26th Feb 2025 07:01
26 February 2025
Angling Direct plc
("Angling Direct" or the "Company" or the "Group")
Value Creation Awards under new LTIP
Grant of Awards and PDMR Dealings
Angling Direct plc (AIM: ANG), the leading omni-channel specialist fishing tackle and equipment retailer, today announces the grant of Value Creation Awards (together the "Awards" and each an "Award") under the new Angling Direct plc Long Term Incentive Plan (the "LTIP").
Since the appointment of Steve Crowe as an Executive Director in January 2020, Angling Direct has delivered significant profitable growth, with revenues having progressed from £53.2m in FY20 to an expected £91.3m in FY25, as announced in the Company's trading update issued earlier today. This represents a compound annual growth rate of 11.4%. Sam Copeman has also contributed to this growth since joining as an Executive Director in July 2023, with revenue up 11.9% to FY25E.
Given the growth in the Group's revenue and profits, the Remuneration Committee believes an evolution of the Company's existing remuneration arrangements is appropriate to ensure the continued incentivisation, retention and motivation of the Executive team, in line with the Company's medium-term objectives published in May 2024.
Key terms of the Awards
Size of Awards
The Awards are one-off nominal cost options awards over ordinary shares of 1 pence in the Company ("Ordinary Shares") as follows:
· An Award over 1,500,000 Ordinary Shares to Steve Crowe, Chief Executive Officer; and
· An Award over 1,000,000 Ordinary Shares to Sam Copeman, Chief Financial Officer.
Performance Criteria
The Awards are subject to the following performance criteria:
Related Parts of each Award | Associated Performance Periods and Targets | Vesting Date
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One third of each Award | 3 years from 31 January 2024 to 31 January 2027 Two thirds vest based on TSR (6% p.a. to 15% p.a.) One third vests on adjusted EPS (4% p.a. to 15% p.a.)
| Announcement of final results for financial year ending 31 January 2028 |
One third of each Award | 3 years from 31 January 2025 to 31 January 2028 Two thirds vest based on TSR (6% p.a. to 15% p.a.) One third vests on adjusted EPS (4% p.a. to 15% p.a.)
| Announcement of final results for financial year ending 31 January 2028 |
One third of each Award | 4 years from 31 January 2025 to 31 January 2029 Two thirds vest based on TSR (6% p.a. to 15% p.a.) One third vests on adjusted EPS (4% p.a. to 15% p.a.)
| Announcement of final results for financial year ending 31 January 2029 |
The terms of the Awards, which were consulted on with certain of the Company's major shareholders, reward management for the Company's robust performance in FY25, whilst they do not time vest until at least summer 2028.
The underlying distinct Parts of the Awards will ordinarily time vest and become exercisable on their associated Vesting Date subject to the grantee's continued employment within the Company's Group through to such associated Vesting Date and to the extent to which the applicable performance conditions are met.
The rules of the new LTIP have been developed with regard to latest best practice expectations, including malus and clawback provisions and market standard good and bad leaver provisions.
The Awards will augment the Group's existing senior executive share incentive plan. Further details of the existing senior executive share incentive plan and Value Creation Awards under the new LTIP will be set out in the Company's annual report & accounts.
The Awards represent 3.3% of the Company's current issued share capital with voting rights. Total Ordinary Shares under option (including the Awards) represent 4.0% of the Company's current issued share capital with voting rights.
Further information on the Awards can be found in the PDMR tables at the foot of this announcement.
Andy Torrance, Angling Direct Chair said:
"On behalf of the Board, I am delighted to be issuing these Value Creation Awards under the new LTIP. The Awards set robust targets for the executive team, which would see value created for all shareholders, as Steve and Sam continue to execute on the Company's medium-term objectives. The Awards also recognise the strong growth in the business achieved since Steve joined Angling Direct in January 2020 and Sam's contribution since he joined in June 2023 and I look forward to continue working closely with both in the future."
For further information please contact:
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About Angling Direct
Angling Direct is the leading omni-channel specialist fishing tackle retailer in the UK, with an established and growing presence in Europe. Headquartered in Norfolk UK, the Company sells fishing tackle products and related equipment through its network of approximately 50 UK retail stores, as well as through its leading digital platform (www.anglingdirect.co.uk) and the MyAD Fishing Club app. The Company has three further native language websites in its key European territories (www.anglingdirect.de, .fr, .nl), with orders fulfilled by its international distribution centre in The Netherlands.
Angling Direct's purpose is to inspire everyone to get out and enjoy an exceptional fishing experience, regardless of background or ability, in the great outdoors. Angling Direct's active digital channels and its 450 colleagues contribute to the Company's ethos of care for the wider community and the environment (www.anglingdirect.co.uk/sustainability). Angling Direct currently sells over 25,000 fishing tackle products from industry leading brands alongside its own brands 'Advanta', and entry level offering 'Discover'.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Steven Crowe | ||||
2 | Reason for the notification | |||||
a) | Position/status | 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 | Angling Direct plc | ||||
b) | LEI | 213800MZ7P7HZIRI7H93 | ||||
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 of 1 pence each
GB00BF1XGQ00 | ||||
b) | Nature of the transaction | Award under the Company's new Long Term Incentive Plan. The Award comprises three equal distinct parts (each a nominal cost option) each with an associated normal vesting date. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
N/A - Single transaction
| ||||
e) | Date of the transaction | 25 February 2025 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
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| |||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Sam Copeman | ||||
2 | Reason for the notification | |||||
a) | Position/status | Chief Financial Officer | ||||
b)
| Initial notification /Amendment | Initial Notification | ||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Angling Direct plc | ||||
b) | LEI | 213800MZ7P7HZIRI7H93 | ||||
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 of 1 pence each
GB00BF1XGQ00 | ||||
b) | Nature of the transaction | Award under the Company's new Long Term Incentive Plan. The Award comprises three equal distinct parts (each a nominal cost option) each with an associated normal vesting date. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
N/A - Single transaction
| ||||
e) | Date of the transaction | 25 February 2025 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
Related Shares:
Angling Direct