Director/PDMR Shareholding

RNS Number : 7751Y

Renew Holdings PLC

06 March 2012

 



Renew Holdings plc (the 'Company')

Director/PDMR shareholding

06 March 2012

Renew (AIM: RNWH), the Engineering Services Group supporting UK infrastructure, has been notified that Brian May, Chief Executive and John Samuel, Group Finance Director have been granted options to subscribe for ordinary shares of 10p each ("Ordinary Shares") as to 240,000 and 160,000 shares respectively, pursuant to the Company's Long Term Incentive Plan adopted on 25 January 2012.

The options are exercisable at a nominal cost from 2 March 2015 but are only exercisable to the extent that certain performance criteria are achieved by the Company over a three year performance period commencing 1 October 2011. A summary of these criteria is set out below.

Vesting of one half of the Options will be dependent on absolute growth in the Company's Total Shareholder Return ('TSR'), and the other half dependent on the Company's TSR performance as compared to the TSR achieved by other companies in a comparator group of companies selected by the Remuneration Committee. All TSR calculations will be based on the average of the opening and closing share price over a 30 day period prior to the commencement and end of the performance period.

The absolute TSR growth target will require the Company's TSR over the three year performance period to have grown by more than 25%. For TSR growth between 25% and 100%, the half of the Option which is subject to the absolute TSR growth target will vest on a straight-line basis from nil vesting at 25% growth, to 100% vesting at 100% growth. There will be no vesting if TSR growth is 25% or less.

For further information, please contact:  

Renew Holdings plc John Samuel, Group Finance Director	0113 281 4200
N+1 Brewin (Nominated Advisor & Broker) Sandy Fraser/ Luke Boyce	0113 241 0130

 

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