REG - Renew Holdings PLC - Exercise of Options

Renew HoldingsAnnouncement

19/12/2023 17:15

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RNS Number : 3645X  Renew Holdings PLC  19 December 2023

19 December 2023

 

Renew Holdings plc

 

("Renew" or the "Group")

 

Exercise of Options

 

 

Renew (AIM: RNWH), the leading Engineering Services Group supporting the
maintenance and renewal of critical UK infrastructure, announces that today
options ("LTIP Options") over a total of 94,539 ordinary shares have been
exercised by Paul Scott, CEO (37,936), Sean Wyndham-Quin, CFO (29,027) and
Andries Liebenberg, Executive Director (27,576).

 

The LTIP Options had an exercise price of 10p per ordinary share. In
accordance with the LTIP rules and noting that the Executive Directors'
existing shareholdings already exceed the shareholding guidelines, the
Remuneration Committee elected to settle the exercise of the LTIP Options in
cash, simplifying the settlement process and bringing shareholders the
incremental benefit of avoiding dilution. Accordingly, to settle the exercise
of their LTIP Options the Executive Directors will receive a cash payment
determined by reference to 832.5 pence (being the 5-day volume weighted
average price to the close of business on 18 December 2023) for each ordinary
share in respect of which their LTIP Option was exercised less 10 pence per
share. The payment will be taxable in the normal manner.

 

Following this exercise, the shareholdings of Paul Scott, Sean Wyndham-Quin
and Andries Liebenberg will remain unchanged, and they therefore continue to
hold shares in excess of the shareholding guidelines as set out in the
Remuneration Policy.

 

                     No of Shares                                           Value        Annual Salary  % of Salary  Shareholding Guideline
 Paul Scott                            232,932                              £1,939,159   £404,250       480%         100%
 Sean Wyndham-Quin                         132,532                          £1,103,329   £309,750       356%         100%
 Andries Liebenberg                          49,481                         £411,929     £294,000       140%         100%

 

The current total number of ordinary shares of 10p each in issue is 79,133,889
and following the exercise noted above there is a total of 603,015 ordinary
shares remaining outstanding under LTIP options none of which have yet
vested.

 

For further information, please contact: For further information, please
contact:

 

 Renew Holdings plc                                            www.renewholdings.com
 Paul Scott, Chief Executive Officer                           via FTI Consulting
 Sean Wyndham-Quin, Chief Financial Officer                    020 3727 1000

                                                               020 7260 1000

 Deutsche Numis (Nominated Adviser and Joint Broker)
 Stuart Skinner / Kevin Cruickshank

 Peel Hunt LLP (Joint Broker)                                  020 7418 8900
 Mike Burke / Ed Allsopp

 FTI Consulting (Financial PR)                                 020 3727 1000
 Alex Beagley / Tom Hufton / Rafaella de Freitas / Amy Goldup  Renew@fticonsulting.com

 

About Renew Holdings plc

Renew is a leading UK Engineering Services business, performing a critical
role in keeping the nation's infrastructure functioning efficiently and
safely. The Group operates through independently branded subsidiaries across
its chosen markets, delivering non-discretionary maintenance and renewal tasks
through its highly skilled, directly employed workforce.

 

Renew's activities are focused into two business streams: Engineering
Services, which accounts for over 95 per cent of the Group's adjusted
operating profit, focuses on the key markets of Rail, Infrastructure, Energy
(including Nuclear) and Environmental which are largely governed by regulation
and benefit from non-discretionary spend with long-term visibility of
committed funding.

 

Specialist Building focuses on the High Quality Residential, Landmark and
Science markets in London and the Home Counties.

 

For more information please visit the Renew Holdings plc
website: www.renewholdings.com (http://www.renewholdings.com/)

 

The information set out below is provided in accordance with the requirements
of the UK Market Abuse Regulation.

 1    Details of the person discharging managerial responsibilities / person closely

    associated

 a)   Name                                                         1.   P. Scott

                                                                   2.   S. Wyndham-Quin

                                                                   3.   A. Liebenberg
 2    Reason for the notification

 a)   Position/status                                              1.   Chief Executive Officer

                                                                   2.   Chief Financial Officer

                                                                   3.   Executive Director

 b)   Initial notification /Amendment                              Initial Announcement

 3    Details of the issuer, emission allowance market participant, auction

    platform, auctioneer or auction monitor

 a)   Name                                                         Renew Holdings plc

 b)   LEI                                                          213800O3DC3V4WYA2E09

 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  Ordinary Shares of 10 pence each

      Identification code                                          ISIN: GB0005359004

 b)   Nature of the transaction                                    Exercise of options under the Renew Holdings plc Long Term Incentive Plan. The

                                                            options were cash settled by reference to 832.5 pence (being the 5-day volume
                                                                   weighted average price to the close of business on 18 December 2023) for each

                                                            ordinary share in respect of which the options were exercised less 10 pence
                                                                   per share.

 c)   Price(s) and volume(s)

                                                                                         Price(s)                               Volume(s)
                                                                                         1.   Nil                               1.   37,936*

                                                                                         2.   Nil                               2.   29,027*

                                                                                         3.   Nil                               3.   27,576*

                                                                                         *Settled with a payment of 822.5 pence per share in lieu of delivery of
                                                                                         shares.

 d)   Aggregated information

      - Aggregated volume                                          94,539*

                                                                   *Settled with a payment of 822.5 pence per share in lieu of delivery of
                                                                   shares.

      - Price                                                      Nil

 e)   Date of the transaction                                      19 December 2023

 f)   Place of the transaction                                     Outside of a trading venue

 

 

 

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