Speedy Hire PLC Director/PDMR Shareholding (8342H)

TIDMSDY

RNS Number : 8342H

Speedy Hire PLC

12 June 2017

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").

2017 PSP Awards

On 12 June 2017, 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 5.41 pence with full vesting of this part of an Award for EPS of 6.95 pence for the financial year ending 31 March 2020. 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 2017 to 31 March 2020. 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 condition 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, an 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    628,482 
 Chris Morgan    430,959 
 

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 following additional information is relevant to this announcement for the purposes of the FCA disclosure requirements under the Market Abuse Regime:

   1.   This announcement is an initial announcement. 

2. The Company's legal entity identifier and identification code is 213800U78SIYAZDYXM61 and GB0000163088 respectively.

   3.   The grant of the PSP Awards occurred outside a trading venue. 

Enquiries:

Neil Hunt

Group Company Secretary

Speedy Hire Plc

Telephone: [phone]

This information is provided by RNS

The company news service from the London Stock Exchange

END

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June 12, 2017 08:48 ET (12:48 GMT)