Director/PDMR Shareholding

RNS Number : 8880W

Renew Holdings PLC

03 January 2014

 



Renew Holdings plc

("Renew" or the "Group")

Director/PDMR shareholding

Renew (AIM: RNWH), the Engineering Services Group supporting UK infrastructure, has been notified that Brian May, Chief Executive and John Samuel, Group Finance Director were granted options on 3 January 2014 to subscribe for ordinary shares of 10p each ("Ordinary Shares") as to 140,647 and 112,518 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 4 January 2017 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 2013. 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 twelve 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 requires 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.

The comparator group TSR performance target requires the Company's TSR to rank above the median TSR performance of the comparator group. If the Company's TSR performance is ranked between the median position and the top decile of the comparator group then the half of the Option which is subject to the comparator group TSR performance will vest on a straight line basis from nil vesting at or below the median, to 100% at the top decile. There will be no vesting at or below the median position.

Enquiries:

Renew Holdings plc	Tel: [phone]
Brian May, Chief Executive
John Samuel, Group Finance Director
Numis Securities Limited	Tel: [phone]
Stuart Skinner (Nominated Adviser)
James Serjeant (Corporate Broker)
Walbrook PR	Tel: [phone]
Paul McManus (Media Relations)	Mob: [phone] or [e-mail]
Paul Cornelius (Investor Relations)	Mob: [phone] or [e-mail]

About Renew Holdings plc

Engineering Services, which now accounts for 70% of Group revenue and over 80% of operating profit, focuses on the key markets of Energy (including Nuclear), Environmental and Infrastructure, which are largely governed by regulation and benefit from non-discretionary spend with long-term visibility of committed funding.

Specialist Building focuses on the New Build Affordable Housing and High Quality Residential markets in the South of England.

For more information please visit the Renew Holdings plc website: www.renewholdings.com

 

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