Performance Share Plan and Grant of Awards

REDDE PLC - Performance Share Plan and Grant of Awards

PR Newswire

London, February 29

29 February 2016

Redde plc

(“Redde” or the “Company”)

Performance Share Plan and Grant of Awards

The board of Redde announces that it has adopted a new performance share plan (“2016 Performance Share Plan”) to incentivise key management and the executive directors to deliver the strategic goals of the business and which replaces the 2013 Executive Option scheme which is now closed. The total dilution under the 2016 Performance Share Plan and all other incentive schemes (excluding the Company’s B Shares in issue) will not exceed 10% of the issued share capital in any ten year period. 

Grants under the 2016 Performance Share Plan will have standard good and bad leaver provisions and will be 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. TSR will be measured against the AIM 100 index. Grants are expected to be made annually and approved by the Company’s Remuneration Committee.

On 26 February 2016 the Remuneration Committee made Awards in relation to ordinary shares of 0.1 pence each in the Company under the 2016 Performance Share Plan to the following executive directors:

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 10.92 pence in the financial year ended 30 June 2018 with a straight-line reduction to NIL if EPS is below 9.66 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 median performance. 

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.

For further information contact:

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

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

N+1 Singer Capital Markets Limited (Joint Broker) 0207 496 3000Nic Hellyer

Square1 Consulting 0207 929 5599David BickBrian Alexander