Palace Capital PLC Grant of awards under LTIP (3174V)
November 01 2017 - 1:08PM
UK Regulatory
TIDMPCA
RNS Number : 3174V
Palace Capital PLC
01 November 2017
Palace Capital plc
("Palace Capital" or the "Company")
Grant of awards under Palace Capital Long Term Incentive
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").
The Awards give rights to the beneficiaries to acquire a total
of 215,456 ordinary shares of 10p each in the Company (the
"Ordinary Shares") for nil consideration. 176,456 of these Awards
are being made to directors of the Company and a PDMR as detailed
below. The vesting of 50 per cent. of the Awards is subject to a
performance condition based on total shareholder return including
dividends paid, with 50 per cent. subject to a performance
condition based on net asset value growth above 389 pence per
Ordinary Share compared with that of a peer group of companies. The
performance conditions will be measured over three years.
Further, the Remuneration Committee of the Company has
determined, in accordance with the rules of the LTIP, that the
performance conditions applicable to the awards under the 2015 and
2016 LTIP awards should be varied to take account of the recent
placing and open offer.
The following Awards are being made to the executive directors
and a PDMR of the Company:
Director/PDMR Number of Ordinary Expected Vesting
Shares under Award Date
Neil Sinclair 72,754 1(st) November
2020
Richard Starr 54,492 1(st) November
2020
Stephen Silvester 42,710 1(st) November
2020
David Kaye, Company Secretary 6,500 1(st) November
(PDMR) 2020
-ends-
Date: 1 November 2017
For further information, contact:
Palace Capital plc
Neil Sinclair, Chief Executive
Stephen Silvester, Finance Director
Tel. +44 (0)20 3301 8331
Allenby Capital Limited (Nominated Adviser and Joint Broker)
Nick Naylor / James Reeve / Asha Chotai
Tel. +44 (0)20 3328 5656
Arden Partners plc (Joint Broker)
Chris Hardie / Ciaran Walsh
Tel. +44 (0)207 614 5917
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 AIM Market of the London Stock Exchange (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 20.0% increase in adjusted profit before tax, a 7.0%
uplift in EPRA NAV per share and a 16.0% increase in dividends.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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