Achievement of performance targets under 2013 LTIP

RNS Number : 4027P

Inland Homes PLC

17 November 2016

 

Inland Homes plc

('Inland Homes', 'Inland', the 'Group' or the 'Company')

Achievement of performance targets under 2013 LTIP

The Company announces that the Performance Targets as set out in the Inland Homes plc 2013 Growth Plan ("2013 LTIP") have been achieved for the third reporting period commencing on 18 November 2015.

The Company now expects 6,000,000 ordinary shares of 10p each in Inland Homes PLC to become issuable to Stephen Wicks, Nishith Malde and Paul Brett, in exchange for non-voting exchangeable growth shares of 0.001 pence each in Inland Homes 2013 Limited ("Growth Shares") once vested. These Growth Shares are expected to vest, subject to good/bad leaver and change of control provisions, on 11 December 2016, in accordance with the Articles of Association of Inland Homes (2013) Limited.

The breakdown of the ordinary shares of 10p each in Inland Homes PLC now expected to vest on 11 December 2016 is as follows:

Executive Director	Awarded in tranche 1 and 2 of 2013 LTIP	New awards	Total Number of Shares
Stephen Wicks Chief Executive Officer	1,880,000	940,000	2,820,000
Nishith Malde Finance Director	1,520,000	760,000	2,280,000
Paul Brett Land Director	600,000	300,000	900,000
Total	4,000,000	2,000,000	6,000,000

Entitlements to any further ordinary shares under the 2013 LTIP will vest annually by reference to the share price performance in each of the three remaining Performance Periods commencing from 12 December 2016 to 20 Dealing Days after the announcement of the Company's preliminary results for the year ending 30 June 2019 (inclusive) or earlier in the event of a takeover of the Company.

The 2013 LTIP was approved by shareholders on 20 December 2013. Further details of the 2013 LTIP are included in the circular to shareholders dated 3 December 2013.

Enquires:

Inland Homes plc	Tel: [phone]
Stephen Wicks, Chief Executive
Nishith Malde, Finance Director
Paul Brett, Land Director
Stifel Nicolaus Europe Limited (Nominated Adviser):	Tel: [phone]
David Arch
Jessica Cave
FTI Consulting:	Tel: [phone]
Dido Laurimore
Claire Turvey
Polly Warrack

The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provide further detail:

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

(Disclosure in relation to award of share options)

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Stephen Wicks
2	Reason for the notification
a)	Position/status	Chief Executive Officer
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Inland Homes plc
b)	LEI
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	Non-voting exchangeable growth shares of 0.001 pence each in Inland Homes (2013) Limited that can be exchanged for 940,000 ordinary shares of 10p each in Inland Homes PLC once vested.  ISIN: GB00B1TR0310
b)	Nature of the transaction	Award of options
c)	Price(s) and volume(s)	Price(s)  Volume(s) nil 940,000
d)	Aggregated information	Non-voting exchangeable growth shares of 0.001 pence each in Inland Homes (2013) Limited that can be exchanged for 940,000 ordinary shares of 10p each in Inland Homes PLC once vested.
e)	Date of the transaction	4 November 2016
f)	Place of the transaction	London Stock Exchange, AIM Market

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Nishith Malde
2	Reason for the notification
a)	Position/status	Finance Director
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Inland Homes plc
b)	LEI
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	Non-voting exchangeable growth shares of 0.001 pence each in Inland Homes (2013) Limited that can be exchanged for 760,000 ordinary shares of 10p each in Inland Homes PLC once vested.  ISIN: GB00B1TR0310
b)	Nature of the transaction	Award of options
c)	Price(s) and volume(s)	Price(s)  Volume(s) nil 760,000
d)	Aggregated information	Non-voting exchangeable growth shares of 0.001 pence each in Inland Homes (2013) Limited that can be exchanged for 760,000 ordinary shares of 10p each in Inland Homes PLC once vested.
e)	Date of the transaction	4 November 2016
f)	Place of the transaction	London Stock Exchange, AIM Market

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Paul Brett
2	Reason for the notification
a)	Position/status	Land Director
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Inland Homes plc
b)	LEI
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	Non-voting exchangeable growth shares of 0.001 pence each in Inland Homes (2013) Limited that can be exchanged for 300,000 ordinary shares of 10p each in Inland Homes PLC once vested.  ISIN: GB00B1TR0310
b)	Nature of the transaction	Award of options
c)	Price(s) and volume(s)	Price(s)  Volume(s) nil 300,000
d)	Aggregated information	Non-voting exchangeable growth shares of 0.001 pence each in Inland Homes (2013) Limited that can be exchanged for 300,000 ordinary shares of 10p each in Inland Homes PLC once vested.
e)	Date of the transaction	4 November 2016
f)	Place of the transaction	London Stock Exchange, AIM Market

 

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