MERLIN ENTERTAINMENTS Notification of Transactions of
Persons Discharging Managerial Responsibility (PDMRs)
Grant of Awards to PDMRs under the Company's Performance Share Plan
The Company announces that on 11 April 2018 the following Executive Directors and other PDMRs, as set out against their names in the tables below, were granted awards over 1 pence ordinary shares in the capital of the Company under the Company's relevant Performance Share Plan (PSP).
| TABLE 1 - AWARD OF PSP SHARES | ||
Name | Position | Number of Shares under PSP Awards |
Nick Varney | Chief Executive Officer | 438,819 |
Anne-Francoise Nesmes | Chief Financial Officer | 287,706 |
Mark Allsop | Chief Digital Marketing and Information Officer | 75,569 |
Natalie Bickford | Group HR Director | 78,042 |
Mark Fisher | Chief Development Officer | 86,378 |
John Jakobsen | Chief New Openings Officer | 86,378 |
Matt Jowett | General Counsel and Company Secretary | 78,042 |
Nick Mackenzie | Managing Director - Midway Operating Group | 86,378 |
Fraser Montgomery | Group Commercial Director | 64,314 |
Hans Aksel Pedersen | Managing Director - LEGOLAND Parks | 79,817 |
Justin Platt | Managing Director - Resort Theme Parks | 75,569 |
As detailed in the 2017 Directors' Remuneration Report, awards have now been granted to the Executive Directors at up to 250% of salary, with both Mr Varney and Ms Nesmes receiving awards at the level of 250% of salary.
The award to Ms Nesmes reflects an increase of 25% of salary on the award she received in 2017. This is to reflect the breadth of her role which also includes responsibility for implementing the Company's commercial agenda. The Committee is comfortable enhancing her award on the basis that the additional award is subject to targets directly relating to targeted improvements in the Company's commercial operations.
As a result of the above, the performance targets that apply to all positions named above other than Ms Nesmes relate 80% to the financial targets set out below with 20% relating to the strategic targets detailed below. For Ms Nesmes, 80% of her award relates to the financial targets set out below with 10% relating to the strategic targets and 10% relating to the commercial targets. The range of financial targets detailed below were included in the 2017 Directors' Remuneration Report along with a summary of the strategic targets. The summary of the commercial targets was not included in the 2017 Directors' Remuneration Report as they had not been confirmed at the time of preparing the document.
The performance conditions that apply to the awards are 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 thresholdand maximum | 3% - 10% p.a. growth | 20% to100% onsliding 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 thresholdand maximum | 8% - 10% | 25% to100% onsliding 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 forLEGOLAND New York and the capital expenditure associated with its development). It is expected thatLEGOLAND 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 and Commercial targets (20% of each award) | |
Measure (assessed from 2018 to 2020) | |
Productivity (strategic) | Thetargetsmeasurethe benefits ofbusiness simplification projectsand efficiencyimprovementsfrominvestments insystems andprocesses. |
| Newbusiness development(strategic) | The targets include thedeliveryof newattractionsand their subsequentperformance. This will include newmidwayattractions,new accommodation and new LEGOLAND Parks. |
Customer satisfaction (strategic) | Customersare at the heartofourbusinessandthetargetsare structuredmeasuring performance based onexternal surveydata. |
Groupcommercialactivities(commercial) | Wehaveset targets relatingtoimproving performance inour commercialactivities (includingretail, food &beverages, photos,gamesandprocurement). Thetargetsincorporate both mediumto long-term concept/range developmentandimproving grossprofit margins. Thistargetisspecific to the Chief Financial Officer giventhebreadthof her responsibilities (see below). |
Each of the Strategic and Commercial Targets set out in the table above will be independently assessed at the end of the performance period.
The specific strategic and commercial 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).
In addition, the Company announces that on 11 April 2018 the following PDMRs, as set out against their names in the tables below, were granted Restricted Share Awards over 1 pence ordinary shares in the capital of the Company under the Company's PSP. These awards are not subject to performance conditions and will ordinarily vest on the third anniversary of grant, subject to continued employment.
