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 Shares under Award |
Expected Vesting Date |
Neil Sinclair |
72,754 |
1st November 2020 |
Richard Starr |
54,492 |
1st November 2020 |
Stephen Silvester David Kaye, Company Secretary (PDMR) |
42,710 6,500 |
1st November 2020 1st November 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.
