Speedy Hire PLC Director/PDMR Shareholding (8342H)
12 June 2017 - 10:48PM
UK Regulatory
TIDMSDY
RNS Number : 8342H
Speedy Hire PLC
12 June 2017
Speedy Hire Plc (the "Company")
Notification of transactions by Persons Discharging Managerial
Responsibilities
("PDMR")
The Company announces the following transactions by PDMRs in the
Company's ordinary 5p shares ("Shares").
2017 PSP Awards
On 12 June 2017, awards (the "PSP Awards") were made under the
Company's 2014 Performance Share Plan ("PSP"). The PSP Awards are
rights to acquire Shares for nil consideration, subject to the
rules of the PSP and to the satisfaction of the applicable
performance targets.
No consideration was payable on the grant of the PSP Awards. In
the normal course of events, the PSP Awards 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 (measured over a single period comprising
three financial years of the Company) have been satisfied
-- 50% of the Awards will be subject to an earnings per share
("EPS") condition. 25% of this part of an Award vests for EPS of
5.41 pence with full vesting of this part of an Award for EPS of
6.95 pence for the financial year ending 31 March 2020. A sliding
scale operates between these points; and
-- 50% of the Awards will be subject to a total shareholder
return ("TSR") condition based on the Group's performance against
FTSE 250 companies (excluding investment trusts) measured over
three years from 1 April 2017 to 31 March 2020. 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 Awards subject to the
TSR condition 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 Awards. Once
exercisable, an Award will ordinarily be exercisable until the eve
of the 10th anniversary of grant for nil consideration.
The PSP Awards that have been made to PDMRs in respect of the
number of Shares set out below:
Name Number of shares
subject to PSP Awards
Russell Down 628,482
Chris Morgan 430,959
In addition to the performance targets referred to above, a term
of the Awards includes that Mr Down and Mr Morgan will be required
to retain the net of tax number of vested shares (if any) delivered
under the PSP Awards until the second anniversary from the time of
vesting.
The following additional information is relevant to this
announcement for the purposes of the FCA disclosure requirements
under the Market Abuse Regime:
1. This announcement is an initial announcement.
2. The Company's legal entity identifier and identification code
is 213800U78SIYAZDYXM61 and GB0000163088 respectively.
3. The grant of the PSP Awards occurred outside a trading venue.
Enquiries:
Neil Hunt
Group Company Secretary
Speedy Hire Plc
Telephone: 01942 720000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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