TABLE 2 - RESTRICTED SHARE AWARDS | ||
Name | Position | Number of Shares under Restricted Share Awards |
Mark Allsop | Chief Digital Marketing and Information Officer | 13,739 |
Natalie Bickford | Group HR Director | 71,792 |
Mark Fisher | Chief Development Officer | 15,705 |
John Jakobsen | Chief New Openings Officer | 15,705 |
Matt Jowett | General Counsel and Company Secretary | 71,792 |
Nick Mackenzie | Managing Director - Midway Operating Group | 15,705 |
Fraser Montgomery | Group Commercial Director | 11,693 |
Hans Aksel Pedersen | Managing Director - LEGOLAND Parks | 14,512 |
Justin Platt | Managing Director - Resort Theme Parks | 13,739 |
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
13 April 2018
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Nick Varney | ||||
2 | Reason for the notification | |||||
a) | Position/status | Chief Executive Officer | ||||
b) | Initial Notification / Amendment | Initial Notification | ||||
3 | Details of the issuer | |||||
a) | Name | Merlin Entertainments plc | ||||
b) | LEI | 549300ZTI0VEFO6WV007 | ||||
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 | ||||
b) | Nature of the transaction | Grant of Performance Share Plan Awards | ||||
c) | Price(s) and volumes |
| ||||
d) | Aggregated information - Aggregated volume - Price | n/a | ||||
e) | Date of the transaction | 11 April 2018 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
g) | Additional Information | none | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Anne-Francoise Nesmes | ||||
2 | Reason for the notification | |||||
a) | Position/status | Chief Financial Officer | ||||
b) | Initial Notification / Amendment | Initial Notification | ||||
3 | Details of the issuer | |||||
a) | Name | Merlin Entertainments plc | ||||
b) | LEI | 549300ZTI0VEFO6WV007 | ||||
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 | ||||
b) | Nature of the transaction | Grant of Performance Share Plan Awards | ||||
c) | Price(s) and volumes |
| ||||
d) | Aggregated information - Aggregated volume - Price | n/a | ||||
e) | Date of the transaction | 11 April 2018 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
g) | Additional Information | none | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Mark Allsop | ||||
2 | Reason for the notification | |||||
a) | Position/status | Chief Digital Marketing and Information Officer | ||||
b) | Initial Notification / Amendment | Initial Notification | ||||
3 | Details of the issuer | |||||
a) | Name | Merlin Entertainments plc | ||||
b) | LEI | 549300ZTI0VEFO6WV007 | ||||
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 | ||||
b) | Nature of the transaction | Grant of Performance Share Plan Awards | ||||
c) | Price(s) and volumes |
| ||||
d) | Aggregated information - Aggregated volume - Price | n/a | ||||
e) | Date of the transaction | 11 April 2018 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
g) | Additional Information | none | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Natalie Bickford | ||||
2 | Reason for the notification | |||||
a) | Position/status | Group HR Director | ||||
b) | Initial Notification / Amendment | Initial Notification | ||||
3 | Details of the issuer | |||||
a) | Name | Merlin Entertainments plc | ||||
b) | LEI | 549300ZTI0VEFO6WV007 | ||||
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 | ||||
b) | Nature of the transaction | Grant of Performance Share Plan Awards | ||||
c) | Price(s) and volumes |
| ||||
d) | Aggregated information - Aggregated volume - Price | n/a | ||||
e) | Date of the transaction | 11 April 2018 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
g) | Additional Information | none | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Mark Fisher | ||||
2 | Reason for the notification | |||||
a) | Position/status | Chief Development Officer | ||||
b) | Initial Notification / Amendment | Initial Notification | ||||
3 | Details of the issuer | |||||
a) | Name | Merlin Entertainments plc | ||||
b) | LEI | 549300ZTI0VEFO6WV007 | ||||
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 | ||||
b) | Nature of the transaction | Grant of Performance Share Plan Awards | ||||
c) | Price(s) and volumes |
| ||||
d) | Aggregated information - Aggregated volume - Price | n/a | ||||
e) | Date of the transaction | 11 April 2018 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
g) | Additional Information | none | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | John Jakobsen | ||||
2 | Reason for the notification | |||||
