Director/PDMR Shareholding

RNS Number : 6733F

Next PLC

28 April 2011

 



Next plc

Notification of Transactions of Directors/Persons Discharging Managerial Responsibility

The following awards were granted to Directors on 28 April 2011 under the Next 2011 Share Matching Plan:

                                                            Maximum No. of Shares

Simon Wolfson	67,098
Christos Angelides	48,690
David Keens	44,796
Andrew Varley	33,306

The Directors, along with other senior executives, have invested part or all of the cash element of their discretionary 2010/11 annual bonus in Next plc ordinary shares ("Investment Shares"), and the Company has granted awards up to a maximum of 200% of the pre-tax amount used to buy these Investment Shares.

Awards normally vest 3 years after grant, provided the Investment Shares have been retained by the participant, they are still employed in the Next Group and the performance condition set by the Remuneration Committee has been satisfied. For these awards the performance condition will require the attainment of earnings per share ("EPS") targets for the year ending January 2014: 25% of awards will vest if EPS reaches 231.3p with 100% vesting if EPS reaches 258.1p. Between these EPS levels, straight line vesting will apply. For this purpose, EPS will be the Company's post-tax fully diluted EPS, although the Remuneration Committee may adjust this EPS measure for exceptional items. To the extent that the performance condition is not met, the award will lapse.

This notification is provided in accordance with DTR3.1.4R(1).

Mr A J R McKinlay

Company Secretary

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