Director Dealing

RNS Number : 3733C

Palace Capital PLC

16 October 2020

 

16 October 2020

Palace Capital PLC

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

Director Dealing

Palace Capital ( LSE: PCA) the Main Market listed property investment company that has a diversified portfolio of UK commercial real estate in carefully selected locations outside of London, announces that on 14 October 2020, the Company granted awards (the "Awards" ) to the executive directors of the Company and other members of the Company's management team under the Palace Capital Long Term Incentive Plan ( "LTIP" ) .

The Awards would have typically been made following the publication of the Company's full year results. However, owing to the onset of the Covid-19 pandemic the Remuneration Committee deferred the grant of the award.

The Awards give rights to the beneficiaries to acquire ordinary shares of 10p each in the Company (the "Shares" ) for nil consideration. Awards totalling 454,664 shares are being made to PDMRs as detailed below. Vesting of Shares awarded under the 2020 LTIP is subject to total shareholder return and return of the property portfolio as calculated by MSCI measured over a three-year period. Following the vesting of any shares there is a further two-year holding period and malus and clawback provisions apply.

Director/PDMR	Number of Ordinary Shares under Award	Expected Vesting Date
Neil Sinclair	159,264	14 October 2023
Stephen Silvester	116,951	14 October 2023
Richard Starr	120,631	14 October 2023
Matthew Simpson	30,223	14 October 2023
Nicola Grinham	27,595	14 October 2023

Further information on the LTIP is contained in the Company's 2020 Annual Report.

For further information, contact:

PALACE CAPITAL PLC

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

Broker

Numis Securities

Heraclis Economides / George Fry

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.  Stephen Silvester (Finance Director c.  Richard Starr (Executive Director) d.  Matthew Simpson (Financial Controller) e.  Nicola Grinham (Company Secretary)
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	Issue of nil cost share options Identification code (ISIN) for Palace Capital plc ordinary shares: GB00BF5SGF06
b)	Nature of the transaction	Issue of options
c)	Price(s) and volume(s)	Issue of nil cost share options a.  159,264 b.  116,951 c.  120,631 d.  30,223 e.  27,595
d)	Aggregated information - Aggregated volume - Price	454,665 Nil
e)	Date of the transaction	14 October 2020
f)	Place of the transaction	Outside a trading venue

 

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