a) | Position/status | Chief New Openings Officer | ||||
b) | Initial Notification / Amendment | Initial Notification | ||||
3 | Details of the issuer | |||||
a) | Name | Merlin Entertainments plc | ||||
b) | LEI | 549300ZTI0VEFO6WV007 | ||||
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 | ||||
b) | Nature of the transaction | Grant of Performance Share Plan Awards | ||||
c) | Price(s) and volumes |
| ||||
d) | Aggregated information - Aggregated volume - Price | n/a | ||||
e) | Date of the transaction | 11 April 2018 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
g) | Additional Information | none | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Matt Jowett | ||||
2 | Reason for the notification | |||||
a) | Position/status | General Counsel and Company Secretary | ||||
b) | Initial Notification / Amendment | Initial Notification | ||||
3 | Details of the issuer | |||||
a) | Name | Merlin Entertainments plc | ||||
b) | LEI | 549300ZTI0VEFO6WV007 | ||||
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 | ||||
b) | Nature of the transaction | Grant of Performance Share Plan Awards | ||||
c) | Price(s) and volumes |
| ||||
d) | Aggregated information - Aggregated volume - Price | n/a | ||||
e) | Date of the transaction | 11 April 2018 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
g) | Additional Information | none | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Nick Mackenzie | ||||
2 | Reason for the notification | |||||
a) | Position/status | Managing Director - Midway Operating Group | ||||
b) | Initial Notification / Amendment | Initial Notification | ||||
3 | Details of the issuer | |||||
a) | Name | Merlin Entertainments plc | ||||
b) | LEI | 549300ZTI0VEFO6WV007 | ||||
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 | ||||
b) | Nature of the transaction | Grant of Performance Share Plan Awards | ||||
c) | Price(s) and volumes |
| ||||
d) | Aggregated information - Aggregated volume - Price | n/a | ||||
e) | Date of the transaction | 11 April 2018 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
g) | Additional Information | none | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Fraser Montgomery | ||||
2 | Reason for the notification | |||||
a) | Position/status | Group Commercial Director | ||||
b) | Initial Notification / Amendment | Initial Notification | ||||
3 | Details of the issuer | |||||
a) | Name | Merlin Entertainments plc | ||||
b) | LEI | 549300ZTI0VEFO6WV007 | ||||
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 | ||||
b) | Nature of the transaction | Grant of Performance Share Plan Awards | ||||
c) | Price(s) and volumes |
| ||||
d) | Aggregated information - Aggregated volume - Price | n/a | ||||
e) | Date of the transaction | 11 April 2018 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
g) | Additional Information | none | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Hans Askel Pedersen | ||||
2 | Reason for the notification | |||||
a) | Position/status | Managing Director - LEGOLAND Parks | ||||
b) | Initial Notification / Amendment | Initial Notification | ||||
3 | Details of the issuer | |||||
a) | Name | Merlin Entertainments plc | ||||
b) | LEI | 549300ZTI0VEFO6WV007 | ||||
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 | ||||
b) | Nature of the transaction | Grant of Performance Share Plan Awards | ||||
c) | Price(s) and volumes |
| ||||
d) | Aggregated information - Aggregated volume - Price | n/a | ||||
e) | Date of the transaction | 11 April 2018 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
g) | Additional Information | none | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Justin Platt | ||||
2 | Reason for the notification | |||||
a) | Position/status | Managing Director - Resort Theme Parks | ||||
b) | Initial Notification / Amendment | Initial Notification | ||||
3 | Details of the issuer | |||||
a) | Name | Merlin Entertainments plc | ||||
b) | LEI | 549300ZTI0VEFO6WV007 | ||||
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 | ||||
b) | Nature of the transaction | Grant of Performance Share Plan Awards | ||||
c) | Price(s) and volumes |
| ||||
d) | Aggregated information - Aggregated volume - Price | n/a | ||||
e) | Date of the transaction | 11 April 2018 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
g) | Additional Information | none | ||||
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Disclaimer
Merlin Entertainments plc published this content on 13 April 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 13 April 2018 11:41:10 UTC
