Drax Group PLC LTIP 2021 -- EPS Performance Condition (0135I)
09 Agosto 2021 - 5:13AM
UK Regulatory
TIDMDRX
RNS Number : 0135I
Drax Group PLC
09 August 2021
9 August 2021
Drax Group plc
("Drax" or the "Company"; Symbol: DRX)
LTIP 2021 - EPS Performance Condition
In the Annual Report and Financial Statements of Drax Group plc
for the financial year ended 31 December 2020, ('the Annual
Report'), the Company explained that the Cumulative Adjusted
Earnings Per Share target ('EPS'), which is one of the two
performance conditions to determine vesting in respect of the
grants made under the Long Term Incentive Plan ('LTIP'), would be
finalised and subsequently announced via RNS after completion of
the proposed acquisition of Pinnacle Renewable Energy Inc.
('Pinnacle'). Targets have been set which took account of the
Company's budget approved in January, prevailing market
expectations and performance of sector peers at that point in time,
however finalisation was delayed in order that the targets could
reflect the impact of the proposed acquisition of Pinnacle.
Subsequent to the completion of the Pinnacle acquisition in
April 2021, a fair value assessment of the acquired assets has been
undertaken, details of which were included in the Company's Half
Year Report, issued on Thursday 29 July.
Following a meeting of the Remuneration Committee in July 2021
and the announcement of the Company's Half Year results, the
proposed EPS target for the 2021 Grants has now been finalised,
taking account of Pinnacle.
The vesting of awards granted in 2021 ('the 2021 Grants') shall
be subject to satisfying two performance conditions over the
financial years 2021, 2022 and 2023. 50% of the 2021 Grants will be
measured based on Total Shareholder Return relative to the FTSE
350, and the remaining 50% will be measured based on EPS. This is
in line with the current Remuneration Policy for the Company.
The targets for the EPS performance condition will be as set
forth below. The threshold level, based on general practice, is set
at 90% of the target level. Vesting between the threshold and
maximum will be on a straight-line basis.
BASIS OF VESTING
Performance Level of Cumulative Percentage of Award Vesting
Adjusted EPS (of EPS performance condition)
-------------------- --------------------------------
Below threshold < 104.9p 0%
-------------------- --------------------------------
Threshold 104.9p 25%
-------------------- --------------------------------
Maximum 128.2p 100%
-------------------- --------------------------------
The EPS target is 'Adjusted EPS', derived from Adjusted Results
as reported in the Company's audited financial statements.
Instances where such adjustments might apply include acquisition
and restructuring costs, asset obsolescence charges, costs on debt
restructuring, costs and credits arising from major transactions
and certain remeasurements on derivative contracts. For more
information on Adjusted Results applicable for 2020, see note 2.7
of the Annual Report.
There may arise circumstances during the performance period
where adjustment or discretion is applied by the Remuneration
Committee by reference to exceptional items and the Remuneration
Policy. The application of such adjustments would be considered
during and upon completion of the performance cycle.
In making their assessment, the Remuneration Committee will take
into account appropriate advice (for example from the Company's
independent auditors and the Remuneration Committee advisers) and
also give due consideration to the shareholder experience and that
of wider stakeholders. The Remuneration Committee would also take
into account exceptional and unforeseen circumstances in assessing
the appropriate level of vesting judged against the performance of
the Company and management at the end of the performance
period.
With regard to the relative Total Shareholder Return measure,
25% of the Award will vest for median performance rising on a
straight line basis to 100% vesting for upper quartile
performance.
ENDS
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END
MSCUKARRAUUWRAR
(END) Dow Jones Newswires
August 09, 2021 06:13 ET (10:13 GMT)
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