TIDMJD.
RNS Number : 4642R
JD Sports Fashion PLC
27 October 2023
JD Sports Fashion Plc
27 October 2023
JD Sports Fashion Plc
Grant of LTIP Awards Notification
Director/PDMR Shareholding
JD Sports Fashion Plc ('JD' or the 'Group') the leading retailer
of sports, fashion, and outdoor brands, announces that on 26
October 2023, the Executive Directors noted below were granted long
term incentive awards in the form of performance-based nil cost
options over ordinary shares.
LTIP Awards in respect of FY24
Shareholders overwhelmingly approved a revised Directors'
Remuneration Policy ('Policy') at the General Meeting in December
2022. This Policy followed a full review of remuneration structure
and practices by the Remuneration Committee and puts in place a
refreshed reward strategy for the Group in line with the business
strategy which includes the introduction of bonus deferral,
normalisation of the LTIP structure, greater alignment with
shareholders and wider employee share ownership by delivering
wholly in shares, formalisation of a two year post-vesting holding
period, introduction of formal in-employment and post-cessation
shareholding requirements and strengthening of the malus and
clawback provisions in line with best practice.
The following awards have therefore been made:
PDMR Award Number of shares
granted
Régis Schultz FY24 LTIP 1,627,607
----------- -----------------
Dominic Platt FY24 LTIP 853,043
----------- -----------------
The FY24 awards are subject to the following performance
conditions:
EPS performance Threshold (25% Target (50% Maximum (100%
condition of maximum) of maximum) of maximum)
FY26 Adjusted 5% p.a. growth 7.5% p.a. growth 10% p.a. growth
Earnings Per Share* (15.50p) (16.63p) (17.82p)
--------------- ----------------- ----------------
* Adjusted Earnings Per Share is calculated using "Profit Before
Tax and Exceptionals" determined on a constant currency basis. FX
rates used in EPS forecasts are: USD: 1.24, Euro 1.17.
The LTIP award will also be subject to an ESG underpin such that
the vested award will reduce by up to 20% on a "hit or miss" basis
for each of two metrics if ESG performance of the Group is deemed
not to be satisfactory over the relevant performance period, based
on an assessment by the Remuneration Committee of the following
conditions:
-- 10% based on achievement of an Employee Engagement score in
the final year of the performance period (based on results expected
to be released in December 2025) at least equal to the retail
engagement benchmark of 73% as provided by Expert Training Systems
(ETS) or other similar external underpin measure as determined by
the Remuneration Committee
-- 10% based on achievement of a Climate Change rating of at
least B by Carbon Disclosure Project (CPD) in the final financial
year of the performance period
Additional Awards in respect of FY23
As previously disclosed, no LTIP awards were made in 2022
because of significant changes to the composition of the Board and
the Directors' Remuneration Policy review that was ongoing.
However, now that the Board has stabilised and the new Policy is in
place, the Company needs to address this and make the awards to
senior leaders to reflect the awards that would ordinarily have
been made in October 2022 on an annual basis. The Company
determined that this is an important step in incentivising the
performance of its senior talent and moving to a more equity-based
reward structure.
The Company is now also in a position to make a long-term
incentive award to the CEO to reflect a contractual commitment
given to him that he would also receive an ordinary course annual
award in respect of FY23, which was to be granted as soon as
practicable after he commenced employment. That award has been
granted to the CEO on the terms that would have applied had the
Company been able to make the award on its normal timetable in
October 2022.
The award of 980,100 shares made to Régis Schultz in respect of
FY23 will vest on 26 October 2027 and is subject to a Group PBT
underpin which will be measured at the end of a three-year
performance period commencing on 30 January 2022.
Buyout Award
Dominic Platt, the Company's Chief Financial Officer (CFO), has
acquired 138,511 ordinary shares of 0.05 pence each in the Company.
The shares were granted as part of a buyout award valued following
his recent appointment, with half being in the form of cash and
half being in the form of shares (after application of tax and
social security) in order to give Dominic Platt a stake in the
business and align with the interests of shareholders.
The buyout award granted is of equivalent value to awards made
by his previous employer, which he forfeited upon commencing
employment with the Company on 4 October 2023.
The shares pursuant to this award are subject to forfeiture
provisions over a four-year period from his appointment as CFO, the
ongoing shareholding requirement for Executive Directors, as well
as malus and clawback provisions, in line with the Directors'
Remuneration Policy. The CFO has committed to retain the shares
under the buyout award in order to build up to the shareholding
requirement.
Following this award, Dominic Platt has a total interest in
138,511 shares, representing 0.000027% of the issued share capital
of the Company.
The Notification of Dealing Form set out below is provided in
accordance with the requirements of the UK Market Abuse
Regulation.
Enquiries:
JD Sports Fashion Plc Tel: 0161 767 1000
Andrew Higginson, Chair
Régis Schultz, Chief Executive Officer
Theresa Casey, General Counsel & Company Secretary
Mark Blythman, Investor Relations Director
FGS Global Tel: 0207 251 3801
Rollo Head
Jenny Davey
James Thompson
Details of the PDMR / person closely associated
1.
a) Name Régis Schultz
-------------------------------- -------------------------------------------
Reason for the notification
2.
