Director/PDMR Shareholding

RNS Number : 0543C

Speedy Hire PLC

23 June 2016

 

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").

2016 PSP Awards

On 22 June 2016, 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 Awards will be subject to an earnings per share ("EPS") condition. 25% of this part of an Award vests for EPS of 2.92 pence with full vesting of this part of an award for EPS of 5.11 pence for the financial year ending 31 March 2019. A sliding scale operates between these points; and

·      50% of the 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 2016 to 31 March 2019.  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 Awards subject to the TSR conditions 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 Awards. Once exercisable, the 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	978,336
Chris Morgan	670,859

In addition to the performance targets referred to above, a term of the 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 above notification is intended to satisfy the Company's obligations under Disclosure and Transparency Rule 3.1.4 R (1)(a).

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Enquiries:

James Blair

Group Company Secretary

Speedy Hire Plc

Telephone:  [phone]

 

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