Grant of awards under LTIP

RNS Number : 3174V

Palace Capital PLC

01 November 2017

 

Palace Capital plc

("Palace Capital" or the "Company")

Grant of awards under Palace Capital Long Term Incentive 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").

The Awards give rights to the beneficiaries to acquire a total of 215,456 ordinary shares of 10p each in the Company (the "Ordinary Shares") for nil consideration. 176,456 of these Awards are being made to directors of the Company and a PDMR as detailed below. The vesting of 50 per cent. of the Awards is subject to a performance condition based on total shareholder return including dividends paid, with 50 per cent. subject to a performance condition based on net asset value growth above 389 pence per Ordinary Share compared with that of a peer group of companies. The performance conditions will be measured over three years.

Further, the Remuneration Committee of the Company has determined, in accordance with the rules of the LTIP, that the performance conditions applicable to the awards under the 2015 and 2016 LTIP awards should be varied to take account of the recent placing and open offer.

The following Awards are being made to the executive directors and a PDMR of the Company:

Director/PDMR	Number of Ordinary Shares under Award	Expected Vesting Date
Neil Sinclair	72,754	1st November 2020
Richard Starr	54,492	1st November 2020
Stephen Silvester David Kaye, Company Secretary (PDMR)	42,710 6,500	1st November 2020 1st November 2020

-ends-

Date: 1 November 2017

For further information, contact:

Palace Capital plc

Neil Sinclair, Chief Executive

Stephen Silvester, Finance Director

Tel. [phone]

Allenby Capital Limited (Nominated Adviser and Joint Broker)

Nick Naylor / James Reeve / Asha Chotai

Tel. [phone]

Arden Partners plc (Joint Broker)

Chris Hardie / Ciaran Walsh

Tel. [phone]

Capital Access Group (Financial PR)

Scott Fulton

Tel. [phone]

About Palace Capital plc (www.palacecapitalplc.com):

Palace Capital is a UK property investment company admitted to trading on the AIM Market of the London Stock Exchange (LSE: PCA). The Company is not sector specific and looks for opportunities where it can enhance the long-term income and capital value through asset management and strategic capital development in locations outside London. In its last reported financial year, Palace Capital produced a 20.0% increase in adjusted profit before tax, a 7.0% uplift in EPRA NAV per share and a 16.0% increase in dividends.

 

END

 

 

DSHLLFIDLFLLIID