-----------------------------------------------------------------------------
a) Position / status Chief Executive Officer
-------------------------------- -------------------------------------------
b) Initial notification Initial notification
/ amendment
-------------------------------- -------------------------------------------
Details of the issuer, emission allowance market participant,
3. auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------
a) Name JD Sports Fashion Plc
-------------------------------- -------------------------------------------
Details of the transaction(s): section to be repeated for
4. (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 Ordinary shares in JD Sports Fashion
instrument, type of instrument Plc of 0.05 pence each
Identification code
GB00BM8Q5M07
-------------------------------- -------------------------------------------
b) Nature of the transaction Grant of performance-based nil cost
option over ordinary shares of JD
Sports Fashion plc pursuant to the
JD Sports Fashion Plc Long Term Incentive
Plan 2022
-------------------------------- -------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 1,627,607
----------
-------------------------------- -------------------------------------------
d) Aggregated information N/A
e) Date of the transaction 26 October 2023
-------------------------------- -------------------------------------------
f) Place of the transaction London Stock Exchange XLON
-------------------------------- -------------------------------------------
Details of the PDMR / person closely associated
1.
a) Name Dominic Platt
-------------------------------- -------------------------------------------
Reason for the notification
2.
-----------------------------------------------------------------------------
a) Position / status Chief Financial Officer
-------------------------------- -------------------------------------------
b) Initial notification Initial notification
/ amendment
-------------------------------- -------------------------------------------
Details of the issuer, emission allowance market participant,
3. auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------
a) Name JD Sports Fashion Plc
-------------------------------- -------------------------------------------
Details of the transaction(s): section to be repeated for
4. (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 Ordinary shares in JD Sports Fashion
instrument, type of instrument Plc of 0.05 pence each
Identification code
GB00BM8Q5M07
-------------------------------- -------------------------------------------
b) Nature of the transaction Grant of performance-based nil cost
option over ordinary shares of JD
Sports Fashion plc pursuant to the
JD Sports Fashion Plc Long Term Incentive
Plan 2022
-------------------------------- -------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 853,043
----------
-------------------------------- -------------------------------------------
d) Aggregated information N/A
e) Date of the transaction 26 October 2023
-------------------------------- -------------------------------------------
f) Place of the transaction London Stock Exchange XLON
-------------------------------- -------------------------------------------
Details of the PDMR / person closely associated
1.
a) Name Régis Schultz
-------------------------------- -------------------------------------------
Reason for the notification
2.
-----------------------------------------------------------------------------
a) Position / status Chief Executive Officer
-------------------------------- -------------------------------------------
b) Initial notification Initial notification
/ amendment
-------------------------------- -------------------------------------------
Details of the issuer, emission allowance market participant,
3. auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------
a) Name JD Sports Fashion Plc
-------------------------------- -------------------------------------------
Details of the transaction(s): section to be repeated for
4. (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 Ordinary shares in JD Sports Fashion
instrument, type of instrument Plc of 0.05 pence each
Identification code
GB00BM8Q5M07
-------------------------------- -------------------------------------------
b) Nature of the transaction Grant of performance-based nil cost
option over ordinary shares of JD
Sports Fashion plc pursuant to the
JD Sports Fashion plc Long Term Incentive
Plan 2021
-------------------------------- -------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 980,100
----------
-------------------------------- -------------------------------------------
d) Aggregated information N/A
e) Date of the transaction 26 October 2023
-------------------------------- -------------------------------------------
f) Place of the transaction London Stock Exchange XLON
-------------------------------- -------------------------------------------
Details of the PDMR / person closely associated
1.
a) Name Dominic Platt
-------------------------------- -------------------------------------
Reason for the notification
2.
-----------------------------------------------------------------------
a) Position / status Chief Financial Officer
-------------------------------- -------------------------------------
b) Initial notification Initial notification
/ amendment
-------------------------------- -------------------------------------
Details of the issuer, emission allowance market participant,
3. auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------
a) Name JD Sports Fashion Plc
-------------------------------- -------------------------------------
Details of the transaction(s): section to be repeated for
4. (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 Ordinary shares in JD Sports Fashion
instrument, type of instrument Plc of 0.05 pence each
Identification code
GB00BM8Q5M07
-------------------------------- -------------------------------------
b) Nature of the transaction Acquisition of shares pursuant to
the buyout award
-------------------------------- -------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 138,511
----------
-------------------------------- -------------------------------------
d) Aggregated information N/A
e) Date of the transaction 26 October 2023
-------------------------------- -------------------------------------
f) Place of the transaction London Stock Exchange XLON
-------------------------------- -------------------------------------
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END
DSHFEEFMMEDSEIS
(END) Dow Jones Newswires
October 27, 2023 02:00 ET (06:00 GMT)
Jd Sports Fashion (LSE:JD.)
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