY25, using FY22 as a base year.
Except as otherwise specified in the Rules of the Plan,
ownership of the shares will transfer to MR. DALTON Philips
in three years' time without payment and subject to his
continued employment by Greencore.
Once vested, the shares are subject to a mandatory two-year
holding period. Vested awards may not be sold during the
holding period except to cover tax liabilities.
======================= ========================================================================================
c) Price(s) and Price(s) Volume(s)
volume(s) GBP0.01 PER ORDINARY SHARE 1,548,767 ORDINARY SHARES
OF GBP0.01 EACH
======================= ========================================================================================
d) Aggregated information N/A
- Aggregated
volume
- Price
======================= ========================================================================================
e) Date of the 8 DECEMBER 2022
transaction
======================= ========================================================================================
f) Place of the OUTSIDE A TRADING VENUE
transaction
======================= ========================================================================================
g) Additional Information The vesting of FY23 PSP awards will be based on Greencore's
three-year performance against targets set in relation
to three measures: Adjusted EPS, ROIC and Relative TSR.
Performance will be assessed over the period FY23 to FY25,
against the targets set out below:
Weighting Below Threshold Stretch
(% of threshold (25% (100%
Measure award) (0% vesting) vesting) vesting)
Cumulative Adjusted Below
EPS 1/3rd 29.2p 29.2p 32.2p
----------- --------------- ---------- ----------
Below
FY25 ROIC 1/3rd 9.5% 9.5% 10.5%
----------- --------------- ---------- ----------
Relative TSR vs. 1/3rd Below Median Upper
bespoke group of median quartile
sector peers
----------- --------------- ---------- ----------
As noted on page 104 of Greencore's FY22 Annual Report,
in setting the ADJUSTED EPS and ROIC ranges, the Remuneration
Committee remained mindful about setting targets to be
stretching (to reinforce alignment with stakeholder interests
and incentivise outperformance) as well as relevant and
motivational IN the prevailing external market environment.
As in previous years, the Remuneration Committee will
also consider the underlying financial performance of
the business (as well as the value added to shareholders)
in adjudicating the final overall PSP vesting level. FURTHER
RELEVANT DETAILS ABOUT THE TERMS OF THE AWARD ARE SET
OUT IN THE FY22 ANNUAL REPORT.
As noted above, following vesting of any shares, awards
for Executive Directors will be subject to a holding period
requiring vested shares (net of tax) to be held until
the fifth anniversary of grant.
Malus and clawback provisions will apply as per the Greencore
Remuneration Policy.
======================= ========================================================================================
Notification of Transactions by Persons Discharging Managerial
Responsibilities and Persons Closely Associated with them
1 Details of the person discharging managerial responsibilities/person
closely associated
=== =================================================================================================================
a) Name EMMA HYNES
======================= ----------------------------------------------------------------------------------------
2 Reason for the notification
=================================================================================================================
a) Position/status EXECUTIVE DIRECTOR
======================= ========================================================================================
b) Initial Notification INITIAL NOTIFICATION
Amendment
======================= ========================================================================================
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
=================================================================================================================
a) Name Greencore Group plc
======================= ========================================================================================
b) LEI LEI: 635400GGBEWULJXM5868
======================= ========================================================================================
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 ORDINARY SHARES of GBP0.01 EACH
the financial
instrument,
type of ISIN: IE0003864109
instrument
Identification
code
======================= ========================================================================================
b) Nature of the An award in respect of 929,791 Ordinary Shares of GBP0.01
transaction each in Greencore Group plc ("GREENCORE") under the Greencore
Group plc 2013 Performance Share Plan ("the Plan"). Vesting
of this award is subject to Adjusted Earnings per Share,
Return on Invested Capital and Total Shareholder Return
performance targets which are measured over the period
FY23 to FY25, using FY22 as a base year.
Except as otherwise specified in the Rules of the Plan,
ownership of the shares will transfer to MS. EMMA HYNES
in three years' time without payment and subject to hER
continued employment by Greencore.
