Partial Surrender of LTIP Awards

RNS Number : 8449V

Redrow PLC

11 April 2023

 

11 April 2023

Redrow plc ("the Company")

2014 Long Term Incentive Plan ("LTIP")

Partial surrender of LTIP awards

On 11^th April 2023 the Company received, and the Company's Remuneration Committee has accepted, a waiver by the Persons Discharging Managerial Responsibility (PDMRs) set out in this notice of 16.7% of the awards granted to them under the LTIP in September 2022 (the 2022 LTIP awards). No compensation will be paid to the PDMRs in respect of this waiver.

The waiver is i n connection with the Remuneration Committee's decision on 23 March 2023 to replace the original EPS and ROCE performance conditions applicable to the 2022 LTIP awards in accordance with the LTIP rules, such that the vesting of these awards will now be calculated by reference to the Company's total shareholder return performance against a group of other major UK-listed construction companies. The original ESG carbon reduction targets applying to 10% of the remaining awards will remain.

Redrow is committed to ensuring that its remuneration policies incentivise and reward management for strong performance and for delivering value for all the Group's stakeholders. Following the volatility in the housing market in the autumn and winter of 2022 because of the Government's September fiscal statement, it became clear that the 2022 LTIP targets set in September of that year were unsuitable for current market conditions and would penalise management for external factors outside of their control. The Remuneration Committee considers that the revised targets continue to be stretching and ambitious and are aligned to the Group's strategic objectives and broader responsibilities. Further information will be provided in the 2023 annual report.

For further information contact:
Redrow plc
Nicky Dulieu, Senior Independent Director & Chair of the Remuneration Committee	01244 527411
Matthew Pratt, Group Chief Executive	01244 527411
Instinctif Partners
Tim McCall, Head of Capital Markets	07753 561862 / 020 7457 2860
Bryn Woodward, Associate Partner	07949 939237 / 0207 457 2045

