Director/PDMR Shareholding

RNS Number : 8788Y

Speedy Hire PLC

10 September 2009

 



Speedy Hire Plc (the 'Company')

10 September 2009

Notification of transactions by persons discharging managerial responsibilities ('PDMRs')

The Company announces the following transactions by PDMRs in the Company's ordinary 5p shares ('Shares').  

Awards under the Company's 2004 Performance Share Plan ('PSP')

The Rights Issue Prospectus published by the Company on 1 June 2009 (the 'Prospectus') noted in paragraph 13 of Part 1, 'Letter from the Chairman of Speedy Hire Plc' ('Paragraph 13'), that the Remuneration Committee of the Board of Directors (the 'Committee') was proposing to make awards under the PSP 'over an aggregate of up to 10,621,349 Shares'.  Paragraph 13 also noted that the Committee was 'considering mechanisms by which the share awards under the PSP may be offered to participants in a tax efficient manner'.

Subsequent to the publication of the Prospectus, the Committee approved amendments to the PSP to enable the making of awards under the PSP in the form of ExSOP Awards (and associated Initial Value Awards).  Awards made under the PSP on 8 September 2009, as referred to below (the 'Awards'), were in the form of both ExSOP Awards (and associated Initial Value Awards) and nil-cost options ('Options').

ExSOP Awards and Initial Value Awards

On 8 September 2009, the following PDMRs acquired an interest in Shares pursuant to ExSOP Awards under the PSP and the consideration paid is set out in the table below.  The ExSOP Awards take the form of an acquisition of Shares jointly by the PDMR and trustee of the Company's employee benefits trust (the 'Trustee') on terms that the PDMR is entitled to benefit from future growth in the value of the relevant Shares from the date of the Award in excess of a carrying cost.  The ExSOP Awards are subject to the rules of the PSP and a Joint Ownership Agreement entered into by the PDMR, the Company and the Trustee.  The ExSOP Awards are subject to a performance target (as set out in Paragraph 13) to be measured over the three years beginning with the date of the Award.

At the same time each relevant PDMR received an Initial Value Award under the PSP. An Initial Value Award entitles the holder to acquire money or Shares with a value equal to the product of the number of Shares subject to the ExSOP Award that crystallise and the lower of the value of a Share at the date of the Award and the value of a Share when the ExSOP Award crystallises.  The Initial Value Awards are subject to the rules of the PSP.  No consideration is payable on receipt of an Initial Value Award.

PDMR	Number of Shares subject to the ExSOP Award (and by reference to which the value delivered under the Initial Value Award will be calculated)	Price paid for ExSOP Award
Steven Corcoran	1,323,697	£5,401
Claudio Veritiero	788,378	£3,217
Justin Read	973,307	£3,971
Michael McGrath	856,510	£3,495
Patrick Rawnsley	434,960	£1,775
Paul Conway	242,958	£991
Ian Scapens	268,698	£1,096
David Graham	401,866	£1,640

Options 

On 8 September 2009, the following PDMRs were granted Awards under the PSP in the form of Options. The Options are rights to acquire Shares for nil consideration subject to the rules of the PSP and to the satisfaction of the performance target (as set out in Paragraph 13) to be measured over the three years beginning with the date of the Award.  No consideration is payable on the grant of an Option.

PDMR	Number of Shares subject to the Option
Andrew Carter	401,866
Martin Knott	398,714
David Harris	339,484

The above notification is intended to satisfy the Company's obligations under Disclosure and Transparency Rule 3.1.4.

Enquiries:

Suzana Koncarevic

Group Company Secretary

Speedy Hire Plc

Telephone: [phone]

 

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