RNS Number : 8042U
Palace Capital PLC
17 July 2018
 

17 July 2018

 

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 265,773 ordinary shares of 10p each in the Company (the "Ordinary Shares") for nil consideration. 202,112 of these Awards are being made to PDMRs as detailed below. Vesting of Shares awarded under the 2018 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

 80,282

13th July 2021

Richard Starr

 60,563

13th July 2021

Stephen Silvester

 50,704

13th July 2021

David Kaye, Company Secretary 

 10,563

13th July 2021

 

In accordance with the terms of the Deferred Bonus Plan, 35% of the bonus due to the Company's Executive Directors for the year ended 31st March 2018 has been allocated to Share Options based on the ruling price of £3.55, as follows:

Director

 

Share Options Allocated

 

Neil Sinclair

 

26,694

 

Richard Starr

 

20,137

 

Stephen Silvester

 

16,859

 

 

Further information on remuneration and the LTIP is contained in the Company's 2018 Annual Report.

 

For further information, contact:

 

Palace Capital plc

Neil Sinclair, Chief Executive

Stephen Silvester, Finance Director

Tel. 44 (0)20 3301 8331

 

Arden Partners plc (Joint Broker)

Chris Hardie / Ciaran Walsh

Tel. 44 (0)207 614 5917

 

Allenby Capital Limited (Joint Broker)

Nick Naylor / James Reeve / Asha Chotai

Tel. 44 (0)20 3328 5656

 

Capital Access Group (Financial PR)

Scott Fulton

Tel. 44 (0)20 3763 3400

 

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

 

Palace Capital is a UK property investment company admitted to trading on the London Stock Exchange plc's main market (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 27% increase in adjusted profit before tax, a 7% uplift in EPRA NAV per share from a post fundraise proforma base and a 3% increase in dividends for the year ending 31 March 2018.


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