RNS Number : 7453S
Palace Capital PLC
18 November 2021

18 November 2021



Palace Capital PLC

("Palace Capital", the "Company" or the "Group")


Director Dealing


Palace Capital ( LSE: PCA) the Main Market REIT that has a UK regional commercial real estate portfolio focused on the office and industrial sectors in carefully selected locations outside of London, announces that on 16 November 2021, the Company 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 would have typically been made following the publication of the Company's full year results. However, the Remuneration Committee deferred the grant of the award so it could review the Company's performance in the context of the relaxation of Covid-19 related restrictions.

The Awards give rights to the beneficiaries to acquire ordinary shares of 10p each in the Company (the "Shares") for nil consideration. Awards totalling 280,705 shares are being made to PDMRs as detailed below. Vesting of Shares awarded under the 2021 LTIP is subject to total shareholder return ("TSR") and Total Property Return ("TPR") as calculated by MSCI measured over a three-year period. The TSR aspect of the award will be subject to a downward adjustment according to the Company's share price discount to Net Asset Value at the time of vesting.

Following the vesting of any shares there is a further two-year holding period and malus and clawback provisions apply.


Number of Ordinary Shares under Award

Expected Vesting Date

Neil Sinclair


16 November 2024

Richard Starr


16 November 2024

Matthew Simpson


16 November 2024


Further information on the LTIP is contained in the Company's 2021 Annual Report.


For further information, contact:


Neil Sinclair, Chief Executive              
Tel. 44 (0)20 3301 8331



Numis Securities

Heraclis Economides / George Fry

Tel: 44 (0)20 7260 1000



Arden Partners plc

Corporate Finance: Paul Shackleton / Elliot Mustoe

Corporate Broking: James Reed-Daunter

Tel: 44 (0)207 614 5900


Financial PR 

FTI Consulting

Claire Turvey / Katie Hughes

Tel: 44 (0)20 3727 1000



About Palace Capital plc (www.palacecapitalplc.com)

Palace Capital plc (LSE: PCA) is a UK REIT that has a £262 million portfolio of UK regional commercial property. The Company maintains a disciplined investment strategy focused on towns and cities outside of London that are characterised by thriving local economies and strengthening fundamentals. Within those locations the highly experienced management team select assets that provide opportunities to drive both capital value and long-term rental income through tailored active asset management programmes ultimately delivering attractive shareholder returns.



Details of the person discharging managerial responsibilities / person closely associated



a.   Neil Sinclair (Chief Executive)

b.   Richard Starr (Executive Director)

c.   Matthew Simpson (Chief Financial Officer)



Reason for the notification



See 1 a) above



Initial notification /Amendment

Initial notification



Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor



Palace Capital plc






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



Description of the financial instrument, type of instrument

 Identification code

Issue of nil cost share options


Identification code (ISIN) for Palace Capital plc ordinary shares: GB00BF5SGF06


Nature of the transaction

Issue of options


Price(s) and volume(s)

 Issue of nil cost share options

a.   122,821

b.   93,028

c.   64,856


Aggregated information

- Aggregated volume

- Price





Date of the transaction

16 November 2021


Place of the transaction

Outside a trading venue



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