Source - PRN

2nd September 2016

The following amendment has been made to the announcement released on 2nd September 2016 at 13:34:13.

“Up to one half of these Awards will vest in full if the Company achieves a basic adjusted EPS of 12.53 pence in the financial year ended 30 June 2019 with a straight-line reduction to NIL if EPS is below 11 pence.”

All other details remain unchanged.

The full amended text is shown below. 

Redde plc

(“Redde” or the “Company”)

Grant of Awards under the 2016 Performance Share Plan

On the 2nd of September 2016 the Remuneration Committee made Awards in relation to ordinary shares of 0.1 pence each in the Company under the 2016 Performance Share Plan to the following executive directors:

Name of Director No. of Award Shares   Structure of Award Option Price
Martin Ward 186,648 Nominal Cost Option Award 0.1 pence
Stephen Oakley 125,478 Nominal Cost Option Award 0.1 pence

The above Grants are subject to vesting criteria relating to the achievement of earnings per share (“EPS”) and total shareholder return (“TSR”) targets over a three financial year performance period.

These Awards will normally become exercisable as nominal cost options subject to continued employment and to the extent the TSR and EPS  targets are achieved over the three financial year performance period. 

Up to one half of these Awards will vest in full if the Company achieves a basic adjusted EPS of 12.53 pence in the financial year ended 30 June 2019 with a straight-line reduction to NIL if EPS is below 11 pence. 

Up to one half of these Awards will vest in full if the Company’s TSR performance over the same period at least equals the upper quartile of the AIM 100 index with a straight line reduction to NIL if performance is below median performance. 

Once vested, the Awards shall ordinarily remain exercisable until the tenth anniversary of the grant of the Awards.

No consideration was paid for the grant of the Awards but the nominal cost (option price) is due on the exercise of the Awards.  

The notifications below, made in accordance with the requirements of the Market Abuse Regulation, provide further detail.

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

1 Details  of  the  person  discharging  managerial  responsibilities  /  person  closely associated
a) Name Martin Ward
2 Reason for the notification
a) Position/status Director
b) Initial notification/Amendment Amended notification – see text of announcement above
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Name Redde plc
b) LEI N/A
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


Identification code
Options over ordinary shares



GB00BLWFOR63
b) Nature of the transaction Grant of PSP options
c) Price(s) and volume(s)
Price(s) Volume(s)
0.1 pence 186,648
d) Aggregated information N/A


-Aggregated volume
 
e) Date of the transaction 02 September 2016
f) Place of the transaction outside of trading venue

   

1 Details  of  the  person  discharging  managerial  responsibilities  /  person  closely associated
a) Name Stephen Oakley
2 Reason for the notification
a) Position/status Director
b) Initial notification/Amendment Amended notification – see text of announcement above
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Name Redde plc
b) LEI N/A
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


Identification code
Options over ordinary shares



GB00BLWFOR63
b) Nature of the transaction Grant of PSP options
c) Price(s) and volume(s)
Price(s) Volume(s)
0.1 pence 125,478
d) Aggregated information N/A


-Aggregated volume
 
e) Date of the transaction 02 September 2016
f) Place of the transaction outside of trading venue

For further information contact:

Redde plc                                                                                         01225 321134

Martin Ward, Chief Executive Officer

Stephen Oakley, Chief Financial Officer

Cenkos Securities plc (Nominated Adviser and Joint Broker)       0207 397 8900

Elizabeth Bowman

N+1 Singer Capital Markets Limited (Joint Broker)                      0207 496 3000

Nic Hellyer

Square1 Consulting                                                                        0207 929 5599

David Bick

Brian Alexander

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