RNS Number : 0508A

Next PLC

17 January 2024

17 January 2024

NEXT plc

This announcement replaces the 'Notification of Transactions by Persons Discharging Managerial Responsibility and Persons Closely Associated with Them' announcement released on 22 September 2023 at 16:00 under RNS No: 4158N.

The form has been updated to include the award made to Marcelle Stakol over 2,180 shares. All other details remain unchanged.

Notification of Transactions by Persons Discharging Managerial Responsibility and Persons Closely Associated with Them

The following awards were granted to executive directors and a PCA on 22 September 2023 under the NEXT Long Term Incentive Plan (the "LTIP"):

                                 Maximum No. of 
 Lord Wolfson of Aspley Guise            15,194 
 Amanda James                             9,252 
 Richard Papp                             8,969 
 Jane Shields                             8,969 
 Jeremy Stakol                            8,031 
 Marcelle Stakol                          2,180 

Under the terms of each LTIP the award comprises a conditional award of shares on the following terms:

      --   the award will vest following the third anniversary of the 
            date of grant subject to performance targets and continued 
            employment in the NEXT Group; 
      --   a variable percentage of the maximum number of shares above 
            can vest, depending on the relative Total Shareholder Return 
            of NEXT over a three year period against a comparator group; 
      --   for relative performance against the comparator group the 
            percentage vesting will be: 
 Relative performance    Percentage vesting 
----------------------  ------------------- 
 Below median                            0% 
 Median                                 20% 
 Upper quintile                        100% 
      --   the Remuneration Committee has discretion to override and 
            reduce formulaic outcomes under the LTIP awards should this 
            be considered appropriate in the circumstances; 
      --   before any of the awards vest, the Committee must have regard 
            to the underlying financial performance of the Company; 
      --   to the extent that the performance condition is not met, 
            the award will lapse completely; 
      --   to the extent that awards vest, dividend equivalents will 
            be accrued; and 
      --   any vesting of these awards granted to executive directors 
            (including dividend equivalents) will be settled in shares 
            and, after payment of tax, the net shares received should 
            be retained for a period of two further years, and for operational 
            directors for a period of six further months. 

LTIP awards are made twice a year. The maximum number of shares shown above is 112.5% of each executive director's (60% of operational director's) base salary at the date of grant, divided by NEXT's average share price over the three months prior to the start of the performance period.

The following notification made under article 19.1 of the UK Market Abuse Regulation ("MAR") related to awards granted to executive directors on 22 September 2023 under the LTIP. This announcement is made in accordance with Article 19.3 of MAR.

       Details of the person discharging managerial responsibilities 
  1     ("PDMR") / person closely associated ("PCA") 
 a)    Name                         1. Lord Wolfson of Aspley Guise 
                                     2. Amanda James 
                                     3. Richard Papp 
                                     4. Jane Shields 
                                     5. Jeremy Stakol 
                                     6. Marcelle Stakol 
      ---------------------------  ------------------------------------------------------- 
       Reason for the notification 
 a)    Position/status              1. Chief Executive (PDMR) 
                                     2. Group Finance Director (PDMR) 
                                     3. Group Merchandise and Operations 
                                     Director (PDMR) 
                                     4. Group Sales, Marketing and HR Director 
                                     5. Group Investments, Acquisitions 
                                     and Third Party Brands Director (PDMR) 
                                     6. PCA of the Group Investments, Acquisitions 
                                     and Third Party Brands Director and 
                                     Operational Brand Director 
      ---------------------------  ------------------------------------------------------- 
 b)    Initial notification         Initial notification 
      ---------------------------  ------------------------------------------------------- 
       Details of the issuer, emission allowance market participant, 
  3     auction platform, auctioneer or auction monitor 
 a)    Name                         Next plc 
      ---------------------------  ------------------------------------------------------- 
 b)    LEI                          213800WQD8ECPZP9PH98 
      ---------------------------  ------------------------------------------------------- 
       Details of the transaction(s): section to be repeated for 
  4     (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           Ordinary shares of GBP0.10 each - conditional 
        financial instrument,        award 
        type of instrument 
       Identification code          GB0032089863 
 b)    Nature of the transaction         Conditional award granted of shares 
                                          under the LTIP. Maximum number of shares 
                                          as follows: 
                                          1. Lord Wolfson of Aspley Guise - 15,194 
                                          2. Amanda James - 9,252 
                                          3. Richard Papp - 8,969 
                                          4. Jane Shields - 8,969 
                                          5. Jeremy Stakol - 8,031 
                                          6. Marcelle Stakol - 2,180 
      ---------------------------  ------------------------------------------------------- 
 c)    Price(s) and volume(s) 
                                                                 Price(s)     Volume(s) 
   Lord Wolfson of Aspley 
    Guise                       Nil                                               15,194 
                               --------------------------------------------  ----------- 
   Amanda James                 Nil                                                9,252 
                               --------------------------------------------  ----------- 
   Richard Papp                 Nil                                                8,969 
                               --------------------------------------------  ----------- 
   Jane Shields                 Nil                                                8,969 
                               --------------------------------------------  ----------- 
   Jeremy Stakol                Nil                                                8,031 
                               --------------------------------------------  ----------- 
   Marcelle Stakol              Nil                                                2,180 
                               --------------------------------------------  ----------- 
 d)    Aggregated information 
  - Aggregated volume          n/a single transactions 
  - Price 
 e)    Date of the transaction      22 September 2023 
 f)    Place of the transaction     Outside a trading venue 
      ---------------------------  ------------------------------------------------------- 

Ian Blackwell

Company Secretary

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(END) Dow Jones Newswires

January 17, 2024 10:48 ET (15:48 GMT)

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