REG - Redrow PLC - Partial Surrender of LTIP Awards
11/04/2023 12:45
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RNS Number : 8449V Redrow PLC 11 April 2023
11 April 2023
Redrow plc ("the Company")
2014 Long Term Incentive Plan ("LTIP")
Partial surrender of LTIP awards
On 11(th) April 2023 the Company received, and the Company's Remuneration
Committee has accepted, a waiver by the Persons Discharging Managerial
Responsibility (PDMRs) set out in this notice of 16.7% of the awards granted
to them under the LTIP in September 2022 (the 2022 LTIP awards). No
compensation will be paid to the PDMRs in respect of this waiver.
The waiver is in connection with the Remuneration Committee's decision on 23
March 2023 to replace the original EPS and ROCE performance conditions
applicable to the 2022 LTIP awards in accordance with the LTIP rules, such
that the vesting of these awards will now be calculated by reference to the
Company's total shareholder return performance against a group of other major
UK-listed construction companies. The original ESG carbon reduction targets
applying to 10% of the remaining awards will remain.
Redrow is committed to ensuring that its remuneration policies incentivise and
reward management for strong performance and for delivering value for all the
Group's stakeholders. Following the volatility in the housing market in the
autumn and winter of 2022 because of the Government's September fiscal
statement, it became clear that the 2022 LTIP targets set in September of that
year were unsuitable for current market conditions and would penalise
management for external factors outside of their control. The Remuneration
Committee considers that the revised targets continue to be stretching and
ambitious and are aligned to the Group's strategic objectives and broader
responsibilities. Further information will be provided in the 2023 annual
report.
For further information contact:
Redrow plc
Nicky Dulieu, Senior Independent Director & Chair of the Remuneration 01244 527411
Committee
Matthew Pratt, Group Chief Executive 01244 527411
Instinctif Partners
Tim McCall, Head of Capital Markets 07753 561862 / 020 7457 2860
Bryn Woodward, Associate Partner 07949 939237 / 0207 457 2045
Redrow plc
Notification of Transactions of Persons Discharging Managerial
Responsibilities
Directors and PDMRs
1 Details of the person discharging managerial responsibilities / person closely
associated
(a) Name Matthew Pratt
2 Reason for the notification
(a) Position/status Director
(b) Initial notification/Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
(a) Name Redrow plc
(b) LEI 2138008WJZBBA7EYEL28
4 Details of the transaction(s)
(a) Description of the financial instrument, type of instrument Ordinary shares of 10.5p each
Identification code GB00BG11K365
(b) Nature of the transaction Partial surrender of nil-cost option granted under the Company's 2014 Long
Term Incentive Plan in September 2022
(c) Price(s) and volume(s) Price(s) Volume(s)
Nil 33,097
(d) Aggregated information
· Aggregated volume 33,097
· Price Nil
(e) Date of the transaction 2023.04.11
(f) Place of the transaction Outside a trading venue
(d)
Aggregated information
· Aggregated volume
33,097
· Price
Nil
(e)
Date of the transaction
2023.04.11
(f)
Place of the transaction
Outside a trading venue
1 Details of the person discharging managerial responsibilities / person closely
associated
(a) Name Barbara Richmond
2 Reason for the notification
(a) Position/status Director
(b) Initial notification/Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
(a) Name Redrow plc
(b) LEI 2138008WJZBBA7EYEL28
4 Details of the transaction(s)
(a) Description of the financial instrument, type of instrument Ordinary shares of 10.5p each
Identification code GB00BG11K365
(b) Nature of the transaction Partial surrender of nil-cost option granted under the Company's 2014 Long
Term Incentive Plan in September 2022
(c) Price(s) and volume(s) Price(s) Volume(s)
Nil 20,201
(d) Aggregated information
· Aggregated volume 20,201
· Price Nil
(e) Date of the transaction 2023.04.11
(f) Place of the transaction Outside a trading venue
(d)
Aggregated information
· Aggregated volume
20,201
· Price
Nil
(e)
Date of the transaction
2023.04.11
(f)
Place of the transaction
Outside a trading venue
1 Details of the person discharging managerial responsibilities / person closely
associated
(a) Name Graham Cope
2 Reason for the notification
(a) Position/status PDMR
(b) Initial notification/Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
(a) Name Redrow plc
(b) LEI 2138008WJZBBA7EYEL28
4 Details of the transaction(s)
(a) Description of the financial instrument, type of instrument Ordinary shares of 10.5p each
Identification code GB00BG11K365
(b) Nature of the transaction Partial surrender of nil-cost option granted under the Company's 2014 Long
Term Incentive Plan in September 2022
(c) Price(s) and volume(s) Price(s) Volume(s)
Nil 5,686
(d) Aggregated information
· Aggregated volume 5,686
· Price Nil
(e) Date of the transaction 2023.04.11
(f) Place of the transaction Outside a trading venue
(d)
Aggregated information
· Aggregated volume
5,686
· Price
Nil
(e)
Date of the transaction
2023.04.11
(f)
Place of the transaction
Outside a trading venue
1 Details of the person discharging managerial responsibilities / person closely
associated
(a) Name Gary Crisp
2 Reason for the notification
(b) Position/status PDMR
(c) Initial notification/Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
(d) Name Redrow plc
(e) LEI 2138008WJZBBA7EYEL28
4 Details of the transaction(s)
(f) Description of the financial instrument, type of instrument Ordinary shares of 10.5p each
