6th Sep 2018 15:30
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 Awards under the PSP* | Number of Unconditional Awards under the PSP** |
Fiona Eastwood | Managing Director - Resort Theme 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 to 2020) | Adjusted EPS growth | % of EPS part vesting |
Below threshold | < 3% p.a. growth | 0% |
Threshold | 3% p.a. growth | 20% |
Between threshold and maximum | 3% - 10% p.a. growth | 20% to 100% on sliding scale |
Maximum | 10 % p.a. growth | 100% |
ROCE performance condition (40% of each award) | ||
(average of 2018, 2019 and 2020) | Average ROCE | % of ROCE part vesting |
Below threshold | < 8% | 0% |
Threshold | 8% | 25% |
Between threshold and maximum | 8% - 10% | 25% to 100% on sliding 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
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a) | Name | Fiona Eastwood
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2 | Reason for the notification
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a) | Position/status | Managing Director - Resort Theme Parks
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b) | Initial Notification / Amendment | Initial Notification
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3 | Details of the issuer | |||||||
a) | Name | Merlin Entertainments plc
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b) | LEI | 549300ZTI0VEFO6WV007
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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 | Performance Share Plan Award over Ordinary shares of 1 pence each
GB00BDZT6P94
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b) | Nature of the transaction | Grant of Performance Share Plan Awards
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c) | Price(s) and volumes |
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d) | Aggregated information - Aggregated volume - Price |
n/a
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e) | Date of the transaction | 3 Sep 2018
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f) | Place of the transaction | Outside a trading venue
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g) | Additional Information | none
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Related Shares:
Merlin Entertainments