Redde Northgate plc has announced that the executive director, Martin Ward, has exercised options over ordinary shares in the company and sold a portion of the resulting shares. The exercise of the options and sale of shares took place on 21 August 2023. Ward exercised 778,315 options and sold 367,094 shares, while retaining 411,221 shares, which are subject to a two-year holding period. The ordinary shares required for the exercise of the options were transferred from the company's Employee Benefit Trust.
The details of the transaction are as follows: the acquisition of ordinary shares was made under the Redde Northgate plc 2019 Executive Performance Share Plan, with a price of nil and a volume of 778,315 shares. The sale of ordinary shares was made to cover personal tax and social security obligations arising from the vesting of the Executive Performance Share Plan Award, with a price of £3.31 and a volume of 367,094 shares. The remaining 411,221 shares were transferred to Ward's nominee account with no change in beneficial ownership.
The transaction took place outside of a trading venue, and the sale of shares was conducted on the London Stock Exchange (XLON). The notification provides all the necessary details required by the regulatory authorities.
For further information, interested parties can contact James Kerton, the Company Secretary of Redde Northgate plc.