ESP Empiric Student Property Plc

TIDMESP

RNS Number : 4311W

Empiric Student Property PLC

23 April 2021

23 April 2021

Empiric Student Property plc

("Empiric" or the "Company" or, together with its subsidiaries, the "Group")

LTIP Executive Director Option Awards for the financial year ending 31 December 2021

The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of premium student accommodation across the UK, announces that on 22 April 2021, the Company granted the following nil-cost options in ordinary shares in the Company ("Ordinary Shares") to the Executive Directors pursuant to the Empiric Long Term Incentive Plan (the "LTIP") for the 2021 financial year.

The Executive Directors

 
 Duncan Garrood, Chief Executive Officer     800,000 shares 
 Lynne Fennah, Chief Financial & Operating   632,400 shares 
  Officer 
                                            --------------- 
 

The number of shares granted is based on the maximum 150% salary permitted to the Executive Directors and a share price of 75p. This is 12.9% above the 12-month average daily closing price of the Ordinary Shares on the London Stock Exchange for the period ended 31 March 2021 of 66.45p, which is the basis usually applied to calculating the number of LTIP shares to be granted. However, the Remuneration Committee exercised its discretion in adopting a higher share price as a result of the exceptional market conditions due to Covid-19.

The vesting of the LTIP award is subject to a three year performance period and two performance measures, each being 50% of the award: Total Accounting Return (target range of 6-10% p.a.) and Total Shareholder Return relative to a FTSE All Share Real Estate companies peer group. The Remuneration Committee considers having two performance measures, one relative to a peer group and one based on absolute performance, is appropriate in the current conditions, and further that the absolute performance range of 6-10% p.a. will be very challenging due to the expected issues faced in the first year of the three-year performance period ending 31 December 2023. The Executive Directors' awards are also subject to an additional holding period of two years before being released and becoming exercisable.

The total number of Ordinary Shares over which nil-cost options were granted to the Executive Directors on 22 April 2021 represents approximately 0.24% of the Company's total issued share capital.

The LTIP transaction took place in the United Kingdom, with a grant date of 22 April 2021 and the Executive Directors being notified on 22 April 2021.

FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:

 
 Empiric Student Property plc        (via Maitland/AMO below) 
 D uncan Garrood (Chief Executive 
  Officer) 
 Lynne Fennah (Chief Financial & 
  Operating Officer) 
 
 Jefferies International Limited     020 7029 8000 
 S tuart Klein 
 Tom Yeadon 
 
 RBC Europe Limited (trading as 
  RBC Capital Markets)               020 7653 4000 
 Charlie Foster 
  Marcus Jackson 
 
 M aitland/AMO (Communications 
  Adviser)                           0 7747 113 930 
 James Benjamin                      empiric-maitland@maitland.co.uk 
 

The Company's LEI is 213800FPF38IBPRFPU87.

Further information on Empiric can be found on the Company's website at www.empiric.co.uk .

Notes:

Empiric Student Property plc is a leading provider and operator of modern, predominantly direct-let, premium student accommodation located in high-demand university towns and cities across the UK. Investing in both operating and development assets, Empiric is a fully integrated operational student property business focused on premium studio-led accommodation managed through its Hello Student(R) operating platform, that attracts affluent growing student segments.

The Company, an internally managed real estate investment trust ("REIT") incorporated in England and Wales, listed on the premium listing segment of the Official List of the Financial Conduct Authority and was admitted to trading on the main market for listed securities of the London Stock Exchange in June 2014.

APPENDIX I

 
 1.    Details of the person discharging managerial responsibilities/person 
        closely associated 
 (a)   Name                                      1. Duncan Garrood 
                                                  2. Lynne Fennah 
      -----------------------------  ---------------------------------------- 
 2.    Reason for the notification 
      ----------------------------------------------------------------------- 
 (a)   Position/status                Directors 
                                       Duncan Garrood - Chief Executive 
                                       Officer 
                                       Lynne Fennah - Chief Financial & 
                                       Operating Officer 
      -----------------------------  ---------------------------------------- 
 (b)   Initial notification/          Initial Notification 
        Amendment 
      -----------------------------  ---------------------------------------- 
 3.    Details of the issuer, emission allowance market participant, 
        auction platform, auctioneer or auction monitor 
      ----------------------------------------------------------------------- 
 (a)   Name                           Empiric Student Property plc 
      -----------------------------  ---------------------------------------- 
 (b)   LEI                            213800FPF38IBPRFPU87 
      -----------------------------  ---------------------------------------- 
 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                 Nil cost options over ordinary shares 
        the financial instrument,      of 1p each 
        type of instrument 
       Identification                 GB00BLWDVR75 
        code 
      -----------------------------  ---------------------------------------- 
 (b)   Nature of the transaction      Grant of an option with an exercise 
                                       price of zero (nil cost option) 
      -----------------------------  ---------------------------------------- 
 (c)   Price(s) and volume              Price(s)    Volume(s) 
        (s)                              1) N/A      800,000 
                                                    ---------- 
                                         2) N/A      632,400 
                                                    ---------- 
      -----------------------------  ---------------------------------------- 
 (d)   Aggregated information         As stated above. 
        - Aggregated volume 
        - Price 
      -----------------------------  ---------------------------------------- 
 (e)   Date of the transaction        22 April 2021 
      -----------------------------  ---------------------------------------- 
 (f)   Place of the transaction       London 
      -----------------------------  ---------------------------------------- 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

DSHKZGZDNFKGMZG

(END) Dow Jones Newswires

April 23, 2021 04:00 ET (08:00 GMT)

Empiric Student Property (LSE:ESP)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024

Empiric Student Property (LSE:ESP)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024