Speedy Hire PLC Director/PDMR Shareholding (4286V)
08 August 2015 - 1:00AM
UK Regulatory
TIDMSDY
RNS Number : 4286V
Speedy Hire PLC
07 August 2015
Speedy Hire Plc (the "Company")
Notification of transaction by Persons Discharging Management
Responsibilities
("PDMR")
On 6 August 2015, the Company granted an award ("Award") under
the Company's 2014 Performance Share Plan ("PSP") to the Company's
Chief Executive, Russell Down.
The Award is a right to acquire 676,328 ordinary shares of 5p
each in the Company ("Shares") for nil consideration, subject to
the rules of the PSP and to the satisfaction of the applicable
performance targets.
The Award was granted in connection with terms agreed in
relation to Mr Down's recruitment to join the Company's Board of
Directors in April 2015.
In the normal course of events, the Award will become
exercisable as from the third anniversary of the grant, subject to
the awardholder's continued service and to the extent to which the
following objective earnings per share and total shareholder return
performance conditions have been satisfied:
-- 50% of the Award will be subject to an earnings per share
('EPS') condition. 25% of this part of an Award vests for EPS of
4.0 pence with full vesting of this part of an award for EPS of 4.7
pence for the financial year ending 31 March 2018. A sliding scale
operates between these points; and
-- 50% of the Award will be subject to a total shareholder
return ('TSR') condition based on the Group's performance against
FTSE 250 companies (excluding investment trusts) as at the date of
grant and as measured over three years from grant. 25% of this part
of an Award vests if the Company's TSR is at a median of the
ranking of the TSRs of the comparator group, with full vesting of
this part of an Award for upper quartile performance. A sliding
scale operates between these points.
In addition to the above, no part of the Award subject to the
TSR conditions will vest unless the Committee is also satisfied
that the TSR performance of the Group is reflective of the Group's
underlying performance.
No consideration was payable on the grant of the Award. Once
exercisable, the Award will ordinarily be exercisable until the eve
of the 10(th) anniversary of grant for nil consideration.
In addition to the performance targets referred to above, a term
of the Award includes that Mr Down will be required to retain the
net of tax number of vested shares (if any) delivered under the
Award until the second anniversary of grant.
The above notification is intended to satisfy the Company's
obligations under Disclosure and Transparency Rule 3.1.4 R
(1)(a).
- ends -
Enquiries:
James Blair
Group Company Secretary
Speedy Hire Plc
Telephone: 01942 720000
This information is provided by RNS
The company news service from the London Stock Exchange
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