20th Jun 2019 10:00
NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR PERSONS CLOSELY ASSOCIATED WITH THEM
The information set out below is provided in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation No 596/2014.
LONG-TERM INCENTIVE PLAN TARGETS
As reported in BT's Annual Report 2019 (published on 23 May 2019), the Remuneration Committee delayed setting the 2019 Incentive Share Plan (ISP) targets to ensure they align and support the delivery of BT's strategy under our Chief Executive's stewardship. The performance measures and targets have now been set by the Remuneration Committee.
The ISP is a conditional share award. The performance measures relative to the 2019 ISP award will be based 20% on the percentage change in underlying revenue (including transit), 40% on normalised free cash flow and 40% on relative total shareholder return (TSR). These are the same performance measures and weightings that have been used in recent years, except revenue now includes transit to align with how we now report performance to investors. Performance will be measured over a three-year performance period from 1 April 2019 to 31 March 2022.
When setting the targets, the Remuneration Committee considered a number of factors including the annual budget, the medium-term plan and consensus at the time. The Remuneration Committee believes the performance ranges for free cash flow and revenue are appropriately stretching and deliver a fair and motivating incentive for executives. The targets are set to foster long-term sustainable performance without encouraging inappropriate risk-taking or discouraging investment.
The table below sets out the target ranges for the normalised free cash flow and underlying revenue growth (including transit). Vesting levels between threshold and maximum will be on a straight-line basis.
Measure 2019/20-2021/22
| Threshold | Level of vesting | Maximum | Level of vesting |
Cumulative normalised free cash flow | £5.9bn | 25% | £7.2bn | 100% |
Cumulative Percentage Change in underlying revenue (including transit) | (1.0%) | 25% | 2% | 100% |
Relative TSR will be measured in the same way as in recent years. Sky has been removed from the comparator group given its acquisition by Comcast Inc. The relative TSR comparator group for the 2019 ISP award is as follows:
TSR Comparator Group | ||
Centrica | Orange | Telecom Italia |
Deutsche Telekom | Proximus | Telefónica |
KPN | SSE | Telenor |
Liberty Global | Swisscom | Telia Company |
National Grid | TalkTalk | Vodafone |
The table below summarises the potential vesting of the TSR element of the 2019 ISP.
TSR position | Proportion vesting (of TSR part of the award)
| Proportion vesting (of overall award)
|
1-4 | 100% | 40% |
5 | 95% | 38% |
6 | 75% | 30% |
7 | 55% | 22% |
8 | 35% | 14% |
9-16 | 0% | 0% |
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||||
a)
| Name
| PHILIP JANSEN | ||||||
2
| Reason for the notification
| |||||||
a)
| Position/status
| CHIEF EXECUTIVE | ||||||
b)
| Initial notification /Amendment
| INITIAL | ||||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||||
a)
| Name
| BT GROUP PLC | ||||||
b)
| LEI
| 213800 LRO7NS5CYQMN21 | ||||||
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 instrument
Identification code
| ORDINARY SHARES IN BT GROUP PLC OF 5P EACH ISIN: GB0030913577
| ||||||
b)
| Nature of the transaction
| GRANT OF AWARD UNDER THE BT GROUP INCENTIVE SHARE PLAN (ISP) AND BT GROUP DEFERRED BONUS PLAN (DBP). | ||||||
c)
| Price(s) and volume(s)
|
| ||||||
d)
| Aggregated information
- Aggregated volume
- Price
|
2,180,380 shares
£2.07 | ||||||
e)
| Date of the transaction
| 19 JUNE 2019 | ||||||
f)
| Place of the transaction
| LONDON | ||||||
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||||
a)
| Name
| SIMON LOWTH
| ||||||
2
| Reason for the notification
| |||||||
a)
| Position/status
| CHIEF FINANCIAL OFFICER | ||||||
b)
| Initial notification /Amendment
| INITIAL | ||||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||||
a)
| Name
| BT GROUP PLC | ||||||
b)
| LEI
| 213800 LRO7NS5CYQMN21 | ||||||
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 instrument
Identification code
| ORDINARY SHARES IN BT GROUP PLC OF 5P EACH ISIN: GB0030913577
| ||||||
b)
| Nature of the transaction
