t
On April 11, 2023, Redrow plc's Persons Discharging Managerial Responsibility (PDMRs) partially surrendered 16.7% of their 2022 Long Term Incentive Plan (LTIP) awards, for which no compensation was paid. The Company's Remuneration Committee accepted this waiver, which relates to its March 23, 2023 decision to replace the original EPS and ROCE performance conditions for these awards. Vesting of these awards will now be calculated based on the Company's total shareholder return against a group of other major UK-listed construction companies, with existing ESG carbon reduction targets still applying to 10% of remaining awards.
| Date | 11 Apr 2023 |
| Time | 12:39:55 |
| Category | Director/PDMR dealings |
| ID | 8449V |
11 April 2023
Redrow plc ("the Company")
2014 Long Term Incentive Plan ("LTIP")
Partial surrender of LTIP awards
On 11th 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 Committee |
01244 527411 |
|
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)
|
|
||||||
|
(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)
|
|
||||||
|
(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)
|
|
||||||
|
(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)
|
|
||||||
|
(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)
|
|
||||||
|
(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)
|
|
||||||
|
(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)
|
|
||||||
|
(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)
|
|
||||||
|
(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)
|
|
||||||
|
(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.