Merlin Entertainments plc Director/PDMR Shareholding - PSP Award (0377A)

TIDMMERL

RNS Number : 0377A

Merlin Entertainments plc

06 September 2018

Merlin Entertainments plc

6 September 2018

Notification of Transactions of

Persons Discharging Managerial Responsibility (PDMRs)

Grant of Awards to PDMR under the Company's Performance Share Plan

The Company announces that on 3 September 2018 the following PDMR was granted awards over 1 pence ordinary shares in the capital of the Company under the Company's Performance Share Plan (PSP).

 
 Name              Position             Number of Conditional   Number of Unconditional 
                                             Awards under the          Awards under the 
                                                         PSP*                     PSP** 
                   Managing Director 
                    - Resort Theme 
 Fiona Eastwood     Parks                              12,772                     5,108 
                  -------------------  ----------------------  ------------------------ 
 

* The Conditional Awards are subject to the performance conditions detailed below.

Financial Targets

 
            EPS performance condition (40% of each award) 
 (2017 base year EPS           Adjusted EPS    % of EPS part vesting 
  to 2020)                           growth 
                         ------------------  ----------------------- 
 Below threshold           < 3% p.a. growth                       0% 
                         ------------------  ----------------------- 
 Threshold                   3% p.a. growth                      20% 
                         ------------------  ----------------------- 
 Between threshold and        3% - 10% p.a.   20% to 100% on sliding 
  maximum                            growth                    scale 
                         ------------------  ----------------------- 
 Maximum                   10 % p.a. growth                     100% 
                         ------------------  ----------------------- 
 
 
         ROCE performance condition (40% of each award) 
 (average of 2018, 2019    Average ROCE   % of ROCE part vesting 
  and 2020) 
                          -------------  ----------------------- 
 Below threshold                   < 8%                       0% 
                          -------------  ----------------------- 
 Threshold                           8%                      25% 
                          -------------  ----------------------- 
 Between threshold and         8% - 10%   25% to 100% on sliding 
  maximum                                                  scale 
                          -------------  ----------------------- 
 Maximum                            10%                     100% 
                          -------------  ----------------------- 
 

The above Adjusted EPS and ROCE targets exclude the impact of LEGOLAND New York (both the part year forecast 2020 earnings for LEGOLAND New York and the capital expenditure associated with its development). It is expected that LEGOLAND New York will be included in any future PSP awards when there would be at least a full year's trading included in the earnings.

 
 Strategic Targets (20% of each award) 
 Measure (assessed from 2018 to 2020) 
 
   Productivity                 The targets measure the benefits 
                                of business simplification 
                                projects and efficiency improvements 
                                from investments in systems 
                                and processes. 
                             --------------------------------------- 
 
   New business development     The targets include the delivery 
                                of new attractions and their 
                                subsequent performance. This 
                                will include new Midway attractions, 
                                new accommodation and new LEGOLAND 
                                Parks. 
                             --------------------------------------- 
 
   Customer satisfaction        Customers are at the heart 
                                of our business and the targets 
                                are structured measuring performance 
                                based on external survey data. 
                             --------------------------------------- 
 

Each of the Strategic Targets set out in the table above will be independently assessed at the end of the performance period.

The specific Strategic Targets are considered to be commercially sensitive and will be disclosed in full, along with actual performance, at the time of vesting in the 2020 Directors' Remuneration Report.

As in 2017, the vesting of any element of the awards will be subject to satisfying a health and safety underpin which enables the Committee to scale back or indeed cancel awards if it decides that it is appropriate to do so. Market standard recovery and withholding provisions also apply (i.e. trigger events include material misstatement, error or misconduct).

** The Unconditional Awards granted are not subject to the satisfaction of any Performance Conditions and the PSP rules will apply in all other respects. The Unconditional Awards will ordinarily vest on the third anniversary of grant, subject to continued employment.

Set out below are the notifications, made in accordance with the requirements of the EU Market Abuse Regulation, in relation to the PSP.

For further information please contact:

Matthew Jowett

General Counsel and Company Secretary

Merlin Entertainments plc

00 44 1202 634 955

6 September 2018

 
 1    Details of the person discharging managerial responsibilities/person 
       closely associated 
===  ========================================================================== 
 a)   Name                               Fiona Eastwood 
     =================================  ======================================= 
 2    Reason for the notification 
     ========================================================================== 
 a)   Position/status                    Managing Director - Resort Theme 
                                          Parks 
     =================================  ======================================= 
 b)   Initial Notification / Amendment   Initial Notification 
     =================================  ======================================= 
 3    Details of the issuer 
     ========================================================================== 
 a)   Name                               Merlin Entertainments plc 
     =================================  ======================================= 
 b)   LEI                                549300ZTI0VEFO6WV007 
     =================================  ======================================= 
 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       Performance Share Plan Award over 
       instrument,                        Ordinary shares of 1 pence each 
       type of instrument 
                                          GB00BDZT6P94 
       Identification code 
     =================================  ======================================= 
 b)   Nature of the transaction          Grant of Performance Share Plan Awards 
     =================================  ======================================= 
 c)   Price(s) and volumes                 Price(s)    Volume(s) 
                                            NIL         12,772 
                                                       ========== 
                                            NIL         5,108 
                                                       ========== 
     =================================  ======================================= 
 d)   Aggregated information 
       - Aggregated volume                 n/a 
       - Price 
     =================================  ======================================= 
 e)   Date of the transaction            3 Sep 2018 
     =================================  ======================================= 
 f)   Place of the transaction           Outside a trading venue 
     =================================  ======================================= 
 g)   Additional Information             none 
     =================================  ======================================= 
 

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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September 06, 2018 10:30 ET (14:30 GMT)