NewRiver Retail Limited Grant of Awards (4576D)
06 Luglio 2016 - 4:47PM
UK Regulatory
TIDMNRR
RNS Number : 4576D
NewRiver Retail Limited
06 July 2016
NewRiver Retail Ltd
("NewRiver" or the "Company")
Grant of Awards
Initial Notification: NewRiver Retail Limited (AIM: NRR), the UK
REIT specialising in value-creating retail property investment and
active asset management, announces that on 6 July 2016 it granted
awards under the NewRiver Retail Limited Performance Share Plan
2009, giving rights to acquire shares for nil consideration over a
total of 394,427 ordinary shares of no par value in the Company
("Ordinary Shares") to Executive Directors as detailed below.
Award Holder Number of Ordinary Vesting Dates
Shares under
Award
-------------------- ------------------- --------------
David Lockhart 142,665 6 July 2019
(CEO)
-------------------- ------------------- --------------
Allan Lockhart 134,273 6 July 2019
(Property
Director)
-------------------- ------------------- --------------
Mark Davies 117,489 6 July 2019
(Finance Director)
-------------------- ------------------- --------------
The awards have been made over Ordinary Shares representing 100%
of base salary at full vesting, based on the NewRiver share price
of GBP2.9790 pence using an average closing price over the previous
five dealing days. Each award is subject to two performance
conditions which will be tested over a three year period. The
performance conditions are outlined in further detail below.
50% of each award will be based on the Company's total
shareholder return (TSR) compared to that of the FTSE All Share
index (the TSR Benchmark) in accordance with the table below.
TSR Award Performance Condition
to Vest
------------- ---------- ----------------------
Below Lower 0% Company's TSR < TSR
Hurdle Benchmark
------------- ---------- ----------------------
Lower Hurdle 25% Company's TSR = TSR
Benchmark
------------- ---------- ----------------------
Intermediate 75% Company's TSR = 1.25
Hurdle x TSR Benchmark
------------- ---------- ----------------------
Upper Hurdle 100% Company's TSR = 1.5
x TSR Benchmark
------------- ---------- ----------------------
50% of each award will be based on the Company's Total
Accounting Return (TAR) compared to those UK REITs that report
their NAV on an EPRA basis as at the date of award (the TAR
Benchmark), in accordance with the table below. TAR is defined as
the annualised return over the performance period based on the
change in EPRA NAV per share and the level of dividends paid per
share.
TAR Award Performance Condition
to Vest
------------- ---------- ----------------------
Below Lower 0% Company's TAR < TAR
Hurdle Benchmark
------------- ---------- ----------------------
Lower Hurdle 25% Company's TAR = TAR
Benchmark
------------- ---------- ----------------------
Intermediate 75% Company's TAR = 1.25
Hurdle x TAR Benchmark
------------- ---------- ----------------------
Upper Hurdle 100% Company's TAR = 1.5
x TAR Benchmark
------------- ---------- ----------------------
For both performance conditions, where the Company's performance
is between the Lower Hurdle and the Intermediate Hurdle or the
Intermediate Hurdle and the Upper Hurdle, the percentage of the
award which vests will be calculated on a straight line basis based
on the extent to which the performance of the Company is between
the relevant hurdle performance conditions.
The performance conditions of the awards will be tested after
three years from the date of award at which time the awards will be
capable of vesting to the extent the performance conditions have
been met.
-Ends-
NewRiver Retail Limited Tel: 020 3328 5800
David Lockhart, Chief Executive
Mark Davies, Finance Director
Bell Pottinger Tel: 020 3772 2500
David Rydell / David Bass / James Newman / Eve Kirmatzis
Liberum Tel: 020 3100 2000
Richard Crawley / Jamie Richards
Peel Hunt LLP Tel: 020 7418 8900
Capel Irwin
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. NewRiver Retail was named
Property Company of the Year at the 2016 Property Week Awards.
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 GBP1.2 billion principally comprising 33 UK wide shopping
centres, further nationwide retail assets and a portfolio of 358
pubs with retail and mixed-use extension opportunities. The
portfolio totals over 7 million sq. ft. with over 1,840 occupiers,
an annual footfall of 150 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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