| GRANT OF AWARD UNDER THE BT GROUP INCENTIVE SHARE PLAN (ISP) AND BT GROUP DEFERRED BONUS PLAN (DBP) | ||||||
c)
| Price(s) and volume(s)
|
| ||||||
d)
| Aggregated information
- Aggregated volume
- Price
|
1,398,511 shares
£2.07
| ||||||
e)
| Date of the transaction
| 19 JUNE 2019 | ||||||
f)
| Place of the transaction
| LONDON | ||||||
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||||
a)
| Name
| MARC ALLERA | ||||||
2
| Reason for the notification
| |||||||
a)
| Position/status
| CEO CONSUMER | ||||||
b)
| Initial notification /Amendment
| INITIAL | ||||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||||
a)
| Name
| BT GROUP PLC | ||||||
b)
| LEI
| 213800 LRO7NS5CYQMN21 | ||||||
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 instrument
Identification code
| ORDINARY SHARES IN BT GROUP PLC OF 5P EACH ISIN: GB0030913577
| ||||||
b)
| Nature of the transaction
| GRANT OF AWARD UNDER THE BT GROUP INCENTIVE SHARE PLAN (ISP) AND BT GROUP DEFERRED BONUS PLAN (DBP). | ||||||
c)
| Price(s) and volume(s)
|
| ||||||
d)
| Aggregated information
- Aggregated volume
- Price
|
950,549 shares
£2.07 | ||||||
e)
| Date of the transaction
| 19 JUNE 2019 | ||||||
f)
| Place of the transaction
| LONDON | ||||||
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||||
a)
| Name
| BAS BURGER | ||||||
2
| Reason for the notification
| |||||||
a)
| Position/status
| CEO GLOBAL | ||||||
b)
| Initial notification /Amendment
| INITIAL | ||||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||||
a)
| Name
| BT GROUP PLC | ||||||
b)
| LEI
| 213800 LRO7NS5CYQMN21 | ||||||
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 instrument
Identification code
| ORDINARY SHARES IN BT GROUP PLC OF 5P EACH ISIN: GB0030913577
| ||||||
b)
| Nature of the transaction
| GRANT OF AWARD UNDER THE BT GROUP INCENTIVE SHARE PLAN (ISP) AND BT GROUP DEFERRED BONUS PLAN (DBP). | ||||||
c)
| Price(s) and volume(s)
|
| ||||||
d)
| Aggregated information
- Aggregated volume
- Price
|
853,058 shares
£2.07 | ||||||
e)
| Date of the transaction
| 19 JUNE 2019 | ||||||
f)
| Place of the transaction
| LONDON | ||||||
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||||
a)
| Name
| SABINE CHALMERS | ||||||
2
| Reason for the notification
| |||||||
a)
| Position/status
| GROUP GENERAL COUNSEL | ||||||
b)
| Initial notification /Amendment
| INITIAL | ||||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||||
a)
| Name
| BT GROUP PLC | ||||||
b)
| LEI
| 213800 LRO7NS5CYQMN21 | ||||||
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 instrument
Identification code
| ORDINARY SHARES IN BT GROUP PLC OF 5P EACH ISIN: GB0030913577
| ||||||
b)
| Nature of the transaction
| GRANT OF AWARD UNDER THE BT GROUP INCENTIVE SHARE PLAN (ISP) AND BT GROUP DEFERRED BONUS PLAN (DBP). | ||||||
c)
| Price(s) and volume(s)
|
| ||||||
d)
| Aggregated information
- Aggregated volume
- Price
|
592,493 shares
£2.07 | ||||||
e)
| Date of the transaction
| 19 JUNE 2019 | ||||||
f)
| Place of the transaction
| LONDON | ||||||
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||||
a)
| Name
| GERRY McQUADE | ||||||
2
| Reason for the notification
| |||||||
a)
| Position/status
| CEO ENTERPRISE | ||||||
b)
| Initial notification /Amendment
| INITIAL | ||||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||||
a)
| Name
| BT GROUP PLC | ||||||
b)
| LEI
| 213800 LRO7NS5CYQMN21 | ||||||
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 instrument
Identification code
| ORDINARY SHARES IN BT GROUP PLC OF 5P EACH ISIN: GB0030913577
| ||||||
b)
| Nature of the transaction
| GRANT OF AWARD UNDER THE BT GROUP INCENTIVE SHARE PLAN (ISP) AND BT GROUP DEFERRED BONUS PLAN (DBP). | ||||||
c)
| Price(s) and volume(s)
|
| ||||||
d)
| Aggregated information
- Aggregated volume
- Price
|
864,045 shares
£2.07 | ||||||
e)
| Date of the transaction
| 19 JUNE 2019 | ||||||
f)
| Place of the transaction
| LONDON | ||||||
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||||
a)
| Name
| ED PETTER
| ||||||
2
| Reason for the notification
| |||||||
a)
| Position/status
| GROUP CORPORATE AFFAIRS DIRECTOR | ||||||
b)
| Initial notification /Amendment
| INITIAL | ||||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||||
a)
| Name
| BT GROUP PLC | ||||||
b)
| LEI
| 213800 LRO7NS5CYQMN21 | ||||||
