Dr. Martens plc (the 'Company')
Director/PDMR Shareholding
Notification of Transactions by Directors/Persons Discharging Managerial Responsibility
The Company announces that on 14 June 2024 the following directors / persons discharging managerial responsibility ('PDMR') were granted Performance Share Awards (the 'Awards') under the Company's Long Term Incentive Plan (the 'LTIP').
| PDMR | Number of Shares |
| Kenny Wilson | 2,186,147 |
| Giles Wilson | 1,441,736 |
The Awards will vest subject to the achievement of earnings per share ('EPS') (50% weighting), relative total shareholder return ('TSR') (25% weighting), and operating cash flow conversion (25% weighting) targets over three years and, on vesting, will be subject to a further two-year holding period. In recognition of the lower share price since the last grant, the grant percentage has been scaled back from the normal policy level of 300% to 250% of base salary.
No consideration was paid for the grant of the Award and no price is payable on the exercise of the Award.
The basis of the TSR measure and the target range for the EPS measure are both unchanged from FY24. The TSR performance measure will be based on relative performance against the companies within the FTSE 350 Index (excluding Investment Trusts). The target range for the three-year EPS CAGR is 3% to 11%, against the base year of FY24, which the Committee views as suitably stretching. The operating cash flow conversion target is calculated as operating cash flow (EBITDA less change in net working capital, share-based payment expense and capital expenditure) divided by EBITDA, based on the average of the annual operating cash flow over the three-year performance period with a target range of 60% to 90%, representing a material improvement over the three-year performance period compared to the FY24 equivalent.
Full details of the target ranges will be set out in the Directors' Remuneration Report contained within the 2025 Annual Report & Accounts.
The relevant notifications set out below are provided in accordance with the requirements of Article 19 of the UK Market Abuse Regulation.
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||
| a) | Name | Kenny Wilson | ||||||
| 2 | Reason for the notification | |||||||
| a) | Position/status | PDMR (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 | Dr. Martens plc | ||||||
| b) | LEI | 213800QPT8YM6NQZPH28 | ||||||
| 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 GBP 0.01
| ||||||
| b) | Nature of the transaction | Grant of performance share award under the Dr. Martens Long Term Incentive Plan | ||||||
| c) | Price(s) and volume(s) |
| ||||||
| d) | Aggregated information
|
2,186,147 Nil | ||||||
| e) | Date of the transaction | 14 June 2024 | ||||||
| f) | Place of the transaction | Outside of a trading venue | ||||||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||
| a) | Name | Giles Wilson | ||||||
| 2 | Reason for the notification | |||||||
| a) | Position/status | PDMR (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 | Dr. Martens plc | ||||||
| b) | LEI | 213800QPT8YM6NQZPH28 | ||||||
| 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 GBP 0.01
| ||||||
| b) | Nature of the transaction | Grant of performance share award under the Dr. Martens Long Term Incentive Plan | ||||||
| c) | Price(s) and volume(s) |
| ||||||
| d) | Aggregated information
|
1,441,736 Nil | ||||||
| e) | Date of the transaction | 14 June 2024 | ||||||
| f) | Place of the transaction | Outside of a trading venue | ||||||
For further information, please contact:
Paul Rolling, Assistant Company Secretary
+447584243562
Bethany Barnes, Director of Investor Relations
+447825187465
ENDS
About Dr. Martens
Dr. Martens is an iconic British brand founded in 1960 in Northamptonshire. Produced originally for workers looking for tough, durable boots, the brand was quickly adopted by diverse youth subcultures and associated musical movements. Dr. Martens has since transcended its working-class roots while still celebrating its proud heritage and, six decades later, "Docs" or "DM's" are worn by people around the world who use them as a symbol of empowerment and their own individual attitude. The Company is a constituent of the FTSE 250 index.
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