GRI Grainger Plc

TIDMGRI

RNS Number : 5205W

Grainger PLC

12 December 2023

GRAINGER PLC

("GRAINGER" OR THE "COMPANY")

NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS

GRANT OF OPTIONS UNDER THE GRAINGER PLC 2017 LONG TERM INCENTIVE PLAN

The Company announces that it has made the following grants of nil cost share options ("Options") over ordinary shares of 5p each in the capital of the Company ("Shares") pursuant to the 2017 Long Term Incentive Plan ("LTIP") on 11 December 2023.

Grant of Options

On 11 December 2023, Grainger granted Options over a total of 929,064 Shares to its Executive Directors and Persons Discharging Managerial Responsibilities ("PDMRs") of the Company (as specified in the table below).

 
 Director/                        Position                 No. of shares under 
  PDMR                                                            Option 
 Helen Gordon        Chief Executive Officer (Director)          423,954 
                    ------------------------------------  -------------------- 
 Rob Hudson          Chief Financial Officer (Director)          292,183 
                    ------------------------------------  -------------------- 
                      Director of Land and Development 
 Michael Keaveney                   (PDMR)                       114,068 
                    ------------------------------------  -------------------- 
                         Director of Operations and 
 Eliza Pattinson           Asset Management (PDMR)               98,859 
                    ------------------------------------  -------------------- 
 

Options will generally vest and become exercisable three years from the date of grant, subject to continued employment. Vesting of the Options is subject to performance conditions relating to the following measures:

   -     (30%) Total property income return measured as annual average like for like rental growth; 
   -     (30%) Relative Total Shareholder Return (versus a bespoke group of real estate peers); 
   -     (30%) Secured PRS Investment; and 
   -     (10%) Reduction in operational and embodied carbon emissions. 

The performance conditions are each measured across the 2024, 2025 and 2026 financial years.

The Secured PRS Investment target range assumes funding solely from our ongoing asset recycling programme, operational cash flow generation and with LTV in mind. To the extent that funding is arranged from other sources or actual disposals vary against plan, the Committee may exclude investments and/or adjust the target range to ensure that targets remain at least as stretching as the original ones.

Further details of the performance conditions are set out in the 2023 Annual Report on page 110.

A holding period of two years from date of vesting is also applicable to the Options granted to the Executive Directors.

The notification below, made in accordance with the requirements of the UK Market Abuse Regulation, provides further detail.

 
 1   Details of the person discharging managerial responsibilities/person closely associated 
a)   Name                                   Helen Gordon 
 2   Reason for the notification 
a)   Position/status                       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                                   Grainger plc 
b)   LEI                                    2138007CEIRKZMNI2979 
 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           Ordinary Shares of GBP0.05 each 
     instrument, type of instrument 
b)   Identification code                    ISIN: GB00B04V1276 
c)   Nature of the transaction               Grant of a nil cost Option over Ordinary Shares pursuant to the Grainger 
                                             plc 2017 Long Term 
                                             Incentive Plan 
d)   Price(s) and volume(s)                 Price(s)                                Volume(s) 
  1. GBPnil                                                                       1. 423,954 
e)   Aggregated information 
 
      - Aggregated volume                    N/A 
 
      - Price 
f)   Date of the transaction               11 December 2023 
g)   Place of the transaction              Outside a trading venue 
 
 
 1   Details of the person discharging managerial responsibilities/person closely associated 
a)   Name                                   Rob Hudson 
 2   Reason for the notification 
a)   Position/status                       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                                   Grainger plc 
b)   LEI                                    2138007CEIRKZMNI2979 
 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           Ordinary Shares of GBP0.05 each 
     instrument, type of instrument 
b)   Identification code                    ISIN: GB00B04V1276 
c)   Nature of the transaction               Grant of a nil cost Option over Ordinary Shares pursuant to the Grainger 
                                             plc 2017 Long Term 
                                             Incentive Plan 
d)   Price(s) and volume(s)                 Price(s)                                Volume(s) 
  1. GBPnil                                                                       1. 292,183 
e)   Aggregated information 
 
      - Aggregated volume                    N/A 
 
      - Price 
f)   Date of the transaction               11 December 2023 
g)   Place of the transaction              Outside a trading venue 
 
 
 1   Details of the person discharging managerial responsibilities/person closely associated 
a)   Name                                   Michael Keaveney 
 2   Reason for the notification 
a)   Position/status                       Director of Land and Development (PDMR) 
b)   Initial notification /Amendment       Initial notification 
 3   Details of the issuer, emission allowance market participant, auction platform, auctioneer 
      or auction monitor 
a)   Name                                   Grainger plc 
b)   LEI                                    2138007CEIRKZMNI2979 
 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           Ordinary Shares of GBP0.05 each 
     instrument, type of instrument 
b)   Identification code                    ISIN: GB00B04V1276 
c)   Nature of the transaction               Grant of a nil cost Option over Ordinary Shares pursuant to the Grainger 
                                             plc 2017 Long Term 
                                             Incentive Plan 
d)   Price(s) and volume(s)                 Price(s)                                Volume(s) 
  1. GBPnil                                                                       1. 114,068 
e)   Aggregated information 
 
      - Aggregated volume                    N/A 
 
      - Price 
f)   Date of the transaction               11 December 2023 
g)   Place of the transaction              Outside a trading venue 
 
 
 1   Details of the person discharging managerial responsibilities/person closely associated 
a)   Name                                   Eliza Pattinson 
 2   Reason for the notification 
a)   Position/status                       Director of Operations and Asset Management (PDMR) 
b)   Initial notification /Amendment       Initial notification 
 3   Details of the issuer, emission allowance market participant, auction platform, auctioneer 
      or auction monitor 
a)   Name                                   Grainger plc 
b)   LEI                                    2138007CEIRKZMNI2979 
 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           Ordinary Shares of GBP0.05 each 
     instrument, type of instrument 
b)   Identification code                    ISIN: GB00B04V1276 
c)   Nature of the transaction               Grant of a nil cost Option over Ordinary Shares pursuant to the Grainger 
                                             plc 2017 Long Term 
                                             Incentive Plan 
d)   Price(s) and volume(s)                 Price(s)                                Volume(s) 
  1. GBPnil                                                                       1. 98,859 
e)   Aggregated information 
 
      - Aggregated volume                    N/A 
 
      - Price 
f)   Date of the transaction               11 December 2023 
g)   Place of the transaction              Outside a trading venue 
 

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December 12, 2023 07:44 ET (12:44 GMT)