Deferred Bonus Share Awards

RNS Number : 6253T
NewRiver Retail Limited
31 March 2016
 

31 March 2016

 

NewRiver Retail Limited

 

("NewRiver" or the "Group" or the "Company")

 

Deferred Bonus Share Awards

 

NewRiver Retail Limited (AIM: NRR), the UK REIT specialising in value-creating retail property investment and active asset management, announces that on 30 March 2016, it granted discretionary share awards under the Company's Deferred Bonus Plan.

 

The awards were made following a review by the Company's Remuneration Committee and consultation with the Company's major shareholders. The Remuneration Committee recommended an adjustment to the share option plan put in place at the time of the Company's IPO in 2009 for accrued dividends paid by the Company since the IPO so as to appropriately align management incentive with Total Shareholder Return (TSR). For context, approximately half of the TSR since IPO has come from dividends paid.

 

The awards made under the Company's Deferred Bonus Share plan and will vest in March 2018, subject to continued employment, clawback and malus provisions.

 

Accordingly, the following deferred bonus share awards, structured as nil-cost options and granted at a price of £3.26 per share, have been made to executive directors of the Company and Nick Sewell, who was an executive director of the Company at the time of the IPO.  

 

 

Award Holder

Number of Ordinary

Shares under Deferred Bonus Award

Vesting Date

David Lockhart

152,515

 30 March 2018

Allan Lockhart

129,815

 30 March 2018

Mark Davies

81,871

 30 March 2018

Nick Sewell

108,220

 30 March 2018

 

 

 

-Ends-

  

NewRiver Retail Limited

David Lockhart, Chief Executive

Mark Davies, Finance Director

Tel: 020 3328 5800

Bell Pottinger

David Rydell / James Newman / David Bass

Tel: 020 3772 2500

Liberum

Richard Crawley / Jamie Richards

Tel: 020 3100 2000

Peel Hunt LLP

Capel Irwin

Tel: 020 7418 8900

 

About NewRiver

 

NewRiver Retail Limited is an AIM listed REIT. The Company is a specialist real estate investor, asset manager and developer focused solely on the UK retail sector.

 

The management team, with over 100 years combined experience in the UK commercial property market, actively engages with retailers, stakeholders and consumers. NewRiver Retail is one of the UK's largest shopping centre owner/managers with assets under management of over £1 billion principally comprising 32 UK wide shopping centres, further nationwide retail assets and a portfolio of 359 pubs with retail and mixed-use extension opportunities. The portfolio has 1,765 occupiers, a total of over 7.0 million sq. ft., total annual footfall of over 126 million and a retail occupancy rate of 97 per cent.

 

The Company's activities include active and entrepreneurial asset management and risk-controlled development, utilising both its own balance sheet and co-investment joint venture structures.

 

Founded in 2009, NewRiver has become the UK's leading retail-focused property investment business. The Company's shares were admitted to London's AIM in September of the same year. For more information on NewRiver, please visit www.nrr.co.uk.  

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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