Grant of Award

RNS Number : 2964U

NewRiver REIT PLC

17 January 2017

NewRiver REIT plc

("NewRiver" or the "Company")

Grant of Award

The Company announces that on 16 January 2017, it granted a retention award under the NewRiver REIT plc Performance Share Plan 2016, giving rights to acquire shares for nil consideration over a total of 119,850 ordinary shares of one pence each in the Company ("Ordinary Shares") to Mark Davies, Chief Financial Officer.

The award has been made over Ordinary Shares representing 100% of base salary at full vesting, based on the NewRiver share price of £3.3375 using the closing price from the previous dealing day. The award is subject to two performance conditions which will be tested over a three year period. The performance conditions are outlined in further detail below.

50% of each award will be based on the Company's Total Shareholder Return (TSR) compared to that of the FTSE All-Share index (the TSR Benchmark) in accordance with the table below.

	TSR Award to Vest	Performance Condition
Below Lower Hurdle	0%	Company's TSR < TSR Benchmark
Lower Hurdle	25%	Company's TSR = TSR Benchmark
Intermediate Hurdle	75%	Company's TSR = 1.25 x TSR Benchmark
Upper Hurdle	100%	Company's TSR = 1.5 x TSR Benchmark

50% of each award will be based on the Company's Total Accounting Return (TAR) compared to those UK listed REITs that report, as at the date of the award, their NAV on an EPRA basis (the TAR Benchmark), in accordance with the table below. TAR is defined as the annualised return over the performance period, based on the change in EPRA NAV per share and the level of dividends paid per share.

	TAR Award to Vest	Performance Condition
Below Lower Hurdle	0%	Company's TAR < TAR Benchmark
Lower Hurdle	25%	Company's TAR = TAR Benchmark
Intermediate Hurdle	75%	Company's TAR = 1.25 x TAR Benchmark
Upper Hurdle	100%	Company's TAR = 1.5 x TAR Benchmark

For both performance conditions, where the Company's performance is between the Lower Hurdle and the Intermediate Hurdle or the Intermediate Hurdle and the Upper Hurdle, the percentage of the award which vests will be calculated on a straight line basis, based on the extent to which the performance of the Company is between the relevant hurdle performance conditions.

The performance conditions of the awards will be tested after three years from the date of award, at which time the awards will be capable of vesting to the extent the performance conditions have been met. Once vested, the award must be held for a further two years before it can be exercised in 2022.

The notification set out below is provided in accordance with the requirements of the EU Market Abuse Regulation, and sets out more details of the transaction.

1.	Details of PDMR
(a)	Name	Mark Davies
2.	Reason for notification
(b)	Position / status	Director, Chief Financial Officer
(c)	Initial notification / amendment	Initial notification
3.	Details of the Issuer
(a)	Name	NewRiver REIT plc
(b)	LEI	2138004GX1VAUMH66L31
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transaction(s) have been conducted
(a)	Description of the financial instrument Identification code	Ordinary shares of one pence each ("Shares") GB00BD7XPJ64
(b)	Nature of the transaction	Grant of an option to acquire Shares under the NewRiver REIT plc Performance Share Plan 2016
(c)	Price(s) and volume	Price(s) £0	Volume(s) 119,850 Shares
(d)	Aggregated information	N/A single transaction
(e)	Date of the transaction	16 January 2017
(f)	Place of the transaction	Outside a trading venue