Director/PDMR Shareholding

RNS Number : 2658Y

Speedy Hire PLC

03 July 2008

 



Speedy Hire Plc

3 July 2008 

Speedy Hire Plc ('Speedy Hire' or the 'Company')

Directors and Persons Discharging Management Responsibilities ('PDMR') - Interests in Shares

Speedy Hire announces the following changes to Directors' and PDMR's interests in the Company's ordinary 5p shares ('Shares').

Directors and senior managers of the Company have elected to invest over £2 million of annual bonus earned (own funds in the case of the Justin Read Joining Award) in Shares in the Company.

Award Exercises and Associated Sale of Shares

Awards granted in 2005 under each of the Company's 2004 Performance Share Plan ('PSP') and the 2004 Co-Investment Plan ('CIP') (together, the 'Plans'), following the Plans' approval by shareholders at the Company's AGM on 21 July 2004 and which vested on 19 June 2008, were exercised on 26 June 2008. The awards were rights to acquire Shares for nil consideration, subject to the rules of the Plans and to the applicable performance targets. Details of the awards exercised by Executive Directors are in the table below.

The exercise of the awards was satisfied by the transfer of the relevant number of Shares from the Company's Employee Benefits Trust ('EBT'), reducing the number of Shares held by the EBT by 94,637 Shares (0.19% of the Company's issued share capital) in total. The EBT now holds 288,729 Shares (0.57% of the Company's issued share capital).

Individuals who exercise awards are required to discharge the corresponding tax liabilities. The Executive Directors and PDMR listed in the tables below have sold Shares, all at £5.63 per Share, as follows:

Director	Previous Holding of Shares		Aggregate Number of Shares Acquired on Exercise of PSP and CIP Awards	Shares Sold	Total Holding of Shares
S J Corcoran	202,348	0.40%	35,800	14,678	223,470	0.44%
C Veritiero	5,464	0.01%	4,996	2,049	8,411	0.02%

PDMR	Previous Holding of Shares		Number of Shares Acquired on Exercise of CIP Awards	Shares Sold	Total Holding of Shares
A Carter	14,587	0.03%	2,163	887	15,863	0.03%
M Knott	4,307	0.01%	5,552	2,277	7,582	0.01%

2008 PSP and CIP Matching Share Awards and 'Joining Award'

Awards were made on 1 July 2008 under the PSP and awards of Matching Shares were also made under the CIP.  The awards are rights to acquire Shares for nil consideration, subject to the rules of the Plans and to the applicable performance targets. An equivalent award to Matching Share Awards under the CIP has been made to Justin Read over Shares under his 'Joining Award' (the 'Joining Award Shares').  The Joining Award is a one-off award made to Justin Read in connection with his appointment as Finance Director of the Company, as referred to in the Annual Report and Accounts. It comprises a right to acquire Shares at nil cost and is subject to the terms of a Matching Share Award under the CIP, including the achievement of the same performance targets as applies to an award of Matching Shares under the CIP. 

PSP

Awards have been made to Executive Directors as follows:

Director	2008 PSP Share Awards	Total Subsisting PSP Awards
S J Corcoran	49,351	109,130
J Read	36,288	36,288
M A McGrath	31,933	70,688
C Veritiero	27,941	27,941

CIP

In accordance with the rules of the CIP, employees of the Company to whom Matching Share Awards have been made under the CIP in 2008 (together with Justin Read in respect of his Joining Award) have committed in total sums in excess of £2 million to the purchase of (Bonus and Joining Award) Shares for the purposes of the Plan (and the Joining Award).

The Executive Directors and PDMR have purchased (Bonus Award) Shares as follows:

Directors

Director	Previous Holding of Shares		Shares Purchased	Total Holding of Shares
S J Corcoran	223,470	0.44%	27,166	250,636	0.49%
M A McGrath	23,076	0.04%	20,423	43,499	0.09%
C Veritiero	8,411	0.02%	16,532	24,943	0.05%

PDMR

PDMR	Previous Holding of Shares		Shares Purchased	Total Holding of Shares
Patrick Rawnsley	489	0.01%	4,701	5,190	0.01%
Martin Knott	7,582	0.01%	2,612	10,194	0.02%
Gary Parkinson	2,204	0.01%	5,224	7,428	0.01%
Andrew Carter	15,863	0.03%	11,168	27,031	0.04%
David Harris	0	0%	1,957	1,957	0.01%

The (net) bonus funds were applied by Sanne Trust Company Limited, the trustee of the EBT, to purchase the (Bonus Award) Shares on behalf of those individuals, acquiring the relevant number of Shares (in the market (in part from the Shares sold by S J Corcoran, N C O'Brien, C Veritiero, A Carter and M Knott (as referred to above)) at an average price of £5.59 per Share.

Matching Share Awards 

Directors

Matching Share Awards under the CIP have been made to Directors as follows:

Director	2008 CIP Matching Share Awards	Total Subsisting CIP Matching Share Awards*
S J Corcoran	92,966	160,778
M A McGrath	69,888	145,614
C Veritiero	56,576	68,608

* including the Joining Award made in 2006, in the case of M A McGrath.

PDMR

Matching Share Awards under the CIP have been made to PDMR as follows:

PDMR	2008 CIP Matching Share Awards	Total Subsisting CIP Matching Share Awards
Patrick Rawnsley	12,067	12,903
Martin Knott	8,938	18,124
Gary Parkinson	17,878	25,408
Andrew Carter	38,220	51,792
David Harris	6,698	6,698

Awards made to other senior employees of the Company under the CIP total 316,869 Shares or 0.62% of the Company's issued share capital.

Joining Award

The Joining Award was made on 1 July 2008 to Justin Read as follows:-

Name	Joining Share Awards	Total Joining Award Shares Held
Justin Read	77,288	77,288

Awards under the PSP, Matching Share Awards under the CIP and the Joining Award will normally be exercisable (to the extent performance targets are met) within a 90-day period following the announcement of the Company's results for the year ending 31 March 2011.

David Wallis, Chairman of Speedy Hire Plc, said:

'It is testimony to the confidence my colleagues have in the strong prospects for Speedy Hire that they have decided to invest their annual bonuses in the Company. I look forward to providing an update on Speedy Hire's progress at the AGM, 15 July 2008.'

-ends-

Enquiries:

Speedy Hire PLC

David Wallis, Chairman

Justin Read, Finance Director

Tel:    [phone]

Hudson Sandler

Nick Lyon

Wendy Baker

Kate Hough

Tel:     [phone]

 

END

 

 

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