REG - Empiric Student Prop - Vesting of 2021 Awards under 2014 LTIP

Empiric Student PropertyAnnouncement

22/04/2024 09:15

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RNS Number : 3953L  Empiric Student Property PLC  22 April 2024

 

 

Empiric Student Property plc

 

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

 

Vesting of 2021 Awards under the Company's 2014 Long Term Incentive Plan

 

 

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

 

Vesting of 2021 Awards under the Company's 2014 Long Term Incentive Plan

 

On 22 April 2021, Duncan Garrood, Chief Executive Officer, was awarded
nil-cost options over 800,000 ordinary shares in the Company ("Ordinary
Shares").  In accordance with the Company's 2014 Long Term Incentive Plan,
the award was subject to two equally weighted performance conditions, relative
Total Shareholder Return and Total Return (being growth in NAV per shares plus
dividend paid) for the three-year performance period ended 31 December 2023.

 

Taking the performance measures collectively, the Remuneration Committee has
determined that the performance conditions had been met in part with a vesting
level of 75.2 per cent, resulting in a vested award of 601,875 ordinary
shares.  The balance of the original award, being 198,125 ordinary shares,
lapsed on completion of the Remunerations Committee's assessment.

 

In line with the Remuneration Policy, vested awards remain subject to a
further two-year holding period before they become exercisable. The vesting of
this award reflects the excellent progress delivered by Duncan Garrood and his
team over the past three years.

 

Summary of the current holdings of Executive Directors

 

Following the above vesting and the awards granted to the executive Directors
on 12 April 2024, the executive Directors beneficial interest in the Shares of
the Company are as follows

 

 Name            Position                                    Current share  % of issued share capital  Vested but unexercised awards, subject to holding periods  Unvested awards subject to performance and employment conditions

                                                             holdings
 Duncan Garrood  Chief executive officer                     93,122         0.015                      1,083,918                                                  2,152,341
 Donald Grant    Chief financial and sustainability officer  33,177         0.005                      96,532                                                     1,025,983

 

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

 

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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