Grant of awards under LTIP and Deferred Bonus Plan

RNS Number : 3793D

Palace Capital PLC

25 June 2019

 

Palace Capital plc

("Palace Capital" or the "Company")

Grant of awards under Palace Capital Long Term Incentive Plan and Deferred Bonus Plan

Palace Capital, the property investment company that focusses on commercial property outside London, announces that it has today 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") and Deferred Bonus Plan.

The LTIP Awards give rights to the beneficiaries to acquire a total of 329,848 ordinary shares of 10p each in the Company (the "Ordinary Shares") for nil consideration. 245,531 of these Awards are being made to PDMRs as detailed below. Vesting of Shares awarded under the 2019 LTIP is subject to total shareholder return and return of the property portfolio as calculated by IPD measured over a three-year period. Following the vesting of any shares there is a further two-year holding period.

PDMR	Number of Ordinary Shares under Award	Expected Vesting Date
Neil Sinclair	99,494	23rd June 2022
Richard Starr	75,211	23rd June 2022
Stephen Silvester	70,826	23rd June 2022

In accordance with the terms of the Deferred Bonus Plan, 35% of the bonus due to the Company's Executives for the year ended 31st March 2019 has been allocated to Share Options based on the ruling price of £2.97, as follows:

Director	Share Options Allocated
Neil Sinclair	13,457
Stephen Silvester	8,499
Richard Starr	10,152

Further information on remuneration and the LTIP is contained in the Company's 2019 Annual Report.

For further information, contact:

For further information please 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)
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	LTIP award for the right to acquire ordinary shares of 10p each in Palace Capital plc for nil consideration Identification code (ISIN) for Palace Capital plc ordinary shares: GB00BF5SGF06
b)	Nature of the transaction	LTIP award for the right to acquire ordinary shares of 10p each in Palace Capital plc for nil consideration
c)	Price(s) and volume(s)	Price: Nil a.   99,494 b.   75,211 c.   70,826
d)	Aggregated information - Aggregated volume - Price	245,531 nil
e)	Date of the transaction	24 June 2019
f)	Place of the transaction	London Stock Exchange, (XLON)

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)
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 share options exercisable at 296.5 pence Identification code (ISIN) for Palace Capital plc ordinary shares: GB00BF5SGF06
b)	Nature of the transaction	Issue of share options exercisable at 296.5 pence
c)	Price(s) and volume(s)	Price(exerciseable): 296.5p a.   13,457 b.   10,152 c.   8,499
d)	Aggregated information - Aggregated volume - Price	32,108 Exerciseable at 296.5 pence
e)	Date of the transaction	24 June 2019
f)	Place of the transaction	London Stock Exchange, (XLON)

 

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