Once vested, the shares are subject to a mandatory two-year
holding period. Vested awards may not be sold during the
holding period except to cover tax liabilities.
======================= ========================================================================================
c) Price(s) and Price(s) Volume(s)
volume(s) GBP0.01 PER ORDINARY SHARE 929,791 ORDINARY SHARES OF
GBP0.01 EACH
======================= ========================================================================================
d) Aggregated information N/A
- Aggregated
volume
- Price
======================= ========================================================================================
e) Date of the 8 DECEMBER 2022
transaction
======================= ========================================================================================
f) Place of the OUTSIDE A TRADING VENUE
transaction
======================= ========================================================================================
g) Additional Information The vesting of FY23 PSP awards will be based on Greencore's
three-year performance against targets set in relation
to three measures: Adjusted EPS, ROIC and Relative TSR.
Performance will be assessed over the period FY23 to FY25,
against the targets set out below:
Weighting Below Threshold Stretch
(% of threshold (25% (100%
Measure award) (0% vesting) vesting) vesting)
Cumulative Adjusted Below
EPS 1/3rd 29.2p 29.2p 32.2p
----------- --------------- ---------- ----------
Below
FY25 ROIC 1/3rd 9.5% 9.5% 10.5%
----------- --------------- ---------- ----------
Relative TSR vs. 1/3rd Below Median Upper
bespoke group of median quartile
sector peers
----------- --------------- ---------- ----------
As noted on page 104 of Greencore's FY22 Annual Report,
in setting the ADJUSTED EPS and ROIC ranges, the Remuneration
Committee remained mindful about setting targets to be
stretching (to reinforce alignment with stakeholder interests
and incentivise outperformance) as well as relevant and
motivational in the prevailing external market Environment.
As in previous years, the Remuneration Committee will
also consider the underlying financial performance of
the business (as well as the value added to shareholders)
in adjudicating the final overall PSP vesting level. FURTHER
RELEVANT DETAILS ABOUT THE TERMS OF THE AWARD ARE SET
OUT IN THE FY22 ANNUAL REPORT.
As noted above, following vesting of any shares, awards
for Executive Directors will be subject to a holding period
requiring vested shares (net of tax) to be held until
the fifth anniversary of grant.
Malus and clawback provisions will apply as per the Greencore
Remuneration Policy.
======================= ========================================================================================
Notification of Transactions by Persons Discharging Managerial
Responsibilities and Persons Closely Associated with them
1 Details of the person discharging managerial responsibilities/person
closely associated
=== =======================================================================================
a) Name EMMA HYNES
======================== -------------------------------------------------------------
2 Reason for the notification
=======================================================================================
a) Position/status EXECUTIVE DIRECTOR
======================== =============================================================
b) Initial Notification INITIAL NOTIFICATION
Amendment
======================== =============================================================
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
=======================================================================================
a) Name Greencore Group plc
======================== =============================================================
b) LEI LEI: 635400GGBEWULJXM5868
======================== =============================================================
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 ORDINARY SHARES of GBP0.01 EACH
the financial
instrument,
type of ISIN: IE0003864109
instrument
Identification
code
======================== =============================================================
b) Nature of the An award in respect of 208,754 Ordinary Shares of GBP0.01
transaction each in Greencore Group plc under the Greencore Group
plc Deferred Bonus Plan ("the Plan").
Except as otherwise specified in the Rules of the Plan,
ownership of the shares will transfer to Ms. Emma Hynes
in three years' time without payment and subject to her
continued employment by Greencore Group plc.
======================== =============================================================
c) Price(s) and Price(s) Volume(s)
volume(s) GBP0.01 PER ORDINARY SHARE 208,754 ORDINARY SHARES OF
GBP0.01 EACH
======================== =============================================================
d) Aggregated information N/A
- Aggregated
volume
- Price
======================== =============================================================
e) Date of the transaction 8 DECEMBER 2022
======================== =============================================================
f) Place of the OUTSIDE A TRADING VENUE
transaction
======================== =============================================================
g) Additional Information n/A
======================== =============================================================
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END
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