GRAINGER PLC
("GRAINGER" OR THE "COMPANY")
NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS
GRANT OF OPTIONS UNDER THE GRAINGER PLC 2017 LONG TERM INCENTIVE PLAN
The Company announces that it has made the following grants of nil cost share options ("Options") over ordinary shares of 5p each in the capital of the Company ("Shares") pursuant to the 2017 Long Term Incentive Plan ("LTIP") on 11 December 2023.
Grant of Options
On 11 December 2023, Grainger granted Options over a total of 929,064 Shares to its Executive Directors and Persons Discharging Managerial Responsibilities ("PDMRs") of the Company (as specified in the table below).
| Director/ PDMR | Position | No. of shares under Option |
| Helen Gordon | Chief Executive Officer (Director) | 423,954 |
| Rob Hudson | Chief Financial Officer (Director) | 292,183 |
| Michael Keaveney | Director of Land and Development (PDMR) | 114,068 |
| Eliza Pattinson | Director of Operations and Asset Management (PDMR) | 98,859 |
Options will generally vest and become exercisable three years from the date of grant, subject to continued employment. Vesting of the Options is subject to performance conditions relating to the following measures:
- (30%) Total property income return measured as annual average like for like rental growth;
- (30%) Relative Total Shareholder Return (versus a bespoke group of real estate peers);
- (30%) Secured PRS Investment; and
- (10%) Reduction in operational and embodied carbon emissions.
The performance conditions are each measured across the 2024, 2025 and 2026 financial years.
The Secured PRS Investment target range assumes funding solely from our ongoing asset recycling programme, operational cash flow generation and with LTV in mind. To the extent that funding is arranged from other sources or actual disposals vary against plan, the Committee may exclude investments and/or adjust the target range to ensure that targets remain at least as stretching as the original ones.
Further details of the performance conditions are set out in the 2023 Annual Report on page 110.
A holding period of two years from date of vesting is also applicable to the Options granted to the Executive Directors.
The notification below, made in accordance with the requirements of the UK Market Abuse Regulation, provides further detail.
| 1 | Details of the person discharging managerial responsibilities/person closely associated | ||
| a) | Name | Helen Gordon | |
| 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
| Grainger plc | |
| b)
| LEI
| 2138007CEIRKZMNI2979 | |
| 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
| Ordinary Shares of £0.05 each
| |
| b)
| Identification code
| ISIN: GB00B04V1276 | |
| c)
| Nature of the transaction
| Grant of a nil cost Option over Ordinary Shares pursuant to the Grainger plc 2017 Long Term Incentive Plan | |
| d)
| Price(s) and volume(s)
| Price(s)
| Volume(s) |
| 1. £nil
| 1. 423,954
| ||
| e)
| Aggregated information
- Aggregated volume
- Price
|
N/A
| |
| f)
| Date of the transaction
| 11 December 2023 | |
| g)
| Place of the transaction
| Outside a trading venue | |
| 1 | Details of the person discharging managerial responsibilities/person closely associated | ||
| a) | Name | Rob Hudson | |
| 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
| Grainger plc | |
| b)
| LEI
| 2138007CEIRKZMNI2979 | |
| 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
| Ordinary Shares of £0.05 each
| |
| b)
| Identification code
| ISIN: GB00B04V1276 | |
| c)
| Nature of the transaction
| Grant of a nil cost Option over Ordinary Shares pursuant to the Grainger plc 2017 Long Term Incentive Plan | |
| d)
| Price(s) and volume(s)
| Price(s)
| Volume(s) |
| 1. £nil
| 1. 292,183
| ||
| e)
| Aggregated information
- Aggregated volume
- Price
|
N/A
| |
| f)
| Date of the transaction
| 11 December 2023 | |
| g)
| Place of the transaction
| Outside a trading venue | |
| 1 | Details of the person discharging managerial responsibilities/person closely associated | ||
| a) | Name | Michael Keaveney | |
| 2 | Reason for the notification | ||
| a) | Position/status
| Director of Land and Development (PDMR) | |
| b) | Initial notification /Amendment
| Initial notification | |
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
| a)
| Name
| Grainger plc | |
| b)
| LEI
| 2138007CEIRKZMNI2979 | |
| 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
| Ordinary Shares of £0.05 each
| |
| b)
| Identification code
| ISIN: GB00B04V1276 | |
| c)
| Nature of the transaction
| Grant of a nil cost Option over Ordinary Shares pursuant to the Grainger plc 2017 Long Term Incentive Plan | |
| d)
| Price(s) and volume(s)
| Price(s)
| Volume(s) |
| 1. £nil
| 1. 114,068
| ||
| e)
| Aggregated information
- Aggregated volume
- Price
|
N/A
| |
| f)
| Date of the transaction
| 11 December 2023 | |
| g)
| Place of the transaction
| Outside a trading venue | |
| 1 | Details of the person discharging managerial responsibilities/person closely associated | ||
| a) | Name | Eliza Pattinson | |
| 2 | Reason for the notification | ||
| a) | Position/status
| Director of Operations and Asset Management (PDMR)
| |
| b) | Initial notification /Amendment
| Initial notification | |
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
| a)
| Name
| Grainger plc | |
| b)
| LEI
| 2138007CEIRKZMNI2979 | |
| 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
| Ordinary Shares of £0.05 each
| |
| b)
| Identification code
| ISIN: GB00B04V1276 | |
| c)
| Nature of the transaction
| Grant of a nil cost Option over Ordinary Shares pursuant to the Grainger plc 2017 Long Term Incentive Plan | |
| d)
| Price(s) and volume(s)
| Price(s)
| Volume(s) |
| 1. £nil
| 1. 98,859
| ||
| e)
| Aggregated information
- Aggregated volume
- Price
|
N/A
| |
| f)
| Date of the transaction
| 11 December 2023 | |
| g)
| Place of the transaction
| Outside a trading venue | |
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