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 10th 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).
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Enquiries:
James Blair
Group Company Secretary
Speedy Hire Plc
Telephone: 01942 720000