Director/PDMR Shareholding

RNS Number : 1710C

Lok'nStore Group PLC

14 June 2019

 

 Lok'nStore Group plc

('Lok'nStore' or the 'Company')

Director/PDMR Shareholding

The Company announces that the Remuneration Committee has agreed to extend the exercise period in relation to options over 65,000 ordinary shares of 1p each ("Options") granted to Ray Davies under the Company's unapproved share option scheme which originally ran until July 2017 and July 2018.  This agreement formalises undertakings of the Remuneration Committee given to Mr Davies prior to the lapse date of the Options, of which 15,000 were due to lapse in July 2017 and 50,000 in July 2018.  The new lapse date for the Options is 31 July 2022 and 31 July 2023 respectively.  The Options formed part of Mr. Davies' usual remuneration package.  At the date of the lapse of these Options the performance criteria had been met and the Options were exercisable in full and held intrinsic value.

At the same time, the Remuneration Committee has further agreed to extend the exercise dates in relation to additional options over 46,470 ordinary shares currently held by Ray Davies under the terms of the unapproved share option scheme ("Unlapsed Options").  These options were due to lapse in July 2019 (20,000 shares) and July 2020 (26,470 shares) though are now due to lapse on 31 July 2024 and 2025 respectively.  The Unlapsed Options were also granted as part of Mr Davies' usual remuneration package, are currently exercisable in full with all performance criteria met and also hold intrinsic value.

Edward Luker, Senior Non-Executive Director and Chairman of the Lok'nStore Remuneration Committee said:

 "The Board of Lok'nStore see this as an important and positive outcome for the business and its shareholders in demonstrating a forward commitment on Ray Davies' part to continue to play an important role in the growth and development of the business  and the long term value of the Company by remaining invested in the equity of the Company via the options."

-Ends-

Enquiries:

Lok'nStore   Sophia Fowler, Assistant Company Secretary	01252 521 010
finnCap Ltd   Julian Blunt/Giles Rolls, Corporate Finance   Alice Lane, Corporate Broking	020 7220 0500
Camarco   Billy Clegg/Tom Huddart	0203 757 4980

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Ray Davies
2.	Reason for the Notification
a)	Position/status	FD
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Lok'nStore Group plc
b)	LEI	213800MXVAMG3CA42A19
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	Options over Ordinary Shares
	Identification code	GB0007276115
b)	Nature of the transaction	Extension of exercise periods
c)	Price(s) and volume(s)	Number of Options Exercise Price £ Extension of exercise period 15,000 50,000 20,000 26,470 2.135 1.305 0.565 0.850 to 31 July 2022 to 31 July 2023 to 31 July 2024 to 31 July 2025
d)	Aggregated information: ·      Aggregated volume ·      Price	See above
e)	Date of the transaction	13 June 2019
f)	Place of the transaction	Outside of trading venue

The information communicated in this announcement is inside information for the purposes of

Article 7 of Regulation 596/2014.

This information is provided by RNS - The company news service from the London Stock Exchange.

 

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