REG - Empiric Student Prop - Deferred Annual Bonus 2021 & LTIP Option 2022/PDMR

Empiric Student PropertyAnnouncement

25/03/2022 07:16

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RNS Number : 9857F  Empiric Student Property PLC  25 March 2022

25 March 2022

Empiric Student Property plc

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

 

Annual Bonus for FY 2021 and LTIP Option Awards for FY 2022 / PDMR
Notification

 

The Board of Empiric Student Property plc (ticker: ESP), the owner and
operator of student accommodation serving key UK universities, announces that
on 24 March 2022, the Company granted Duncan Garrood, Chief Executive Officer,
nil-cost options over 20,084 ordinary shares in the Company ("Ordinary
Shares") and Lynne Fennah, Chief Financial & Sustainability Officer,
nil-cost options over 15,877 Ordinary Shares relating to the deferred shares
element of the annual bonus award for the financial year to 31 December 2021
(the "Annual Bonus Award 2021").

 

The Annual Bonus Award 2021 is not subject to any further performance
conditions and in normal circumstances will be exercisable on or after the
third anniversary of grant.

 

The Annual Bonus Award 2021 notification is made in accordance with Article 19
of the Market Abuse Regulations and further details required under Article
19(6) are set out in Appendix I below.

 

Further, and also on 24 March 2022, Duncan Garrood was granted nil-cost
options over 701,814 Ordinary Shares, and Lynne Fennah was granted nil-cost
options over 554,784 Ordinary Shares pursuant to the Empiric Long Term
Incentive Plan for the 2022 financial year (the "LTIP").

 

The amount granted under the LTIP represents the number of Ordinary Shares
based on the maximum 150% salary permitted that may be granted to Duncan
Garrood and Lynne Fennah under the LTIP.

 

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 Executive Directors'
awards are also subject to an additional holding period of two years before
being released and becoming exercisable.

 

The LTIP transaction took place in the United Kingdom, with a grant date of
24 March 2022 and on this date Duncan Garrood and Lynne Fennah were notified.

 

The price used to calculate the number of Ordinary Shares under the Annual
Bonus Award 2021 and the LTIP is 87.63 pence per share, representing the
average of the daily closing prices of the Ordinary Shares on the London Stock
Exchange for the 12-month period ended 28 February 2022.

 

The total number of Ordinary Shares over which nil-cost options were granted
to the Executives on 24 March 2022 represents approximately 0.21 per cent. of
the Company's issued share capital.

 

FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:

 Empiric Student Property plc                                 (via Maitland/AMO below)
 Duncan Garrood (Chief Executive Officer)
 Lynne Fennah (Chief Financial & Sustainability Officer)

 Jefferies International Limited                              020 7029 8000
 Tom Yeadon

 Andrew Morris

 RBC Europe Limited (trading as RBC Capital Markets)          020 7653 4000
 Marcus Jackson

 Elliot Thomas

 Maitland/AMO (Communications Adviser)                        07747 113 930 / 020 7379 5151
 James Benjamin                                               empiric-maitland@maitland.co.uk (mailto:empiric-maitland@maitland.co.uk)

 Alistair de Kare-silver

 

The Company's LEI is 213800FPF38IBPRFPU87.

 

Further information on Empiric can be found on the Company's website at
www.empiric.co.uk (http://www.empiric.co.uk/) .

 

Notes:

Empiric Student Property plc is a leading provider and operator of modern,
predominantly direct-let, premium student accommodation serving key UK
universities. 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® operating
platform, that is attractive to 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                                                         Duncan Garrood

 2    Reason for the notification

 a)   Position/status                                              Director/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                                                         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 the financial instrument, type of instrument  Nil cost options over ordinary shares of 1p each

      Identification code                                          GB00BLWDVR75

 b)   Nature of the transaction                                    Nil cost option award

 c)   Price(s) and volume(s)

                                                                                     Price(s)          Volume(s)
                                                                                     87.63p            20,084

 d)   Aggregated information

      - Aggregated volume                                          20,084

      - Price                                                      87.63p

 e)   Date of the transaction                                      24 March 2022

 f)   Place of the transaction                                     London

 

 

 1    Details of the person discharging managerial responsibilities / person closely

    associated

 a)   Name                                                         Lynne Fennah

 2    Reason for the notification

 a)   Position/status                                              Director/Chief Financial & Sustainability Officer

 b)   Initial notification /Amendment                              Initial notification

 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 the financial instrument, type of instrument  Nil cost options over ordinary shares of 1p each

      Identification code                                          GB00BLWDVR75

 b)   Nature of the transaction                                    Nil cost option award

 c)   Price(s) and volume(s)

                                                                                     Price(s)          Volume(s)
                                                                                     87.63p            15,877

 d)   Aggregated information

      - Aggregated volume                                          15,877

      - Price                                                      87.63p

 e)   Date of the transaction                                      24 March 2022

 f)   Place of the transaction                                     London

 

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