MARSTON'S PLC

Director's Dealing • Mar 5, 2024

National Storage Mechanism | Additional information

RNS Number : 6993F

Marston's PLC

05 March 2024

5 March 2024

Notification of interests of directors and persons discharging managerial responsibilities

Marston's PLC (the "Company") announces that on 4 March 2024 the Directors listed below were granted awards over ordinary shares in the Company under the Company's Long Term Incentive Plan (the "Plan").  

The number of shares over which awards were granted was calculated using the market price at the close of trading on the London Stock Exchange on 4 March 2024, being £0.2925 per ordinary share, save for the award granted to Hayleigh Lupino, where a notional share price of 33p was used to reflect the Remuneration Committee's decision to grant her an award over shares worth 125% of her base salary when the share price was 33p (which has decreased since that decision).

Awards under the Plan comprise two elements:

(i)         a nil-cost option (a "Nil-Cost Option"), and

(ii)        a CSOP Option over shares with a total value at the date of grant of £60,000 (the statutory limit) with an exercise price of £0.2925 per share (a "CSOP Option").

Performance Metrics

Nil-Cost Options will vest to the extent performance conditions are satisfied as set out below:

Measure	Weighting	Threshold (25% vest)	Maximum (100% vest)
Underlying PBT in 20261	20%	£75m	£95m
Net cash flow2 (2024, 2025 and 2026 aggregate)	40%	£150m	£180m
Operating Margin in 2026	20%	16.3%	18.3%
Relative Total Shareholder Return (TSR) (measured over FY2023/24 to FY2025/2026)	20%	Median	Upper quartile

1. Underlying PBT: exclusive of income from associates.

2. Net cash inflow/(outflow) as per the Net Debt note to the financial statements.

3. Straight-line vesting applies between Threshold and Maximum.

To the extent the performance metrics are met, a Nil-Cost Option will be released following the end of a further two-year holding period.

Linking Arrangement between Nil-Cost Option and CSOP Option

The options have been granted such that the maximum pre-tax value delivered to the participant will not exceed the value of the shares over which the Nil-Cost Option would have vested if it was a standalone option.

The CSOP option will be released only to the extent that the aggregate CSOP gain is less than or equal to the value of the shares over which the Nil-Cost Option would be released on the normal release date.

Name	Designation	Number of shares subject to CSOP Option	Number of shares subject to Nil-Cost Option
Justin Platt	Director	205,128	2,871,795
Hayleigh Lupino	Director	205,128	1,347,041

Enquiries:

Bethan Raybould, General Counsel & Company Secretary, Marston's PLC, +44 (0) 1902 907250

Notification of Dealing Form

1.

Details of the Person Discharging Managerial Responsibility ("PDMR")/person closely associated with them ("PCA")

a)

Name

Justin Platt

2.

Reason for the notification

a)

Position/status

Director and PDMR (Chief Executive Officer)

b)

Initial notification/ amendment

Initial Notification

3.

Details of the Issuer

a)

Name

Marston's PLC

b)

LEI code

213800Q6RP3ZJ2CZR962

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

Identification code

Ordinary Shares of 7.375 pence each

ISIN: GB00B1JQDM80

b)

Nature of the transaction

Grant of awards under the Marston's PLC Long Term Incentive Plan in the form of a CSOP option with an exercise price of £0.2925 per share and a nil-cost option.

c)

Price(s) and volumes(s)

Price	Volume
Nil-cost option: N/A	2,871,795
CSOP option: £0.2925	205,128

d)

Aggregated information

-   Aggregate volume

-   Price

N/A

e)

Date of the transaction

2024-03-04

f)

Place of the transaction

Outside a trading venue

1.

Details of the Person Discharging Managerial Responsibility ("PDMR")/person closely associated with them ("PCA")

a)

Name

Hayleigh Lupino

2.

Reason for the notification

a)

Position/status

Director and PDMR (Chief Financial Officer)

b)

Initial notification/

amendment

Initial Notification

3.

Details of the Issuer

a)

Name

Marston's PLC

b)

LEI code

213800Q6RP3ZJ2CZR962

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

Identification code

Ordinary Shares of 7.375 pence each

ISIN: GB00B1JQDM80

b)

Nature of the transaction

Grant of awards under the Marston's PLC Long Term Incentive Plan in the form of a CSOP option with an exercise price of £0.2925 per share and a nil-cost option.

c)

Price(s) and volumes(s)

Price	Volume
Nil-cost option: N/A	205,128
CSOP option: £0.2925	1,347,041

d)

Aggregated information

-   Aggregate volume

-   Price

N/A

e)

Date of the transaction

2024-03-04

f)

Place of the transaction

Outside a trading venue

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