Speedy Hire Plc (the "Company")
Notification of transactions by Persons Discharging Managerial Responsibilities
On 21 July 2023 awards (the "PSP Awards") over ordinary shares of 5 pence each in the share capital of the Company ("Shares") were granted under the Company's 2014 Performance Share Plan ("PSP") to persons discharging managerial responsibilities as detailed below (the "PDMRs"). The number of Shares referred to below is the maximum available if the performance conditions are met in full. In the normal course of events, the PSP Awards will become exercisable as from the third anniversary of the grant, subject to each PDMR's continued service and the extent to which the following objective earnings per share ("EPS") and total shareholder return performance ("TSR") conditions have been satisfied:
· 50% of the PSP Awards will be subject to an EPS condition. 25% of this part of an award vests for EPS of 6.25 pence with full vesting of this part of an award for EPS of 8.00 pence for the financial year ending 31 March 2026. A sliding scale operates between these points; and
· 50% of the PSP Awards will be subject to a relative TSR condition based on the Group's performance against the constituents of the FTSE 250 (excluding investment trusts) measured over three years from the date of award. 25% of this part of an Award vests if the Company's TSR is ranked at the median 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, the Company's Remuneration Committee retains discretion to reduce the level of vesting of the PSP Awards in response to exceptional circumstances. This will include an assessment as to whether a windfall gain has occurred between grant and vesting of the 2023 award, in 2026. If the Committee determines that a windfall has occurred upon vesting, then it will consider the extent to which the number of shares vesting will be scaled back.
The PSP Awards were granted in the form of nil-cost options and remain subject to the rules of the PSP at all times including that awards to executive directors are subject to a two-year post vesting holding period (net of tax).
| 1. | Details of the person discharging managerial responsibilities / person closely associated | ||||||
| a) | Name | Dan Evans | |||||
| 2. | Reason for the notification | ||||||
| a) | Position / status | Chief Executive | |||||
| b) | Initial notification / amendment | Initial notification | |||||
| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||||
| a) | Name | Speedy Hire Plc | |||||
| b) | LEI | 213800U78SIYAZDYXM61 | |||||
| 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 transactions have been conducted | ||||||
| a) | Description of the financial instrument | Ordinary shares of 5 pence each | |||||
| | Identification code | GB0000163088 | |||||
| b) | Nature of the transaction | Grant of award under the Speedy Hire Plc Performance Share Plan 2014 | |||||
| c) | Price(s) and volume(s) |
| |||||
| d) |
|
N/A single transaction | |||||
| e) | Date of the transaction | 2023-07-21 | |||||
| f) | Place of the transaction | Outside a trading venue | |||||
| 1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
| a) | Name | Paul Rayner | ||||
| 2. | Reason for the notification | |||||
| a) | Position / status | Chief Financial Officer | ||||
| b) | Initial notification / amendment | Initial notification | ||||
| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Speedy Hire Plc | ||||
| b) | LEI | 213800U78SIYAZDYXM61 | ||||
| 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 transactions have been conducted | |||||
| a) | Description of the financial instrument | Ordinary shares of 5 pence each | ||||
| | Identification code | GB0000163088 | ||||
| b) | Nature of the transaction | Grant of award under the Speedy Hire Plc Performance Share Plan 2014 | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) |
|
N/A single transaction | ||||
| e) | Date of the transaction | 2023-07-21 | ||||
| f) | Place of the transaction | Outside a trading venue | ||||
Enquiries:
Neil Hunt
Company Secretary
Speedy Hire Plc
Telephone: 01942 720000
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