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Grant of Awards

28 Sep 2015 15:50

RNS Number : 4429A
NewRiver Retail Limited
28 September 2015
 

 

NewRiver Retail Ltd

 

("NewRiver" or the "Company")

 

Grant of Awards

 

NewRiver Retail Limited (AIM: NRR), the UK REIT specialising in value-creating retail property investment, active asset management and development, announces that on 28 September 2015 it granted awards under the NewRiver Retail Limited Performance Share Plan 2009, giving rights to acquire shares for nil consideration over a total of 773,072 ordinary shares of no par value ("Ordinary Shares") in the Company to Directors as detailed below.

 

Award Holder

Number of Ordinary

Shares under Award

Vesting Dates

David Lockhart

117,578

117,577

50% on 28 September 2018

50% on 28 September 2019

Allan Lockhart

102,881

102,880

50% on 28 September 2018

50% on 28 September 2019

Mark Davies

88,183

88,183

50% on 28 September 2018

50% on 28 September 2019

Nicholas Sewell

77,895

77,895

50% on 28 September 2018

50% on 28 September 2019

 

The awards have been made over 200% of salary and are therefore subject to, and split between one-third each, the three enhanced performance conditions which are outlined below. The Company consulted with its largest shareholders in respect of these awards.

 

Total Shareholder Return ("TSR")

For shares allocated against the TSR performance, 25% vest if TSR is 9% on a compound annual basis with full vesting at 16% with straight-line vesting in between.

 

Adjusted EPRA Earnings Per Share ("EPS")

For shares allocated against the EPS performance, 25% vest if the compound annual percentage growth is 5% per annum with full vesting at 12% with straight-line vesting in between.

 

Net Asset Value plus Dividends ("NAV")

For shares allocated against the NAV performance, 25% vest if NAV increases by 9% on a compound annual percentage growth with full vesting at 16% with straight-line vesting in between.

 

 

Half of the award will be tested and be capable of vesting after three years and half will be tested and capable of vesting after four years.

 

 

 

-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 / Alex Vaughan / Hugh Preston

 

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. At the close of 2014 NewRiver Retail was named Property Company of the Year - Retail & Leisure at the Estates Gazette 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 £1 billion million principally comprising 29 UK wide shopping centres, further nationwide retail assets and a portfolio of 360 public houses with retail extension opportunities. The portfolio has 1,440 occupiers, a total of over 6.0 million sq. ft., total annual footfall of over 126 million and a retail occupancy rate of 96 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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