Next PLC Director/PDMR Shareholding (5068A)

TIDMNXT

RNS Number : 5068A

Next PLC

24 March 2017

Next plc ("Next" and the "Company")

For immediate release

Notification of Transactions of Directors/Persons Discharging Managerial Responsibility

The following awards were granted to executive directors on 24 March 2017 under the Next Long Term Incentive Plan (the "LTIP"):

 
                           Maximum No. 
                            of Shares 
------------------------  ------------ 
 Lord Wolfson of Aspley 
  Guise                         16,552 
------------------------  ------------ 
 Amanda James                    8,907 
------------------------  ------------ 
 Michael Law                     8,907 
------------------------  ------------ 
 Jane Shields                    8,907 
------------------------  ------------ 
 

Under the terms of the LTIP the award comprises a conditional award of shares on the following terms:

-- the award will vest in 2020 following the third anniversary of the date of grant subject to performance targets and continued employment in the Next Group;

-- a variable percentage of the maximum number of shares above can vest, depending on the relative Total Shareholder Return of Next over a three year period against a comparator group (comprising 20 other UK listed retail companies selected by the Remuneration Committee as being comparable with NEXT in size or nature of their business);

   --     for relative performance against the comparator group the percentage vesting will be 
 
 Relative performance    Percentage vesting 
 Below median                            0% 
 Median                                 20% 
 Upper quintile                        100% 
 

-- before any of the awards vest, the Committee must have regard to the performance of the Company in the light of underlying economic and other circumstances, including EPS performance of the Company and of other UK retailers over the period;

-- to the extent that the performance condition is not met, the award will lapse completely; and

-- any vesting of these awards granted to executive directors will be settled in shares and, after payment of tax, the net shares received should be retained for a period of two further years.

LTIP awards are made twice a year. The maximum number of shares shown above is 100% of each director's base salary at the date of each grant, divided by NEXT's average share price over the three months prior to the start of the performance period.

The following notification made under article 19.1 of the Market Abuse Regulation ("MAR") related to awards granted to executive directors on 24 March 2017 under the LTIP. This announcement is made in accordance with Article 19.3 of MAR.

 
 1.   Details of PDMR / person closely associated 
       with them ("PCA") 
---  ------------------------------------------------------------- 
 a)   Name                   1. Lord Wolfson of Aspley Guise 
                              2. Amanda James 
                              3. Michael Law 
                              4. Jane Shields 
---  ---------------------  -------------------------------------- 
 b)   Position               1. Chief Executive 
       / status               2. Group Finance Director 
                              3. Group Operations Director 
                              4. Group Sales and Marketing 
                              Director 
---  ---------------------  -------------------------------------- 
 c)   Initial notification   Initial notification 
       / amendment 
---  ---------------------  -------------------------------------- 
 2.   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            Conditional award of Ordinary 
       of the financial       shares of GBP0.10 each 
       instrument             GB0032089863 
---  ---------------------  -------------------------------------- 
 b)   Nature of                   Conditional award granted of 
       the transaction             shares under the LTIP. Maximum 
                                   number of Shares as follows: 
                                   1. Lord Wolfson of Aspley Guise 
                                   - 16,552 
                                   2. Amanda James - 8,907 
                                   3. Michael Law - 8,907 
                                   4. Jane Shields - 8,907 
---  ---------------------  -------------------------------------- 
 c)   Price(s)               N/A 
       and volume(s) 
---  ---------------------  -------------------------------------- 
 d)   Aggregated             N/A 
       information 
---  ---------------------  -------------------------------------- 
 e)   Date of the            24 March 2017 
       transaction 
---  ---------------------  -------------------------------------- 
 f)   Place of               N/A 
       transaction 
---  ---------------------  -------------------------------------- 
 

Seonna Anderson

Company Secretary

This information is provided by RNS

The company news service from the London Stock Exchange

END

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March 24, 2017 10:34 ET (14:34 GMT)