Identification code GB00BG11K365
(g) Nature of the transaction Partial surrender of nil-cost option granted under the Company's 2014 Long
Term Incentive Plan in September 2022
(h) Price(s) and volume(s) Price(s) Volume(s)
1. Nil 7,465
(i) Aggregated information
· Aggregated volume 7,465
· Price Nil
(j) Date of the transaction 2023.04.11
(k) Place of the transaction Outside a trading venue
(i)
Aggregated information
· Aggregated volume
7,465
· Price
Nil
(j)
Date of the transaction
2023.04.11
(k)
Place of the transaction
Outside a trading venue
1 Details of the person discharging managerial responsibilities / person closely
associated
(a) Name Timothy Stone
2 Reason for the notification
(a) Position/status PDMR
(b) Initial notification/Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
(a) Name Redrow plc
(b) LEI 2138008WJZBBA7EYEL28
4 Details of the transaction(s)
(a) Description of the financial instrument, type of instrument Ordinary shares of 10.5p each
Identification code GB00BG11K365
(b) Nature of the transaction Partial surrender of nil-cost option granted under the Company's 2014 Long
Term Incentive Plan in September 2022
(c) Price(s) and volume(s) Price(s) Volume(s)
Nil 7,465
(d) Aggregated information
· Aggregated volume 7,465
· Price Nil
(e) Date of the transaction 2023.04.11
(f) Place of the transaction Outside a trading venue
(d)
Aggregated information
· Aggregated volume
7,465
· Price
Nil
(e)
Date of the transaction
2023.04.11
(f)
Place of the transaction
Outside a trading venue
1 Details of the person discharging managerial responsibilities / person closely
associated
(a) Name Christopher Lilley
2 Reason for the notification
(a) Position/status PDMR
(b) Initial notification/Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
(a) Name Redrow plc
(b) LEI 2138008WJZBBA7EYEL28
4 Details of the transaction(s)
(a) Description of the financial instrument, type of instrument Ordinary shares of 10.5p each
Identification code GB00BG11K365
(b) Nature of the transaction Partial surrender of nil-cost option granted under the Company's 2014 Long
Term Incentive Plan in September 2022
(c) Price(s) and volume(s) Price(s) Volume(s)
NiL 7,465
(d) Aggregated information
· Aggregated volume 7,465
· Price Nil
(e) Date of the transaction 2023.04.11
(f) Place of the transaction Outside a trading venue
(d)
Aggregated information
· Aggregated volume
7,465
· Price
Nil
(e)
Date of the transaction
2023.04.11
(f)
Place of the transaction
Outside a trading venue
1 Details of the person discharging managerial responsibilities / person closely
associated
(a) Name Karen Jones
2 Reason for the notification
(a) Position/status PDMR
(b) Initial notification/Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
(a) Name Redrow plc
(b) LEI 2138008WJZBBA7EYEL28
4 Details of the transaction(s)
(a) Description of the financial instrument, type of instrument Ordinary shares of 10.5p each
Identification code GB00BG11K365
(b) Nature of the transaction Partial surrender of nil-cost option granted under the Company's 2014 Long
Term Incentive Plan in September 2022
(c) Price(s) and volume(s) Price(s) Volume(s)
Nil 4,899
(d) Aggregated information
· Aggregated volume 4,899
· Price Nil
(e) Date of the transaction 2023.04.11
(f) Place of the transaction Outside a trading venue
(d)
Aggregated information
· Aggregated volume
4,899
· Price
Nil
(e)
Date of the transaction
2023.04.11
(f)
Place of the transaction
Outside a trading venue
1 Details of the person discharging managerial responsibilities / person closely
associated
(a) Name Matthew Grayson
2 Reason for the notification
(a) Position/status PDMR
(b) Initial notification/Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
(a) Name Redrow plc
(b) LEI 2138008WJZBBA7EYEL28
4 Details of the transaction(s)
(a) Description of the financial instrument, type of instrument Ordinary shares of 10.5p each
Identification code GB00BG11K365
(b) Nature of the transaction Partial surrender of nil-cost option granted under the Company's 2014 Long
Term Incentive Plan in September 2022
(c) Price(s) and volume(s) Price(s) Volume(s)
Nil 4,899
(d) Aggregated information
· Aggregated volume 4,899
· Price Nil
(e) Date of the transaction 2023.04.11
(f) Place of the transaction Outside a trading venue
(d)
Aggregated information
· Aggregated volume
4,899
· Price
Nil
(e)
Date of the transaction
2023.04.11
(f)
Place of the transaction
Outside a trading venue
1 Details of the person discharging managerial responsibilities / person closely
associated
(a) Name Rose Sandell
2 Reason for the notification
(a) Position/status PDMR
(b) Initial notification/Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
(a) Name Redrow plc
(b) LEI 2138008WJZBBA7EYEL28
4 Details of the transaction(s)
(a) Description of the financial instrument, type of instrument Ordinary shares of 10.5p each
Identification code GB00BG11K365
(b) Nature of the transaction Partial surrender of nil-cost option granted under the Company's 2014 Long
Term Incentive Plan in September 2022
(c) Price(s) and volume(s) Price(s) Volume(s)
Nil 4,291
(d) Aggregated information
· Aggregated volume 4,291
· Price Nil
(e) Date of the transaction 2023.04.11
(f) Place of the transaction Outside a trading venue
(d)
Aggregated information
· Aggregated volume
4,291
· Price
Nil
(e)
Date of the transaction
2023.04.11
(f)
Place of the transaction
Outside a trading venue
Name of officer of issuer responsible for making notification: Graham Cope
Date of notification: 2023.04.11
LEI Number:
2138008WJZBBA7EYEL28
Announcement Classification:
3.1: Additional regulated information required to be disclosed under the laws
of a Member State.
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