New Long Term Incentive Plan

RNS Number : 6139M

Belvoir Lettings PLC

01 August 2017

 

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

1 August 2017

BELVOIR!
             

BELVOIR LETTINGS PLC

(the "Company", the "Group" or "Belvoir")

New Long Term Incentive Plan

Belvoir Lettings plc, the UK's largest property franchisor, today announces that it has granted options over new ordinary shares in the Company to its Chief Executive Officer, Dorian Gonsalves, and Chief Financial Officer, Louise George, under a new Belvoir Lettings Performance Share Plan.  The awards reflect their respective roles in determining and executing the Group strategic growth plans and are intended to incentivise them accordingly.

The awards will be subject to two Performance Conditions: adjusted EBITDA and adjusted basic earnings per share ("EPS"), both adjusted to exclude exceptional income, exceptional costs and share based payments over the four years to 31 December 2020.  Each Performance Condition will apply to 50% of the award being made.

The target adjusted EBITDA is £6.5m and target adjusted EPS is 12.0p for the 2020 Financial Year which represent growth of 84% and 56% respectively. 

A floor of £5.85m and a cap of £6.825m applies to the EBITDA Performance Condition.  A floor of 10.8p per share and a cap of 12.6p per share applies to the EPS Performance Condition.  For each Performance Condition, no options will vest where performance is at or below the floor and 50% will vest where performance is at or above the cap.  Straight-line vesting applies between the floor and the cap.

The maximum awards are stated below:

Name                             Position                                   Number of shares

                                                                                     subject to awards

Dorian Gonsalves             Chief Executive Officer               540,000

Louise George                  Chief Finance Officer                  432,000

Immediately prior to these awards the Company's issued share capital was 34,938,606 ordinary shares and there were outstanding EMI options of 695,000 and unapproved options of 163,399.

Further detail is provided below in accordance with Article 19.3 of the EU Market Abuse Regulation.

Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014
1	Details of the person discharging managerial responsibilities/person closely associated
a.	Name	Dorian Gonsalves		Louise George
2	Reason for notification
a.	Position/Status	Chief Executive Officer		Chief Financial Officer
b.	Initial notification/ Amendment	Initial Notification		Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a.	Name	Belvoir Lettings PLC		Belvoir Lettings PLC
b.	LEI	N/A		N/A
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 pence each ISIN: GB00B4QY1P51		Ordinary Shares of  1 pence each ISIN: GB00B4QY1P51
b.	Nature of the transaction	Grant of nil cost options		Grant of nil cost options
c.	Price(s) and volume(s)	Over Company's shares		Over Company's shares
		Price 1 pence each	Volume 540,000	Price 1 pence each	Volume 432,000
d.	Aggregated information - Aggregated Volume - Price	n/a n/a		n/a n/a
e.	Date of the transaction	31 July 2017		31 July 2017
f.	Place of the transaction	London Stock Exchange		London Stock Exchange

For further details:

Belvoir Lettings PLC Mike Goddard, Chairman Dorian Gonsalves, Chief Executive Officer Louise George, Chief Financial Officer	01476 584900 [e-mail]
Cantor Fitzgerald Europe Rick Thompson, Phil Davies, Michael Reynolds Corporate Finance	020 7894 7000
Buchanan Charles Ryland, Victoria Hayns, Madeleine Seacombe	0207 466 5000

About Belvoir Lettings PLC

Founded in 1995 and listed on AIM in 2012 (BLV.L), Belvoir operates a nationwide property franchise group with over 300 offices across four brands offering a range of specialist services in property rental, property management, residential lettings, buy to let and property sales. With its Central Office in Grantham, Lincolnshire, the Group manages 56,000 properties and reported revenue of £9.9m in 2016 making Belvoir the largest property franchise group in the UK.

 

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