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REDDE PLC - Performance share plan grant of awards

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By PR Newswire

PR Newswire

8 September 2017

Redde plc
 (“Company”)

Grant of Awards under the 2016 Performance Share Plan
 

On 8 September 2017, the Remuneration Committee made awards of nil-paid options over ordinary shares of 0.1 pence each in the capital of the Company under the 2016 Performance Share Plan to the following executive directors:

Name of Director No. of Award Shares  Structure of Award Exercise Price
Martin Ward 228,287 Nominal Cost Option Award 0.1 pence
Stephen Oakley 153,470 Nominal Cost Option Award 0.1 pence


The above awards are subject to vesting criteria relating to the achievement of earnings per share (“EPS”) and total shareholder return (“TSR”) targets over a three financial year performance period. These awards will normally become exercisable as nominal cost options subject to continued employment and to the extent the TSR and EPS targets are achieved over the three financial year performance period. 

Up to one half of these awards will vest in full if the Company achieves a basic adjusted EPS of 14.64 pence in the financial year ended 30 June 2020 with a straight-line reduction to NIL if EPS is below 12.95 pence. Up to one half of these awards will vest in full if the Company’s TSR performance over the same period at least equals the upper quartile of the AIM 100 index with a straight line reduction to NIL if performance is below the median. 

Once vested, the awards shall ordinarily remain exercisable until the tenth anniversary of the grant of the awards. No consideration was paid for the grant of the awards but the nominal cost (option price) is due on the exercise of the awards.  

The notifications below, made in accordance with the requirements of the Market Abuse Regulation, provide further detail.



Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

1 Details  of  the  person  discharging  managerial  responsibilities  /  person  closely associated
a) Name Martin Ward
2 Reason for the notification
a) Position/status Director
b) Initial notification/Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Name Redde plc
b) LEI 21380063LFNLZM7AYT28
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
Options over ordinary shares of 0.1 pence each



GB00BLWFOR63
b) Nature of the transaction Grant of PSP options
c) Price(s) and volume(s)
Price(s) Volume(s)
- 228,287
d) Aggregated information N/A


-Aggregated volume
 
e) Date of the transaction 8 September 2017
f) Place of the transaction Outside of trading venue

   

1 Details  of  the  person  discharging  managerial  responsibilities  /  person  closely associated
a) Name Stephen Oakley
2 Reason for the notification
a) Position/status Director
b) Initial notification/Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Name Redde plc
b) LEI 21380063LFNLZM7AYT28
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
Options over ordinary shares of 0.1 pence each



GB00BLWFOR63
b) Nature of the transaction Grant of PSP options
c) Price(s) and volume(s)
Price(s) Volume(s)
- 153,470
d) Aggregated information N/A


-Aggregated volume
 
e) Date of the transaction 8 September 2017
f) Place of the transaction Outside of trading venue

For further information contact:

Redde plc                                                                     01225 321134
Martin Ward, Chief Executive Officer
Stephen Oakley, Chief Financial Officer

Cenkos Securities plc (Nominated Adviser and Joint Broker)          0207 397 8900
Elizabeth Bowman

N+1 Singer Capital Markets Limited (Joint Broker)                      0207 496 3000
Mark Taylor

Square1 Consulting                                                                      0207 929 5599
David Bick

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