DFS Furniture PLC Director/PDMR Shareholding (2923J)

TIDMDFS

RNS Number : 2923J

DFS Furniture PLC

03 December 2018

3 December 2018

DFS Furniture plc

Grant of Awards under the 2018 Long-Term Incentive Plan (the "LTIP")

The Executive Directors of DFS Furniture plc (the "Company") have been granted conditional shares in DFS on 30 November 2018, as part of the Company's Long-Term Incentive Plan.

No consideration was payable for the grant of the awards. Conditional share awards granted under the LTIP will vest after a three year performance period, subject to achievement of the performance measures. The performance measures are based on Adjusted Earnings Per Share ("EPS") and Relative Total Shareholder Return ("TSR").

Details of the conditional share awards under the LTIP are as follows:

 
 Name               Status      Number of conditional shares 
                                 awarded 
 Tim Stacey         Director    281,690 
                   ----------  ----------------------------- 
 Nicola Bancroft    Director    169,014 
                   ----------  ----------------------------- 
 

Performance targets for the 2018 LTIP award

(1) Adjusted EPS (50% of the Award)

Adjusted EPS will be measured by reference to the reported Adjusted EPS figure for the Financial Year ending in 2021. This portion of the award will vest as follows:

 
 Adjusted EPS for the Financial   Percentage of this portion of Award 
  Year ending in 2021              Vesting 
 Less than 23p                    Nil 
                                 ---------------------------------------- 
 23p                              20% 
                                 ---------------------------------------- 
 28.5p                            100% 
                                 ---------------------------------------- 
 Between 23p and 28.5p            Between 20% and 100% on a straight-line 
                                   basis 
                                 ---------------------------------------- 
 

(2) Total Shareholder Return (TSR) (50% of the Award)

TSR growth will be measured against two indices: the FTSE 250 Index (excluding investment trusts) and the FTSE 350 General Retailers Index. The performance period for this award shall commence at the beginning of the Company's 2019 Financial Year and shall terminate at the end of the 2021 Financial Year. This portion of the award will vest as follows:

FTSE 250 Index (15% of the Award)

 
 TSR Growth p.a.                   Percentage of this portion of 
                                    Award Vesting 
 Below FTSE 250 Index return       Nil 
                                  ---------------------------------------- 
 Equal to FTSE 250 Index return    20% 
                                  ---------------------------------------- 
 10% p.a. above the FTSE 250 
  Index return                     100% 
                                  ---------------------------------------- 
 Between FTSE 350 Retail Index     Between 20% and 100% on a straight-line 
  return and the Index plus 10%     basis 
  p.a. 
                                  ---------------------------------------- 
 

FTSE 350 General Retailers Index (35% of the Award)

 
 TSR Growth p.a.                        Percentage of this portion of 
                                         Award Vesting 
 Below FTSE 350 General Retailers       Nil 
  Index return 
                                       ---------------------------------------- 
 Equal to FTSE 350 General Retailers 
  Index return                          20% 
                                       ---------------------------------------- 
 10% p.a. above the FTSE 350 
  General Retailers Index return        100% 
                                       ---------------------------------------- 
 Between FTSE 350 General Retailers     Between 20% and 100% on a straight-line 
  Index return and the Index plus        basis 
  10% p.a. 
                                       ---------------------------------------- 
 

The conditional share awards are also subject to a two-year post-vesting holding period. All conditional shares granted are also subject to continuous employment obligations.

Enquiries:

 
 DFS: (enquiries via FTI)                        FTI Consulting: 
 Tim Stacey (CEO)                                Jonathon Brill 
 Nicola Bancroft (CFO)                           Georgina Goodhew 
 Mike Schmidt (Investor Relations)               Eleanor Purdon 
 Liz McDonald (Group Company 
  Secretary)                                     [phone] 
 [e-mail]                    [e-mail] 
 

About DFS Furniture plc

DFS is the clear market leading retailer of upholstered furniture in the United Kingdom. We design, manufacture, sell and deliver to our customers an extensive range of upholstered furniture products. The business operates a retail network of upholstered furniture stores in the United Kingdom and Europe, together with an online channel. These have been established and developed gradually over nearly 50 years of operating history. We attract customers to our stores and website through our substantial and continued investment in nationwide marketing activities and our reputation for high quality products and service, breadth of product ranges and price points and favourable consumer financing options.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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December 03, 2018 12:02 ET (17:02 GMT)