8th Sep 2017 15:28
REDDE PLC - Performance share plan grant of awardsREDDE PLC - Performance share plan grant of awards
PR Newswire
London, September 8
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) |
| ||||
| 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) |
| ||||
| 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 321134Martin Ward, Chief Executive OfficerStephen Oakley, Chief Financial Officer
Cenkos Securities plc (Nominated Adviser and Joint Broker) 0207 397 8900Elizabeth Bowman
N+1 Singer Capital Markets Limited (Joint Broker) 0207 496 3000Mark Taylor
Square1 Consulting 0207 929 5599David Bick
Related Shares:
REDD.L