HSS Hire Group plc
Grant of incentive awards
On 25 February 2021, HSS Hire Group plc (the "Company") granted awards in accordance with the terms of its new Value Creation Plan (the "VCP") to certain Executives, as detailed below (the "Executives").
Under the VCP the Executives will share in total 20% of the increase in the value of the Company up to the time of a change of control (or other relevant event) (the "VCP Pool"). Each Executive will be entitled to one third of the VCP Pool. The VCP has been designed by the Company's Remuneration Committee in consultation with the Company's major shareholders.
The increase in the value of the Company will be calculated by reference to the increase in its market capitalisation from an opening value of £104,471,648 (based on a share price of £0.15) to the closing market capitalisation on an exit event. Appropriate adjustments shall be made in respect of any capital raised from or returned to shareholders over the period. Awards under the VCP will be settled in cash other than in certain circumstances where an award which vests early to a "good leaver" may be settled in shares.
The Executives will not participate in future Company share incentive schemes.
This announcement, including the notifications below, has been made in accordance with the requirements of the Market Abuse Regulation.
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name | Steve Ashmore | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | Chief Executive Officer | ||||
| b) | Initial notification/ Amendment | Initial notification | ||||
| 3 | Details of the issuer | |||||
| a) | Name | HSS Hire Group plc | ||||
| b) | LEI code | 2138004DGL1J6VQO6S92 | ||||
| 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 | A right under the HSS Hire VCP to receive a payment by reference to the growth in value of HSS Hire Group plc | ||||
| b) | Identification code | N/A | ||||
| c) | Nature of the transaction | Grant of award | ||||
| d) | Price(s) and volume(s) |
| ||||
| e) | Aggregated information | N/A | ||||
| f) | Date of the transaction | 25 February 2021 | ||||
| g) | Place of the transaction | Outside a trading venue | ||||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name | Paul Quested | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | Chief Financial Officer | ||||
| b) | Initial notification/ Amendment | Initial notification | ||||
| 3 | Details of the issuer | |||||
| a) | Name | HSS Hire Group plc | ||||
| b) | LEI code | 2138004DGL1J6VQO6S92 | ||||
| 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 | A right under the HSS Hire VCP to receive a payment by reference to the growth in value of HSS Hire Group plc | ||||
| b) | Identification code | N/A | ||||
| c) | Nature of the transaction | Grant of award | ||||
| d) | Price(s) and volume(s) |
| ||||
| e) | Aggregated information | N/A | ||||
| f) | Date of the transaction | 25 February 2021 | ||||
| g) | Place of the transaction | Outside a trading venue | ||||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name | Tom Shorten | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | Chief Commercial Officer | ||||
| b) | Initial notification/ Amendment | Initial notification | ||||
| 3 | Details of the issuer | |||||
| a) | Name | HSS Hire Group plc | ||||
| b) | LEI code | 2138004DGL1J6VQO6S92 | ||||
| 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 | A right under the HSS Hire VCP to receive a payment by reference to the growth in value of HSS Hire Group plc | ||||
| b) | Identification code | N/A | ||||
| c) | Nature of the transaction | Grant of award | ||||
| d) | Price(s) and volume(s) |
| ||||
| e) | Aggregated information | N/A | ||||
| f) | Date of the transaction | 25 February 2021 | ||||
| g) | Place of the transaction | Outside a trading venue | ||||
For further information, please contact:
| HSS Hire Group plc | Tel: 020 3757 9248 |
| Investor Relations Manager | Please email: investors@hss.com |
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| Numis Securities Stuart Skinner George Price | Tel: 020 7260 1000 |
| | |
| Teneo | Tel: 07785 528363 / 07557 491860 |
| Matt Thomlinson | |
| Tom Davies | |
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