LTIP, Issue of Equity, Director/PDMR Holdings

RNS Number : 9835A

Duke Royalty Limited

02 October 2020

 

Duke Royalty Limited

("Duke Royalty", "Duke" or the "Company")

Long Term Incentive Plan ("LTIP") Awards

Issue of Equity

Director/PDMR Dealings

New grant under LTIP  

Duke Royalty Limited (AIM: DUKE), a provider of alternative capital solutions to a diversified range of profitable and long-established businesses in Europe and abroad, announces that the Company's Remuneration Committee has approved the grant of a total of 6,665,000 conditional rights to acquire ordinary shares of no par value ("Performance Share Awards" or "PSA's") under the Company's Long-Term Incentive Plan ("LTIP"). The LTIP framework was detailed within the Company's admission document which was published on 20 March 2017 and was put into place post Admission.

PSA's for the financial year to 31 March 2020 have been granted are as follows:

Neil Johnson	1,500,000
Charlie Cannon Brookes	1,450,000
Jim Webster	375,000
Other employees	3,340,000
Total	6,665,000

The PSA's vest after a period of three years and are subject to various performance conditions outlined in the Company's admission document (and available on the Company's website) and set by the Remuneration Committee, all in accordance with the LTIP rules. The LTIP Awards will be subject to performance conditions, (50 per cent. based on growth in total shareholder return ("TSR") and 50 per cent. on growth in total cash available for distribution per share ("TCAD per Share")). TSR can be defined as the returns generated by shareholders based on the combined value of the dividends paid out by the Company and the share price performance over the period in question.

Vesting of 2017 PSAs, transfer from EBT & Director/PDMR interests

The Company also announces that a total of 512,500 PSAs previously granted under the Company's 2017 LTIP award have vested, representing 50% of the PSA's granted at that time. Accordingly, 512,500 existing ordinary shares held by the EBT have been transferred to beneficiaries in the following amounts:

Neil Johnson	250,000
Charlie Cannon Brookes	175,000
Other vested PSAs	87,500
Total	512,500

Following today's grant of PSAs and the transfer of ordinary shares from the EBT under the vested 2017 PSAs, the following Directors / PDMRs have the following total interest in ordinary shares and options:

Director/PDMR	Total ordinary shares held	Total shares under option (3)
Neil Johnson (1)	3,968,997	3,200,000
Charlie Cannon Brookes (2)	5,836,734	2,650,000
Jim Webster	-	805,000

(1)  Mr Johnson is Abingdon Capital Corporation's sole voting shareholder which legally owns 1,834,223 ordinary shares included within this figure.

(2)  Mr Cannon Brookes is the investment director and shareholder of Arlington Asset Management Limited ("Arlington"). This figure includes 2,706,914 ordinary shares legally owned by Arlington.

(3)  Includes PSAs under the Company's LTIP.

Total voting rights and EBT shares

The Company has issued 6,152,500 new ordinary shares (representing the 6,665,000 new PSAs less 512,000 unvested PSAs granted in 2017) into the Duke Royalty Employee Benefit Trust ("EBT"), ownership of which shall be transferred, in part or in full, to individual beneficiaries, subject to achievement of the performance criteria following the vesting period. Application has been made for these 6,152,500 shares to be admitted to trading on AIM, which is expected to occur on 7 October 2020. 

Following Admission and transfer of the 512,500 shares to LTIP beneficiaries, the Company will have 252,783,644 ordinary shares in issue admitted to trading on AIM, of which 10,855,000 will be held by the EBT. This figure (252,783,644) may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to, their interest in the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

For further information, please contact www.dukeroyalty.com, or contact: 

Duke Royalty Limited	Neil Johnson / Charlie Cannon Brookes / Hugo Evans	[phone]
Cenkos Securities plc  (Nominated Adviser and Broker)	Stephen Keys / Callum Davidson / Julian Morse / Michael Johnson	[phone]
Newgate Communications (PR)	Elisabeth Cowell/ Ian Silvera/ Megan Kovach	+ [phone] [e-mail]

Notifications of dealings by PDMRs:

1.	Details of the person discharging managerial responsibilities/persons closely associated
a)	Name	Neil Johnson
2.	Reason for notification
a)	Position/Status	Chief Executive Officer
b)	Initial notification/amendment	Initial
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Duke Royalty Limited
b)	LEI	213800GUTKPSJ39SER44
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 and identification code	Ordinary shares of nil par value GG00BYZSSY63
b)	Nature of transaction	Grant of conditional performance share awards under LTIP
c)	Price(s) and volume(s)	Price(s) Volume(s) N/A 1,500,000
d)	Aggregated Information	n/a
e)	Date of transaction	Award date 1 October 2020
f)	Place of transaction	Outside a trading venue

1.	Details of the person discharging managerial responsibilities/persons closely associated
a)	Name	Neil Johnson
2.	Reason for notification
a)	Position/Status	Chief Executive Officer
b)	Initial notification/amendment	Initial
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Duke Royalty Limited
b)	LEI	213800GUTKPSJ39SER44
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 and identification code	Ordinary shares of nil par value GG00BYZSSY63
b)	Nature of transaction	Acquisition of ordinary shares following vesting of conditional performance share awards under LTIP
c)	Price(s) and volume(s)	Price(s) Volume(s) N/A 250,000
d)	Aggregated Information	n/a
e)	Date of transaction	2 October 2020
f)	Place of transaction	Outside a trading venue

1.	Details of the person discharging managerial responsibilities/persons closely associated
a)	Name	Charlie Cannon Brookes
2.	Reason for notification
a)	Position/Status	Executive Director
b)	Initial notification/amendment	Initial
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Duke Royalty Limited
b)	LEI	213800GUTKPSJ39SER44
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 and identification code	Ordinary shares of nil par value GG00BYZSSY63
b)	Nature of transaction	Grant of conditional performance share awards under LTIP
c)	Price(s) and volume(s)	Price(s) Volume(s) N/A 1,450,000
d)	Aggregated Information	n/a
e)	Date of transaction	Award date 1 October 2020
f)	Place of transaction	Outside a trading venue

1.	Details of the person discharging managerial responsibilities/persons closely associated
a)	Name	Charlie Cannon Brookes
2.	Reason for notification
a)	Position/Status	Executive Director
b)	Initial notification/amendment	Initial
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Duke Royalty Limited
b)	LEI	213800GUTKPSJ39SER44
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 and identification code	Ordinary shares of nil par value GG00BYZSSY63
b)	Nature of transaction	Acquisition of ordinary shares following vesting of conditional performance share awards under LTIP
c)	Price(s) and volume(s)	Price(s) Volume(s) N/A 175,000
d)	Aggregated Information	n/a
e)	Date of transaction	2 October 2020
f)	Place of transaction	Outside a trading venue

1.	Details of the person discharging managerial responsibilities/persons closely associated
a)	Name	Jim Webster
2.	Reason for notification
a)	Position/Status	Chief Investment Officer
b)	Initial notification/amendment	Initial
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Duke Royalty Limited
b)	LEI	213800GUTKPSJ39SER44
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 and identification code	Ordinary shares of nil par value GG00BYZSSY63
b)	Nature of transaction	Grant of conditional performance share awards under LTIP
c)	Price(s) and volume(s)	Price(s) Volume(s) N/A 375,000
d)	Aggregated Information	n/a
e)	Date of transaction	Award date 1 October 2020
f)	Place of transaction	Outside a trading venue

 

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