NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM
Renewi plc (the "Company") announces the following transactions of Persons Discharging Managerial Responsibility ("PDMR") in ordinary shares of £1 each in the share capital of the Company ("Shares").
Grant of Awards under the Long-Term Incentive Plan (“LTIP”) and Deferred Annual Bonus Scheme (“DAB”)
2023 LTIP
On 19 June 2023, conditional awards were granted to the two Executive Directors of the Company under the Renewi plc 2020 Long-Term Incentive Plan, which will vest on the third anniversary of grant in accordance with their performance conditions:
Plan | Participant | Award | Vesting date |
2023 LTIP | Otto de Bont (CEO) | 136,590 | 19 June 2026 |
2023 LTIP | Annemieke den Otter (CFO) | 92,814 | 19 June 2026 |
The three-year performance measures and targets relating to 2023 LTIP awards are as disclosed below. The targets will be measured over the three years ending 31 March 2026.
| TSR1 | ROCE | EPS | Recycling rate2 |
Weighting | 25% | 25% | 25% | 25% |
| Target | Vesting | Target | Vesting | Target | Vesting | Target | Vesting |
Threshold | Median | 25% | +0.5% | 25% | +5.0% | 25% | 67% | 25% |
Max | Upper quartile | 100% | +2.0% | 100% | +15% | 100% | 70% | 100% |
Notes:
- The peer group for the TSR performance target is the FTSE 250 (excluding Investment Trusts). TSR will be calculated using a three-month averaging period at the start and end of the performance period.
- The recycling rate target has been based on the 2023 recycling rate methodology, as described on pages 51 and 52 of the 2023 Renewi plc Annual Report and Accounts.
- Vesting for all targets is calculated on a straight line basis.
A two-year post vest holding period applies to the LTIP awards granted to Executive Directors.
2023 DAB
On 19 June 2023, conditional awards were granted to the two Executive Directors of the Company under the Renewi plc 2014 Deferred Annual Bonus Scheme. 50% of the 2023 DAB awards vested immediately, with a further 50% to vest on the third anniversary of grant:
Plan | Participant | Award | Vesting date |
2023 DAB | Otto de Bont (CEO) | 48,483 | 50% on 19 June 2023 50% on 19 June 2026 |
2023 DAB | Annemieke den Otter (CFO) | 36,604 | 50% on 19 June 2023 50% on 19 June 2026 |
Both Executive Directors elected to retain all of their Shares from the immediate DAB vest on 19 June 2023, satisfying their associated withholding tax and social security liabilities through direct payments to the Company.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
1 | Details of the person discharging managerial responsibilities / person closely associated |
a) | Name | Otto de Bont |
2 | Reason for the notification |
a) | Position/status | CEO |
b) | Initial notification /Amendment | Initial Notification |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
a) | Name | Renewi plc |
b) | LEI | 213800CNEIDZBL17KU22 |
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 Identification code | Ordinary shares of £1 each GB00BNR4T868 |
b) | Nature of the transaction | Grant of 2023 award under the Renewi plc Long Term Incentive Plan |
c) | Price(s) and volume(s) | Shares Price(s) | Shares Volume(s) | £NIL | 136,590 |
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d) | Aggregated information - Aggregated volume - Price | 136,590 £NIL |
e) | Date of the transaction | 19 June 2023 |
f) | Place of the transaction | Outside a trading venue |
1 | Details of the person discharging managerial responsibilities / person closely associated |
a) | Name | Annemieke den Otter |
2 | Reason for the notification |
a) | Position/status | CFO |
b) | Initial notification /Amendment | Initial Notification |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
a) | Name | Renewi plc |
b) | LEI | 213800CNEIDZBL17KU22 |
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 Identification code | Ordinary shares of £1 each GB00BNR4T868 |
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