DFS Furniture PLC Director/PDMR Shareholding (3301R)

TIDMDFS

RNS Number : 3301R

DFS Furniture PLC

28 October 2019

28 October 2019

DFS Furniture plc

Grant of 2019Awards under the Long-Term Incentive Plan (the "LTIP")

The Executive Directors of DFS Furniture plc (the "Company") have been granted conditional shares in DFS on 25 October 2019, 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    248,275 
                ----------  ----------------------------- 
 Mike Schmidt    Director    148,965 
                ----------  ----------------------------- 
 

Performance targets for the 2019 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 2022. This portion of the award will vest as follows:

 
 Adjusted EPS for the Financial   Percentage of this portion of 
  Year ending in 2022              Award Vesting 
 Less than 23.5p                  Nil 
                                 ---------------------------------------- 
 23.5p                            20% 
                                 ---------------------------------------- 
 28.5p                            100% 
                                 ---------------------------------------- 
 Between 23.5p 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 2020 Financial Year and shall terminate at the end of the 2022 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 250 Index return     Between 20% and 100% on a straight-line 
  and the Index plus 10% p.a.       basis 
                                  ---------------------------------------- 
 

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             basis 
  plus 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)                          TULCHAN 
 Tim Stacey (CEO)                                  James Macey-White 
 Mike Schmidt (CFO)                                Jessica Reid 
 Phil Hutchinson (Investor Relations)                         Amber Ahluwalia 
 Liz McDonald (Group Company 
  Secretary) 
 [e-mail]                      [e-mail] 
 

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

 
 1    Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name 
                                         *    A. Tim Stacey 
 
 
                                         *    B. Mike Schmidt 
 2    Reason for the notification 
 a)   Position/status 
                                         *    A. Chief Executive Officer 
 
 
                                         *    B. Chief Financial Officer 
 b)   Initial notification              Initial notification 
       /Amendment 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
 a)   Name                              DFS Furniture plc 
 b)   LEI                               213800GDSOBNKS1U1P93 
 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      Vesting of options to acquire DFS Furniture 
       instrument, type of instrument    plc GBP1.50 ordinary shares 
       Identification code 
                                         ISIN: GB00BTC0LB89 
 b)   Nature of the transaction         Granting of nil cost share options under 
                                         the DFS Furniture plc 2019 Long Term Incentive 
                                         Plan 
 c)   Price(s) and volume(s)                 A. N/A 248,275 
                                              B. N/A 148,965 
 d)   Aggregated information              / 
       - Aggregated volume                A. 248,275 
       - Price                            N/A 
                                           B. 148,965 
                                           . N/A 
 e)   Date of the transaction           25 October 2019 
 f)   Place of the transaction          London 
 

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October 28, 2019 06:43 ET (10:43 GMT)