Redrow plc

Notification of Transactions of Persons Discharging Managerial Responsibilities

Directors and PDMRs

1	Details of the person discharging managerial responsibilities / person closely associated
(a)	Name	Matthew Pratt
2	Reason for the notification
(a)	Position/status	Director
(b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
(a)	Name	Redrow plc
(b)	LEI	2138008WJZBBA7EYEL28
4	Details of the transaction(s)
(a)	Description of the financial instrument, type of instrument	Ordinary shares of 10.5p each
	Identification code	GB00BG11K365
(b)	Nature of the transaction	Partial surrender of nil-cost option granted under the Company's 2014 Long Term Incentive Plan in September 2022
(c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 33,097
(d)	Aggregated information
	· Aggregated volume	33,097
	· Price	Nil
(e)	Date of the transaction	2023.04.11
(f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
(a)	Name	Barbara Richmond
2	Reason for the notification
(a)	Position/status	Director
(b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
(a)	Name	Redrow plc
(b)	LEI	2138008WJZBBA7EYEL28
4	Details of the transaction(s)
(a)	Description of the financial instrument, type of instrument	Ordinary shares of 10.5p each
	Identification code	GB00BG11K365
(b)	Nature of the transaction	Partial surrender of nil-cost option granted under the Company's 2014 Long Term Incentive Plan in September 2022
(c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 20,201
(d)	Aggregated information
	· Aggregated volume	20,201
	· Price	Nil
(e)	Date of the transaction	2023.04.11
(f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
(a)	Name	Graham Cope
2	Reason for the notification
(a)	Position/status	PDMR
(b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
(a)	Name	Redrow plc
(b)	LEI	2138008WJZBBA7EYEL28
4	Details of the transaction(s)
(a)	Description of the financial instrument, type of instrument	Ordinary shares of 10.5p each
	Identification code	GB00BG11K365
(b)	Nature of the transaction	Partial surrender of nil-cost option granted under the Company's 2014 Long Term Incentive Plan in September 2022
(c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 5,686
(d)	Aggregated information
	· Aggregated volume	5,686
	· Price	Nil
(e)	Date of the transaction	2023.04.11
(f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
(a)	Name	Gary Crisp
2	Reason for the notification
(b)	Position/status	PDMR
(c)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
(d)	Name	Redrow plc
(e)	LEI	2138008WJZBBA7EYEL28
4	Details of the transaction(s)
(f)	Description of the financial instrument, type of instrument	Ordinary shares of 10.5p each
	Identification code	GB00BG11K365
(g)	Nature of the transaction	Partial surrender of nil-cost option granted under the Company's 2014 Long Term Incentive Plan in September 2022
(h)	Price(s) and volume(s)	Price(s) Volume(s) 1. Nil 7,465
(i)	Aggregated information
	· Aggregated volume	7,465
	· Price	Nil
(j)	Date of the transaction	2023.04.11
(k)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
(a)	Name	Timothy Stone
2	Reason for the notification
(a)	Position/status	PDMR
(b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
(a)	Name	Redrow plc
(b)	LEI	2138008WJZBBA7EYEL28
4	Details of the transaction(s)
(a)	Description of the financial instrument, type of instrument	Ordinary shares of 10.5p each
	Identification code	GB00BG11K365
(b)	Nature of the transaction	Partial surrender of nil-cost option granted under the Company's 2014 Long Term Incentive Plan in September 2022
(c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 7,465
(d)	Aggregated information
	· Aggregated volume	7,465
	· Price	Nil
(e)	Date of the transaction	2023.04.11
(f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
(a)	Name	Christopher Lilley
2	Reason for the notification
(a)	Position/status	PDMR
(b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
(a)	Name	Redrow plc
(b)	LEI	2138008WJZBBA7EYEL28
4	Details of the transaction(s)
(a)	Description of the financial instrument, type of instrument	Ordinary shares of 10.5p each
	Identification code	GB00BG11K365
(b)	Nature of the transaction	Partial surrender of nil-cost option granted under the Company's 2014 Long Term Incentive Plan in September 2022
(c)	Price(s) and volume(s)	Price(s) Volume(s) NiL 7,465
(d)	Aggregated information
	· Aggregated volume	7,465
	· Price	Nil
(e)	Date of the transaction	2023.04.11
(f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
(a)	Name	Karen Jones
2	Reason for the notification
(a)	Position/status	PDMR
(b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
(a)	Name	Redrow plc
(b)	LEI	2138008WJZBBA7EYEL28
4	Details of the transaction(s)
(a)	Description of the financial instrument, type of instrument	Ordinary shares of 10.5p each
	Identification code	GB00BG11K365
(b)	Nature of the transaction	Partial surrender of nil-cost option granted under the Company's 2014 Long Term Incentive Plan in September 2022
(c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 4,899
(d)	Aggregated information
	· Aggregated volume	4,899
	· Price	Nil
(e)	Date of the transaction	2023.04.11
(f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
(a)	Name	Matthew Grayson
2	Reason for the notification
(a)	Position/status	PDMR
(b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
(a)	Name	Redrow plc
(b)	LEI	2138008WJZBBA7EYEL28
4	Details of the transaction(s)
(a)	Description of the financial instrument, type of instrument	Ordinary shares of 10.5p each
	Identification code	GB00BG11K365
(b)	Nature of the transaction	Partial surrender of nil-cost option granted under the Company's 2014 Long Term Incentive Plan in September 2022
(c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 4,899
(d)	Aggregated information
	· Aggregated volume	4,899
	· Price	Nil
(e)	Date of the transaction	2023.04.11
(f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
(a)	Name	Rose Sandell
2	Reason for the notification
(a)	Position/status	PDMR
(b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
(a)	Name	Redrow plc
(b)	LEI	2138008WJZBBA7EYEL28
4	Details of the transaction(s)
(a)	Description of the financial instrument, type of instrument	Ordinary shares of 10.5p each
	Identification code	GB00BG11K365
(b)	Nature of the transaction	Partial surrender of nil-cost option granted under the Company's 2014 Long Term Incentive Plan in September 2022
(c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 4,291
(d)	Aggregated information
	· Aggregated volume	4,291
	· Price	Nil
(e)	Date of the transaction	2023.04.11
(f)	Place of the transaction	Outside a trading venue

Name of officer of issuer responsible for making notification: Graham Cope Date of notification: 2023.04.11

LEI Number:
2138008WJZBBA7EYEL28

Announcement Classification:
3.1: Additional regulated information required to be disclosed under the laws of a Member State.

 

END

 

 

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