Circle Property PLC LTIP Grant of Options (4713E)
07 Julio 2021 - 4:24AM
UK Regulatory
TIDMCRC
RNS Number : 4713E
Circle Property PLC
07 July 2021
7 July 2021
Circle Property Plc
("Circle" or the "Company")
LTIP Grant of Options
Circle Property Plc (AIM: CRC), which invests in, develops and
actively manages well-located regional office assets, announces the
following awards made under the Circle Property Plc 2016 Long Term
Incentive Plan ("LTIP").
John Arnold, Chief Executive Officer and Edward Olins, Chief
Operating Officer, have been granted 234,107 and 210,697 nil cost
options to acquire ordinary shares of no par value in the capital
of the Company (the "2021 LTIP Options"), respectively.
Under the terms of the LTIP, the quantum of the 2021 LTIP
Options awarded was 200% of the equivalent salary of each executive
director and the 2021 LTIP Options were granted at an award price
of GBP1.84 (being the 30 day VWAP as at 31 March 2019).
The 2021 LTIP Options will vest at the end of a three-year
period subject to targets which measure the performance of the
group over that period such that (i) 50% of the award will vest by
reference to total shareholder return measured by reference to
members of a bespoke comparator group, and (ii) the remaining 50%
of the award will vest by reference to the growth in the net asset
value of the group (taking into account dividends paid during the
relevant period).
The information set out below is provided in accordance with the
requirements of Article 19(3) of the UK Market Abuse Regulation No
596/2014.
+44 (0)207 930
Circle Property Plc 8503
John Arnold, CEO
Edward Olins, COO
+44 (0)207 397
Cenkos Securities 8900
Katy Birkin
Mark Connelly
+44 (0)203 897
Radnor Capital 1830
Joshua Cryer
Iain Daly
+44 (0)203 757
Camarco 4992
Ginny Pulbrook
Oliver Head
About Circle Property Plc
Circle is amongst the best performing quoted UK real estate
companies having delivered 85% NAV growth and a 105% total return
(NAV growth and dividends) since IPO in 2016.
Circle focusses on acquiring assets in regional cities, many of
which have significant office supply constraints, and on office
assets with active management potential (refurbishment
opportunities, under-rented or vacant properties or short leases),
rather than just maximising initial rental yields.
Circle is not a Real Estate Investment Trust (REIT) and can
actively recycle proceeds from asset sales into its refurbishment
and redevelopment pipeline, as well as future investment
opportunities, therefore targeting a broader range of returns for
shareholders, which are primarily driven by NAV growth.
As well as already delivering substantial increases in NAV, the
Company's portfolio has significant reversionary potential with
current total estimated rental values of GBP10.92 million per
annum, compared to contracted rent of GBP8.70 million at 31 March
2020. The Company has a portfolio of 13 regional commercial
property investment and development assets in the UK valued at
GBP132.15 million as at 31 March 2021.
* valuation figures stated after deducting the value of Power
House, Davy Avenue, Milton Keynes (being GBP3.3 million as at 31
March 2020 and GBP3.25 million as at 30 September 2020) which was
sold by the Company for GBP3.55 million in March 2021.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS
DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY
ASSOCIATED WITH THEM
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name John Arnold
------------------------------------------ ----------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------------
a) Position/status Chief Executive Officer
------------------------------------------ ----------------------------------------
b) Initial notification/Amendment Initial Notification
------------------------------------------ ----------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------------
a) Name Circle Property plc
------------------------------------------ ----------------------------------------
b) LEI 213800THDWL3FB11M760
------------------------------------------ ----------------------------------------
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 Ordinary shares of no par value
instrument, type of instrument
------------------------------------------ ----------------------------------------
Identification code JE00BYP0CK63
------------------------------------------ ----------------------------------------
b) Nature of the transaction Grant of options to acquire ordinary
shares for the performance period
commencing 1 April 2021 under the
LTIP
------------------------------------------ ----------------------------------------
c) Price(s) and volumes(s) Price(s) Volume(s)
------------------------------------------ -------------------- ------------------
GBP0.00 234,107
-------------------------------------------------------------------- ------------------
d) Aggregated information N/A single transaction
------------------------------------------ ----------------------------------------
Aggregated volume N/A single transaction
------------------------------------------ ---------------------------------------------
Price N/A single transaction
------------------------------------------ ---------------------------------------------
e) Date of the transaction 7 July 2021
------------------------------------------ ----------------------------------------
f) Place of the transaction Outside a trading venue
------------------------------------------ ----------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Edward Olins
---------------------------------------- ----------------------------------------
2 Reason for the notification
----------------------------------------------------------------------------------
a) Position/status Chief Operating Officer
---------------------------------------- ----------------------------------------
b) Initial notification/Amendment Initial Notification
---------------------------------------- ----------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------------------
a) Name Circle Property plc
---------------------------------------- ----------------------------------------
b) LEI 213800THDWL3FB11M760
---------------------------------------- ----------------------------------------
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 Ordinary shares of no par value
instrument, type of instrument
---------------------------------------- ----------------------------------------
Identification code JE00BYP0CK63
---------------------------------------- ----------------------------------------
b) Nature of the transaction Grant of options to acquire
ordinary shares for the performance
period commencing 1 April 2021
under the LTIP
---------------------------------------- ----------------------------------------
c) Price(s) and volumes(s) Price(s) Volume(s)
---------------------------------------- ------------------- -------------------
GBP0.00 210,697
----------------------------------------------------------------- -------------------
d) Aggregated information N/A single transaction
---------------------------------------- ----------------------------------------
Aggregated volume N/A single transaction
---------------------------------------- ---------------------------------------------
Price N/A single transaction
---------------------------------------- ---------------------------------------------
e) Date of the transaction 7 July 2021
---------------------------------------- ----------------------------------------
f) Place of the transaction Outside a trading venue
---------------------------------------- ----------------------------------------
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END
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