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").
2018 PSP Awards
On 24 May 2018, 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 PSP Awards will be subject to an earnings per share ("EPS") condition. 25% of this part of an Award vests for EPS of 6.13 pence with full vesting of this part of an Award for EPS of 7.67 pence for the financial year ending 31 March 2021. A sliding scale operates between these points; and
· 50% of the PSP 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 2018 to 31 March 2021. 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 PSP 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 PSP Awards. Once exercisable, a PSP 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 |
638,608 |
|
Chris Morgan |
419,522 |
In addition to the performance targets referred to above, a term of the PSP 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