Director Dealing

RNS Number : 6350G

Palace Capital PLC

24 July 2019

 

24 July 2019

Palace Capital PLC

("Palace Capital", the "Company" or the "Group")

Director Dealing

Palace Capital, the property investment company that focusses on commercial property outside London, announces the following transactions by certain Directors and PDMRs of the Company pursuant to the awards granted on 13 July 2018 under the Palace Capital Deferred Bonus Plan (2018 DBP) and 4 July 2016 under the Palace Capital Long Term Incentive Plan (2016 LTIP).

DBP

On 13 July 2019 the awards granted under the 2018 DBP became exercisable following satisfaction of the one-year service period. In accordance with the rules of the plan, as part of the exercise additional shares were added to each award, equivalent to the dividends payable during the service period.

LTIP

On 4 July 2019 50% of the awards granted under the 2016 LTIP became exercisable following satisfaction of the performance conditions (relating to Net Asset Growth and Total Shareholder Return).

Exercise

On 23 July 2019 Directors and PDMRs exercised their awards. Some sold all the shares awarded to them, others sold sufficient Shares to meet income tax and national insurance liabilities, retaining the balance, and in the case of Neil Sinclair, selling additional shares to fund tax liabilities. Awards were satisfied using shares from the Palace Capital PLC Employee Benefit Trust. As part of this transaction 150,000 shares were transferred from Treasury to the EBT to settle the awards.

Directors shareholdings

Following these transactions, the Director's and PDMR's, including persons closely associated with them, have the following interests in the Ordinary Shares of 10 pence of the Company:

Director/PDMR	Shares held prior to the transactions	Share options exercised	No. of shares sold	Total Palace shares held	% of Palace shares in issue
Neil Sinclair	229,279	66,211	52,424	243,066	0.52%
Richard Starr	149,921	42,797	20,115	172,603	0.37%
Stephen Silvester	12,184	33,373	15,686	29,871	0.06%
David Kaye	-	5,340	5,340	-	0%
Matthew Simpson	-	5,538	2,326	3,212	0.01%

Total Voting Rights

The Company's issued and outstanding share capital is 46,388,515 of which 299,587 Ordinary Shares are held in treasury. The net figure of 46,088,928 Ordinary Shares may be used as the denominator for shareholder calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

For further information, contact:

PALACE CAPITAL PLC

Neil Sinclair, Chief Executive              
Stephen Silvester, Finance Director
Tel. [phone]

Broker

Numis Securities

Heraclis Economides / Oliver Hardy

Tel: [phone]

Broker

Arden Partners plc

Corporate Finance: Paul Shackleton / Ciaran Walsh / Daniel Gee-Summons

Corporate Broking: James Reed-Daunter

Tel: [phone]

Financial PR 

FTI Consulting

Claire Turvey / Methuselah Tanyanyiwa

Tel: [phone]

[e-mail]

About Palace Capital plc (www.palacecapitalplc.com)

Palace Capital is a property investment company with a premium listing on the Main Market of the London Stock Exchange (Stock Code: PCA). The Company owns a diversified regional portfolio across the UK and has a reputation for being entrepreneurial and opportunistic. Palace Capital acquires properties where it can enhance the long-term income and capital value through asset management and strategic capital development in locations outside London.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	a.   Neil Sinclair (Chief Executive) b.   Richard Starr (Executive Director) c.   Stephen Silvester (Finance Director) d.   David Kaye (Company Secretary) e.   Matthew Simpson (Financial Controller)
2	Reason for the notification
a)	Position/status	See 1 a) above
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Palace Capital plc
b)	LEI	2138009JDFQOXJFCJQ05
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	Exercise of option over Ordinary shares of 10p Identification code (ISIN) for Palace Capital plc ordinary shares: GB00BF5SGF06
b)	Nature of the transaction	Exercise of options
c)	Price(s) and volume(s)	Price: nil a.   66,211 b.   42,797 c.   33,373 d.   5,340 e.   5,538
d)	Aggregated information - Aggregated volume - Price	153,259 Nil
e)	Date of the transaction	23 July 2019
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	a.   Neil Sinclair (Chief Executive) b.   Richard Starr (Executive Director) c.   Stephen Silvester (Finance Director) d.   David Kaye (Company Secretary) e.   Matthew Simpson (Financial Controller)
2	Reason for the notification
a)	Position/status	See 1 a) above
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Palace Capital plc
b)	LEI	2138009JDFQOXJFCJQ05
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	Sale of Ordinary shares of 10p Identification code (ISIN) for Palace Capital plc ordinary shares: GB00BF5SGF06
b)	Nature of the transaction	Sale of Shares
c)	Price(s) and volume(s)	Price: 276p a.   52,424 b.   20,115 c.   15,686 d.   5,340 e.   2,326
d)	Aggregated information - Aggregated volume - Price	95,891 276p
e)	Date of the transaction	23 July 2019
f)	Place of the transaction	London Stock Exchange, (XLON)

 

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