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