Grant of performance share awards

Springfield Properties PLC

01 November 2023

 

 1 November 2023

Springfield Properties plc

("Springfield" or the "Company")

Grant of performance share awards

Springfield Properties plc (AIM: SPR), a leading housebuilder in Scotland focused on delivering private and affordable housing, announces that, on 30 October 2023, the Company granted awards over ordinary shares of 0.125 pence each in the capital of the Company ("Awards") to certain PDMRs, pursuant to the Company's Performance Share Plan (the "PSP") that was originally established in January 2020.  Details of these Awards are set out below:

Name	Role	No. of shares over which Awards granted
Innes Smith	Chief Executive Officer	427,995
Iain Logan	Chief Financial Officer	225,849

No consideration was paid for the grant of the Awards, which have been structured as "nominal cost" options.

The Awards will normally vest on the third anniversary of grant but only if, and to the extent that, certain performance conditions are satisfied. These conditions (which have been set by the Remuneration Committee of the Company and will be assessed following the end of the financial year to 31 May 2026) relate to the achievement of specified targets applicable to earnings per share (75% weighting) and the Company's net debt / total assets gearing (25% weighting). Vesting will also normally be dependent on the continued employment of the participant within the Company's group.

Once the Awards have vested, they will generally be available to be exercised until the tenth anniversary of their original grant.  On any such exercise, additional "dividend equivalent" entitlements may also be paid to the relevant individuals.

Further information about the overall structure of the PSP can be found in the Company's annual report and financial statements.

Enquiries

Springfield Properties
Sandy Adam, Chairman Innes Smith, Chief Executive Officer Iain Logan, Chief Financial Officer	[phone]
Singer Capital Markets
Shaun Dobson, James Moat, Oliver Platts	[phone]
Gracechurch Group
Harry Chathli, Claire Norbury	[phone]

Analyst Research

Equity Development and Progressive Equity produce freely available research on Springfield Properties plc, including financial forecasts. This is available to view and download here:

https://www.thespringfieldgroup.co.uk/news/updates-and-analyst-reports

The following notifications are intended to satisfy the Company's obligations under Article 19(3) of EU Regulation No 596/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018.

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	1.   Innes Smith 2.   Iain Logan
2	Reason for the notification
a)	Position/status	1.   Chief Executive Officer 2.   Chief Financial Officer
b)	Initial notification/ Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Springfield Properties plc
b)	LEI	21380026UDE3LKFSDP68
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	Ordinary shares of 0.125 pence each ("Shares")
	Identification code	GB00BF1QPG26
b)	Nature of the transaction	Grant of awards (in the form of nominal cost options) over Shares pursuant to the Springfield Properties plc Performance Share Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) 1. 0.125 pence (exercise price) 427,995 2. 0.125 pence (exercise price) 225,849
d)	Aggregated information -   Aggregated volume -   Price	1.   N/A single transaction 2.   N/A single transaction
e)	Date of the transaction	2023-10-30
f)	Place of the transaction	Off market

 

END