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 instrument
Identification code
| ORDINARY SHARES IN BT GROUP PLC OF 5P EACH ISIN: GB0030913577
| ||||||
b)
| Nature of the transaction
| GRANT OF AWARD UNDER THE BT GROUP INCENTIVE SHARE PLAN (ISP) AND BT GROUP DEFERRED BONUS PLAN (DBP). | ||||||
c)
| Price(s) and volume(s)
|
| ||||||
d)
| Aggregated information
- Aggregated volume
- Price
|
510,811 shares
£2.07 | ||||||
e)
| Date of the transaction
| 19 JUNE 2019 | ||||||
f)
| Place of the transaction
| LONDON | ||||||
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||||
a)
| Name
| CATHRYN ROSS | ||||||
2
| Reason for the notification
| |||||||
a)
| Position/status
| GROUP DIRECTOR, REGULATORY AFFAIRS | ||||||
b)
| Initial notification /Amendment
| INITIAL | ||||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||||
a)
| Name
| BT GROUP PLC | ||||||
b)
| LEI
| 213800 LRO7NS5CYQMN21 | ||||||
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 instrument
Identification code
| ORDINARY SHARES IN BT GROUP PLC OF 5P EACH ISIN: GB0030913577
| ||||||
b)
| Nature of the transaction
| GRANT OF AWARD UNDER THE BT GROUP INCENTIVE SHARE PLAN (ISP) AND BT GROUP DEFERRED BONUS PLAN (DBP). | ||||||
c)
| Price(s) and volume(s)
|
| ||||||
d)
| Aggregated information
- Aggregated volume
- Price
|
383,710 shares
£2.07 | ||||||
e)
| Date of the transaction
| 19 JUNE 2019 | ||||||
f)
| Place of the transaction
| LONDON | ||||||
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||||
a)
| Name
| MICHAEL SHERMAN | ||||||
2
| Reason for the notification
| |||||||
a)
| Position/status
| CHIEF STRATEGY AND TRANSFORMATION OFFICER | ||||||
b)
| Initial notification /Amendment
| INITIAL | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||||
a)
| Name
| BT GROUP PLC | ||||||
b)
| LEI
| 213800 LRO7NS5CYQMN21 | ||||||
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 instrument
Identification code
| ORDINARY SHARES IN BT GROUP PLC OF 5P EACH ISIN: GB0030913577
| ||||||
b)
| Nature of the transaction
| GRANT OF AWARD UNDER THE BT GROUP INCENTIVE SHARE PLAN (ISP) AND THE BT GROUP DEFERRED BONUS PLAN (DBP). | ||||||
c)
| Price(s) and volume(s)
|
| ||||||
d)
| Aggregated information
- Aggregated volume
- Price
|
728,752 shares
£2.07
| ||||||
e)
| Date of the transaction
| 19 JUNE 2019 | ||||||
f)
| Place of the transaction
| LONDON | ||||||
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||||
a)
| Name
| HOWARD WATSON | ||||||
2
| Reason for the notification
| |||||||
a)
| Position/status
| CEO TECHNOLOGY, SERVICE & OPERATIONS | ||||||
b)
| Initial notification /Amendment
| INITIAL | ||||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||||
a)
| Name
| BT GROUP PLC | ||||||
b)
| LEI
| 213800 LRO7NS5CYQMN21 | ||||||
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 instrument
Identification code
| ORDINARY SHARES IN BT GROUP PLC OF 5P EACH ISIN: GB0030913577
| ||||||
b)
| Nature of the transaction
| GRANT OF AWARD UNDER THE BT GROUP INCENTIVE SHARE PLAN (ISP) AND BT GROUP DEFERRED BONUS PLAN (DBP). | ||||||
c)
| Price(s) and volume(s)
|
| ||||||
d)
| Aggregated information
- Aggregated volume
- Price
|
655,975 shares
£2.07
| ||||||
e)
| Date of the transaction
| 19 JUNE 2019 | ||||||
f)
| Place of the transaction
| LONDON | ||||||
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||||
a)
| Name
| ALISON WILCOX | ||||||
2
| Reason for the notification
| |||||||
a)
| Position/status
| GROUP HR DIRECTOR | ||||||
b)
| Initial notification /Amendment
| INITIAL | ||||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||||
a)
| Name
| BT GROUP PLC | ||||||
b)
| LEI
| 213800 LRO7NS5CYQMN21 | ||||||
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 instrument
Identification code
| ORDINARY SHARES IN BT GROUP PLC OF 5P EACH ISIN: GB0030913577
| ||||||
b)
| Nature of the transaction
| GRANT OF AWARD UNDER THE BT GROUP INCENTIVE SHARE PLAN (ISP) AND BT GROUP DEFERRED BONUS PLAN (DBP). | ||||||
c)
| Price(s) and volume(s)
|
| ||||||
d)
| Aggregated information
- Aggregated volume
- Price
|
670,083 shares
£2.07 | ||||||
e)
| Date of the transaction
| 19 JUNE 2019 | ||||||
f)
| Place of the transaction
| LONDON | ||||||
Enquiries
Press office: |
|
Tom Engel | Tel: 020 7356 5369 |
|
|
Investor relations: |
|
Mark Lidiard | Tel: 020 7356 4909 |