31 March 2016
NewRiver Retail Limited
("NewRiver" or the "Group" or the "Company")
Deferred Bonus Share Awards
NewRiver Retail Limited (AIM: NRR), the UK REIT specialising in value-creating retail property investment and active asset management, announces that on 30 March 2016, it granted discretionary share awards under the Company's Deferred Bonus Plan.
The awards were made following a review by the Company's Remuneration Committee and consultation with the Company's major shareholders. The Remuneration Committee recommended an adjustment to the share option plan put in place at the time of the Company's IPO in 2009 for accrued dividends paid by the Company since the IPO so as to appropriately align management incentive with Total Shareholder Return (TSR). For context, approximately half of the TSR since IPO has come from dividends paid.
The awards made under the Company's Deferred Bonus Share plan and will vest in March 2018, subject to continued employment, clawback and malus provisions.
Accordingly, the following deferred bonus share awards, structured as nil-cost options and granted at a price of £3.26 per share, have been made to executive directors of the Company and Nick Sewell, who was an executive director of the Company at the time of the IPO.
Award Holder |
Number of Ordinary Shares under Deferred Bonus Award |
Vesting Date |
David Lockhart |
152,515 |
30 March 2018 |
Allan Lockhart |
129,815 |
30 March 2018 |
Mark Davies |
81,871 |
30 March 2018 |
Nick Sewell |
108,220 |
30 March 2018 |
-Ends-
NewRiver Retail Limited David Lockhart, Chief Executive Mark Davies, Finance Director |
Tel: 020 3328 5800 |
Bell Pottinger David Rydell / James Newman / David Bass |
Tel: 020 3772 2500 |
Liberum Richard Crawley / Jamie Richards |
Tel: 020 3100 2000 |
Peel Hunt LLP Capel Irwin |
Tel: 020 7418 8900 |
About NewRiver
NewRiver Retail Limited is an AIM listed REIT. The Company is a specialist real estate investor, asset manager and developer focused solely on the UK retail sector.
The management team, with over 100 years combined experience in the UK commercial property market, actively engages with retailers, stakeholders and consumers. NewRiver Retail is one of the UK's largest shopping centre owner/managers with assets under management of over £1 billion principally comprising 32 UK wide shopping centres, further nationwide retail assets and a portfolio of 359 pubs with retail and mixed-use extension opportunities. The portfolio has 1,765 occupiers, a total of over 7.0 million sq. ft., total annual footfall of over 126 million and a retail occupancy rate of 97 per cent.
The Company's activities include active and entrepreneurial asset management and risk-controlled development, utilising both its own balance sheet and co-investment joint venture structures.
Founded in 2009, NewRiver has become the UK's leading retail-focused property investment business. The Company's shares were admitted to London's AIM in September of the same year. For more information on NewRiver, please visit www.nrr.co.uk.
