19 December 2023
Renew Holdings plc
("Renew" or the "Group")
Exercise of Options
Renew (AIM: RNWH), the leading Engineering Services Group supporting the maintenance and renewal of critical UK infrastructure, announces that today options ("LTIP Options") over a total of 94,539 ordinary shares have been exercised by Paul Scott, CEO (37,936), Sean Wyndham-Quin, CFO (29,027) and Andries Liebenberg, Executive Director (27,576).
The LTIP Options had an exercise price of 10p per ordinary share. In accordance with the LTIP rules and noting that the Executive Directors' existing shareholdings already exceed the shareholding guidelines, the Remuneration Committee elected to settle the exercise of the LTIP Options in cash, simplifying the settlement process and bringing shareholders the incremental benefit of avoiding dilution. Accordingly, to settle the exercise of their LTIP Options the Executive Directors will receive a cash payment determined by reference to 832.5 pence (being the 5-day volume weighted average price to the close of business on 18 December 2023) for each ordinary share in respect of which their LTIP Option was exercised less 10 pence per share. The payment will be taxable in the normal manner.
Following this exercise, the shareholdings of Paul Scott, Sean Wyndham-Quin and Andries Liebenberg will remain unchanged, and they therefore continue to hold shares in excess of the shareholding guidelines as set out in the Remuneration Policy.
|
| No of Shares | Value | Annual Salary | % of Salary | Shareholding Guideline |
| Paul Scott | 232,932 | £1,939,159 | £404,250 | 480% | 100% |
| Sean Wyndham-Quin | 132,532 | £1,103,329 | £309,750 | 356% | 100% |
| Andries Liebenberg | 49,481 | £411,929 | £294,000 | 140% | 100% |
The current total number of ordinary shares of 10p each in issue is 79,133,889 and following the exercise noted above there is a total of 603,015 ordinary shares remaining outstanding under LTIP options none of which have yet vested.
For further information, please contact: For further information, please contact:
| Renew Holdings plc | www.renewholdings.com |
| Paul Scott, Chief Executive Officer | via FTI Consulting |
| Sean Wyndham-Quin, Chief Financial Officer | 020 3727 1000 |
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|
Deutsche Numis (Nominated Adviser and Joint Broker) | 020 7260 1000 |
| Stuart Skinner / Kevin Cruickshank | |
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| Peel Hunt LLP (Joint Broker) | 020 7418 8900 |
| Mike Burke / Ed Allsopp | |
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| FTI Consulting (Financial PR) | 020 3727 1000 |
| Alex Beagley / Tom Hufton / Rafaella de Freitas / Amy Goldup | Renew@fticonsulting.com |
About Renew Holdings plc
Renew is a leading UK Engineering Services business, performing a critical role in keeping the nation's infrastructure functioning efficiently and safely. The Group operates through independently branded subsidiaries across its chosen markets, delivering non-discretionary maintenance and renewal tasks through its highly skilled, directly employed workforce.
Renew's activities are focused into two business streams: Engineering Services, which accounts for over 95 per cent of the Group's adjusted operating profit, focuses on the key markets of Rail, Infrastructure, Energy (including Nuclear) and Environmental which are largely governed by regulation and benefit from non-discretionary spend with long-term visibility of committed funding.
Specialist Building focuses on the High Quality Residential, Landmark and Science markets in London and the Home Counties.
For more information please visit the Renew Holdings plc website: www.renewholdings.com
The information set out below is provided in accordance with the requirements of the UK Market Abuse Regulation.
| 1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
| a)
| Name
| 1. P. Scott 2. S. Wyndham-Quin 3. A. Liebenberg | |||
| 2
| Reason for the notification
| ||||
| a)
| Position/status
| 1. Chief Executive Officer 2. Chief Financial Officer 3. Executive Director
| |||
| b)
| Initial notification /Amendment
| Initial Announcement | |||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
| a)
| Name
| Renew Holdings plc | |||
| b)
| LEI
| 213800O3DC3V4WYA2E09 | |||
| 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, type of instrument | Ordinary Shares of 10 pence each | |||
| | | ||||
| Identification code | ISIN: GB0005359004
| ||||
| | | ||||
| b)
| Nature of the transaction
| Exercise of options under the Renew Holdings plc Long Term Incentive Plan. The options were cash settled by reference to 832.5 pence (being the 5-day volume weighted average price to the close of business on 18 December 2023) for each ordinary share in respect of which the options were exercised less 10 pence per share.
| |||
| c)
| Price(s) and volume(s) | | | | |
| | | Price(s) | Volume(s) | | |
| | | 1. Nil 2. Nil 3. Nil
| 1. 37,936* 2. 29,027* 3. 27,576*
| | |
| | |
*Settled with a payment of 822.5 pence per share in lieu of delivery of shares.
|
| ||
| d)
| Aggregated information | | |||
| | | ||||
| - Aggregated volume | 94,539* *Settled with a payment of 822.5 pence per share in lieu of delivery of shares.
| ||||
| | | ||||
| - Price | Nil | ||||
| | | ||||
| e)
| Date of the transaction
| 19 December 2023 | |||
| f)
| Place of the transaction
| Outside of a trading venue | |||
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