REG - Empiric Student Prop - Director/PDMR Shareholding

Empiric Student PropertyAnnouncement

12/04/2024 07:00

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RNS Number : 3235K  Empiric Student Property PLC  12 April 2024

 

 

Empiric Student Property plc

 

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

 

Annual Deferred Bonus share awards and Long-Term Incentive Plan option awards

PDMR Notification

 

Empiric Student Property plc (ticker: ESP), the owner and operator of premium,
studio-led student accommodation aligned to top-tier universities, announces
the following awards to persons discharging managerial responsibilities:

 

2023 Annual Deferred Bonus Award

 

On 12 April 2024, the Company granted the following nil-cost options in
ordinary shares in the Company ("Ordinary Shares") relating to the deferred
shares element of the annual bonus award for the financial year ended 31
December 2023 (the "Annual Bonus Award 2023").

 

 Name            Director                                    Number of nil-cost options
 Duncan Garrood  Chief Executive Director                    136,476
 Donald Grant    Chief Financial and Sustainability Officer    96,532

 

The Annual Bonus Award 2023 is not subject to any further performance
conditions but is subject to a three-year holding period and will be
exercisable on or after the third anniversary of the date of grant.

 

2024 Long Term Incentive Plan Options

 

On 12 April 2024, the following executive Directors were granted nil-cost
options over Ordinary Shares pursuant to the Empiric 2014 Long Term Incentive
Plan for the 2024 financial year (the "LTIP").

 

 Name            Director                                    Number of nil-cost options
 Duncan Garrood  Chief Executive Director                    728,294
 Donald Grant    Chief Financial and Sustainability Officer  515,135

 

The options granted under the LTIP represent the number of Ordinary Shares
based on the maximum 150% salary permitted that may be granted to Duncan
Garrood and Donald Grant under the LTIP.

 

The vesting of the LTIP awards are 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
12 April 2024 and on this date Duncan Garrood and Donald Grant were notified.

 

The price used to calculate the number of Ordinary Shares under the Annual
Bonus Award 2023 and the LTIP is 90.46 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 31 March 2024.

 

The total number of Ordinary Shares over which nil-cost options were granted
to the Executives on 12 April 2024 represents approximately 0.24 per cent. of
the Company's issued share capital.

 

Further information on the LTIP is contained in the Annual Report which will
be available shortly at www.empiric.co.uk (http://www.empiric.co.uk)

 

 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)
                                                                                     Nil-cost option   136,476
                                                                                     Nil-cost option   728,294

 d)   Aggregated information

      - Aggregated volume                                          864,770

      - Price                                                      Nil-cost

 e)   Date of the transaction                                      12 April 2024

 f)   Place of the transaction                                     London

 

 1    Details of the person discharging managerial responsibilities / person closely

    associated

 a)   Name                                                         Donald Grant

 2    Reason for the notification

 a)   Position/status                                              Director/Chief Financial and 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)
                                                                                     Nil-cost option    96,532
                                                                                     Nil-cost option   515,135

 d)   Aggregated information

      - Aggregated volume                                          611,667

      - Price                                                      Nil-cost

 e)   Date of the transaction                                      12 April 2024

 f)   Place of the transaction                                     London

 

 

FOR FURTHER INFORMATION, PLEASE CONTACT:

 Empiric Student Property plc                                 (via FTI Consulting below)
 Duncan Garrood (Chief Executive Officer)
 Donald Grant (Chief Financial & Sustainability Officer)

 FTI Consulting                                               020 3727 1000

 Dido Laurimore                                               empiric@fticonsulting.com (mailto:empiric@fticonsulting.com)

 Eve Kirmatzis

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. The Company is classified as a commercial company listed under
chapter 6 of the UK Listing rules and as such is not an alternative investment
fund ("AIF") for the purposes of the Alternative Investment Fund Managers
Directive ("AIFMD") and is not required to provide investors with a Key
information Document ("KID") in accordance with the Packaged Retail and
Insurance-based Investment Products ("PRIIPs") regulations.

 

 

 

 

 

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