ESKEN LIMITED — Director's Dealing 2019

Jul 9, 2019

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RNS Number : 0023F

Stobart Group Limited

09 July 2019

9 July 2019

Stobart Group Limited

("Stobart Group")

Correction of Director/PDMR Shareholding Notification

This is a correction for a previous notification (RNS 8470E - released on 8 July 2019).  It corrects the description of the three-year Total Shareholder Return performance target.

There was a typographical error in the description of the three-year Total Shareholder Return performance target in the notification published by the Stobart Group on 8 July 2019 (the "Notification").

The Notification stated that the stretch target for TSR performance is "FTSE 250 + 10% p.a.".  The Notification should have stated that the stretch target for TSR performance is "FTSE 250 + 8.5% p.a.".

All other details remain unchanged.

The details are restated below (as corrected) for reference.

LTIP Awards in respect of FY20

On 3 July 2019 Stobart Group granted awards over its ordinary shares under the Stobart Group Limited Long Term Incentive Plan 2014 (the "LTIP"), as noted below. 

Name	Number of shares subject to award
Warwick Brady (75% of salary)	303,686
Nick Dilworth (150% of salary)	348,376
Lewis Girdwood (100% of salary)	225,858

The performance targets attached to these awards are cumulative three year EPS targets to FY22 and three-year Total Shareholder Return ("TSR") (weighted equally), as set out in the table below:

	Vesting	3 year cumulative EPS	Stobart Group's three-year TSR
Threshold	25% of maximum	4.4p	Equal to the TSR performance of the FTSE 250
Stretch	100% of maximum	14.1p	Equal to the TSR performance of the FTSE 250 + 8.5% p.a.

The cumulative EPS range represents compound annual growth in underlying EBITDA of over 60% per annum for threshold performance and compound annual growth in underlying EBITDA of over 80% per annum for stretch performance, when compared to the EBITDA outturn for FY19 (this comparison cannot be made for EPS given the starting EPS for FY19 was negative).  This illustrates the stretching nature of the targets.

In line with the Directors' Remuneration Policy, if both the EPS and the TSR elements exceed stretch performance levels, the participants will be eligible to receive a multiplier of their awards based on the performance levels set out in the table below:

Stobart Group's TSR % outperformance of the FTSE 250 Index	Multiplier
Less than 15%	1.00x
+15% per annum	1.17x
+20% per annum	1.33x
+25% per annum	1.5x
+30% per annum	1.67x
+35% per annum	1.83x
+40% per annum or more	2.00x

Additional LTIP grant in respect of FY19

As described on page 66 of Stobart Group's FY19 Annual Report and Accounts, it had been intended to grant Nick Dilworth an additional LTIP award in respect of FY19 equal to 75% of his salary at the date of his appointment to Stobart Group's board. However, that grant was delayed due to regulatory restrictions.  Therefore, an award over 127,660 shares (determined by reference to a share price of £1.88, being the share price when the Remuneration Committee agreed to grant the additional award) was also granted on 3 July 2019.  The award will vest on 20 June 2021, subject to the satisfaction of the performance conditions set out on page 66 of Stobart Group's FY19 Annual Report and Accounts, including the application of the multiplier. 

The person responsible for arranging the release of this announcement on behalf of Stobart Group is Louise Brace, Company Secretary.

Enquiries:

Stobart Group Limited Charlie Geller, Head of Group Communications	C/o Newgate Communications
Newgate Communications  Robin Tozer	Tel: 020 3757 6880 Email: [email protected]

FY20 LTIP awards

1	Details of the person discharging managerial responsibilities / person closely associated
(a)	Name	(i) Warwick Brady (ii) Nick Dilworth (iii) Lewis Girdwood
2	Reason for the notification
(a)	Position/Status	(i) Chief Executive (ii) Chief Operating Officer (iii) 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	Stobart Group Limited
(b)	LEI	213800BINQVRZFKA3E89
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 instrument Identification Code	Ordinary Shares of 10p each in the capital of Stobart Group Limited ISIN: GB00B03HDJ73
(b)	Nature of the transaction	Grant of FY20 awards under the Stobart Group Limited Long Term Incentive Plan 2014
(c)	Price(s) and volume(s)	Price: Nil	Volumes: (i) 303,686 (ii) 348,376 (iii) 225,858
(d)	Aggregated Information - Aggregated Volume - Price	N/A
(e)	Date of the Transaction	3 July 2019
(f)	Place of the Transaction	Outside a trading venue

Additional FY19 LTIP award

1	Details of the person discharging managerial responsibilities / person closely associated
(a)	Name	Nick Dilworth
2	Reason for the notification
(a)	Position/Status	Chief Operating Officer
(b)	Initial notification / Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
(a)	Name	Stobart Group Limited
(b)	LEI	213800BINQVRZFKA3E89
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 instrument Identification Code	Ordinary Shares of 10p each in the capital of Stobart Group Limited ISIN: GB00B03HDJ73
(b)	Nature of the transaction	Grant of additional FY19 award under the Stobart Group Limited Long Term Incentive Plan 2014
(c)	Price(s) and volume(s)	Price: Nil	Volume: 127,660
(d)	Aggregated Information - Aggregated Volume - Price	N/A
(e)	Date of the Transaction	3 July 2019
(f)	Place of the Transaction	Outside a trading venue

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