REG - LSL Property Svcs. - Director/PDMR Shareholding
08/11/2023 10:30
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RNS Number : 8007S LSL Property Services PLC 08 November 2023
LSL Property Services plc ("LSL")
NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL
RESPONSIBILITY ("PDMRs") OR CONNECTED PERSONS
In accordance with DTR 3, LSL was notified on 7 November 2023 that awards
were, on 7 November 2023, granted to Directors and PDMRs pursuant to LSL's
Long Term Incentive Plan ("LTIP") as follows:
Name of Director/PDMR Number of LSL Property Services plc ordinary shares of 0.2p each awarded
David Stewart, Group Chief Executive Officer 194,613
Adam Castleton, Group Chief Financial Officer 131,402
Steve Goodall, Managing Director e.surv (PDMR) 46,036
Paul Hardy, Managing Director Estate Agency (PDMR) 40,650
The LTIP awards are nil-cost options that will normally become exercisable on
29(th) March 2026 for PDMRs and 6(th) November 2026 for the Executive
Directors, subject to continuous employment and satisfaction of the
performance conditions detailed in the table below.
Executive Director LTIP awards
In the Directors' Remuneration Report ("DRR") included in the Annual Report
and Accounts 2022, we explained that during 2023 we would operate an LTIP for
the Executive Directors that was broadly similar to that operated in 2022.
We also stated that we intended to grant an award of 125% of basic salary to
the Executive Directors.
We normally grant our LTIP awards following the announcement of our
preliminary results, however, due to the impact of UK MAR around financial
reporting and the progression of a number of strategic projects, we were
unable to grant the awards in accordance with our normal timetable and
therefore the grant of the 2023 LTIP awards has been delayed and are now being
granted.
Considering the delay in granting the awards, the Remuneration Committee has
reviewed the adjusted EPS target range taking into account the change in
economic outlook and market expectations since the beginning of the year. As a
result, the Remuneration Committee has set an adjusted EPS target range for
this grant that is lower than the range set out in the 2022 DRR.
Noting the lower target range and taking into account the share price
determining the number of shares subject to the 2023 award compared to the
2022 award, the LTIP award level for the Executive Directors is reduced from
the normal award level of 125% of salary to 100% of salary.
Further details relating to the awards will be included in the DRR to be
included in the Annual Report and Accounts 2023 which will be published in
2024.
2023 LTIP performance conditions table
Percentage of award subject to condition Performance period Performance measure Threshold performance (no vesting below threshold) Proportion vesting for threshold performance Performance for maximum (100%) vesting
50% 3 years ending 31 December 2025 Adjusted Basic earnings per share ("EPS") in 2026 16.0 pence 25% 24.0 pence
50% Total Shareholder Return ("TSR") ranked against the FTSE Small Cap, excluding Median 25% Upper quartile
investment trusts
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 David Stewart
2 Reason for notification
a) Position/Status Group Chief Executive Officer
b) Initial notification/Amendment Initial notification
3 Details of the issuer, emission allowance market participation, auction
platform, auctioneer or auction monitor
a) Name LSL Property Services plc
b) LEI 213800T4VM5VR3C7S706
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 Ordinary shares of 0.2p each in LSL Property Services plc
Identification code GB00B1G5HX72
b) Nature of transaction Nil-cost option award made pursuant to LSL's 2023 LTIP.
c) Price(s) and volume(s) Price(s) Volume(s)
£nil 194,613
d) Aggregated information Not applicable - single transaction.
- Aggregated volume
- Price
e) Date of the transaction 7 November 2023
f) Place of the transaction Outside a trading venue
d)
Aggregated information
- Aggregated volume
- Price
Not applicable - single transaction.
e)
Date of the transaction
7 November 2023
f)
Place of the transaction
Outside a trading venue
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 Adam Castleton
2 Reason for notification
a) Position/Status Group Chief Financial Officer
b) Initial notification/Amendment Initial notification
3 Details of the issuer, emission allowance market participation, auction
platform, auctioneer or auction monitor
a) Name LSL Property Services plc
b) LEI 213800T4VM5VR3C7S706
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 Ordinary shares of 0.2p each in LSL Property Services plc
Identification code GB00B1G5HX72
b) Nature of transaction Nil-cost option award made pursuant to LSL's 2023 LTIP.
c) Price(s) and volume(s) Price(s) Volume(s)
£nil 131,402
d) Aggregated information Not applicable - single transaction.
- Aggregated volume
- Price
e) Date of the transaction 7 November 2023
f) Place of the transaction Outside a trading venue
d)
Aggregated information
- Aggregated volume
- Price
Not applicable - single transaction.
e)
Date of the transaction
7 November 2023
f)
Place of the transaction
Outside a trading venue
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 Steve Goodall
2 Reason for notification
a) Position/Status PDMR
b) Initial notification/Amendment Initial notification
3 Details of the issuer, emission allowance market participation, auction
platform, auctioneer or auction monitor
a) Name LSL Property Services plc
b) LEI 213800T4VM5VR3C7S706
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 Ordinary shares of 0.2p each in LSL Property Services plc
Identification code GB00B1G5HX72
b) Nature of transaction Nil-cost option award made pursuant to LSL's 2023 LTIP.
c) Price(s) and volume(s) Price(s) Volume(s)
£nil 46,036
d) Aggregated information Not applicable - single transaction.
- Aggregated volume
- Price
e) Date of the transaction 7 November 2023
f) Place of the transaction Outside a trading venue
d)
Aggregated information
- Aggregated volume
- Price
Not applicable - single transaction.
e)
Date of the transaction
7 November 2023
f)
Place of the transaction
Outside a trading venue
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 Paul Hardy
2 Reason for notification
a) Position/Status PDMR
b) Initial notification/Amendment Initial notification
3 Details of the issuer, emission allowance market participation, auction
platform, auctioneer or auction monitor
a) Name LSL Property Services plc
b) LEI 213800T4VM5VR3C7S706
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 Ordinary shares of 0.2p each in LSL Property Services plc
Identification code GB00B1G5HX72
b) Nature of transaction Nil-cost option award made pursuant to LSL's 2023 LTIP.
c) Price(s) and volume(s) Price(s) Volume(s)
£nil 40,650
d) Aggregated information Not applicable - single transaction.
- Aggregated volume
- Price
e) Date of the transaction 7 November 2023
f) Place of the transaction Outside a trading venue
d)
Aggregated information
- Aggregated volume
- Price
Not applicable - single transaction.
e)
Date of the transaction
7 November 2023
f)
Place of the transaction
Outside a trading venue
For further information, please contact:
Sapna B FitzGerald, Company Secretary
Investorrelations@lslps.co.uk
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