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 |
|
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.