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. 44 (0)20 3301 8331

 

Broker

Numis Securities

Heraclis Economides / Oliver Hardy

Tel: 44 (0)20 7260 1000

 

Broker

Arden Partners plc

Corporate Finance: Paul Shackleton / Ciaran Walsh / Daniel Gee-Summons

Corporate Broking: James Reed-Daunter

Tel: 44 (0)207 614 5900

 

Financial PR 

FTI Consulting

Claire Turvey / Methuselah Tanyanyiwa

Tel: 44 (0)20 3727 1000

palacecapital@fticonsulting.com

 

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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