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Marks & Spencer Group PLC Director/PDMR Shareholding
June 30 2021 - 04:00AM
TIDMMKS
Marks & Spencer Group PLC
Marks and Spencer Group plc (the 'Company') announces that on 29 June 2021 it was notified of the following transactions in the Company's Ordinary 25p shares undertaken by director / persons discharging managerial responsibility ('PDMRs'):
1.    Performance Share Plan Award 2021/22
As reported within the Company's 2021 Annual Report, published on 2 June 2021, the Performance Share Plan ('PSP') continues to be the Company's primary long-term incentive plan for executives. As a result, awards under the PSP have been made to the seven PDMRs of the Company.
These awards were granted as conditional shares, the vesting of which is subject to the satisfaction of certain performance conditions, as well as the continued employment of the participant. Specifically, the vesting of the award will depend on relative Total Shareholder Return (TSR), the Company's Earnings Per Share (EPS), Return on Capital Employed (ROCE) and strategic measures over a fixed three-year performance period starting on the first day of the financial year in which the award was granted.
As disclosed in the Annual Report, after careful consideration, given the continuing uncertainty of the impact of the pandemic on macroeconomic factors, target setting for the 2021 awards has been delayed until appropriately stretching but realistic goals can be set. Targets for these awards will be set and disclosed no later than 31 December 2021.
On vesting, the award is subject to an additional, mandatory two-year holding period, making a total period of five years post grant. The value of dividends accrued, in the form of dividend equivalents, will be paid at the end of the period (third anniversary) based on the number of vested shares. No consideration was paid for the grant of the award and no price is payable on the exercise of the award. For the purposes of this award, the five-day average share price immediately preceding the date of grant of GBP1.5267 was used.
2.    Restricted Share Plan
On the same day, conditional share awards were made under the Marks and Spencer Group Restricted Share Plan to the three PDMRs detailed below. The awards will vest, subject to their continued employment with the Company.
The value of dividends accrued, in the form of dividend equivalents, will be paid on the vesting date based on the number of vested shares. No consideration was paid for the grant of the award and no price is payable on the exercise of the award. For the purposes of this award, the five-day average share price immediately preceding the date of grant of GBP1.5267 was used. The Company requires members of the Executive Committee to have an equity position equivalent to 100% of salary within five years of appointment.
Conditional     Vesting date
shares granted
Stuart Machin, Chief Operating Officer       400,000       28 June 2024
----------------  --------------
Katie Bickerstaffe, Chief Operating          200,000       19 June 2023
500,000        28 June 2024
Sacha Berendji, Group Property, Store        100,000       19 June 2023
Development & IT Director
The relevant notifications set out below are provided in accordance with the requirements of Article 19 of the EU Market Abuse Regulation.
1.    Performance Share Plan
1    Details of the person discharging managerial responsibilities/person closely associated
a)   Name                                                      S Rowe
--------------------------------------------------------  -------------------------------------------------------
2    Reason for the notification
a)   Position/status                                           PDMR (Chief Executive Officer)
b)   Initial notification/Amendment                            Initial notification
3    Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
a)   Name                                                      Marks and Spencer Group plc
b)   LEI                                                       213800EJP14A79ZG1X44
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 instrument, type of          Ordinary 25p shares
instrument                                                 ISIN: GB0031274896
b)   Nature of the transaction                                 Award of conditional shares pursuant to the Marks and
Spencer Group Performance Share Plan
c)   Price(s) and volume(s)                                     Price(s)    Volume(s)
Nil-cost    1,366,509
d)   Aggregated information -   Aggregated volume              n/a (single transaction)
-   Price
e)   Date of the transaction                                   2021-06-29
f)   Place of the transaction                                  Grant of conditional shares occurred outside a trading
a)   Name                                                      E Tonge
a)   Position/status                                           PDMR (Chief Financial Officer)
Nil-cost    982,511
a)   Name                                                      S Berendji
a)   Position/status                                           PDMR (Property, Store Development & IT Director)
a)   Name                                                      P Friston
a)   Position/status                                           PDMR (International Director)
a)   Name                                                      S Machin
a)   Position/status                                           PDMR (Chief Operating Officer)
a)   Name                                                      R Price
a)   Position/status                                           PDMR (Managing Director, Clothing & Home)
a)   Name                                                      K Bickerstaffe
Spencer Group Restricted Share Plan
Nil cost    400,000
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