REG - Palace Capital PLC - Director Dealing

Palace CapitalAnnouncement

18/11/2021 07:05

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RNS Number : 7453S  Palace Capital PLC  18 November 2021

18 November 2021

 

 

Palace Capital PLC

("Palace Capital", the "Company" or the "Group")

 

Director Dealing

 

Palace Capital ( LSE: PCA) the Main Market REIT that has a UK regional
commercial real estate portfolio focused on the office and industrial sectors
in carefully selected locations outside of London, announces that on 16
November 2021, the Company granted awards (the "Awards") to the executive
directors of the Company and other members of the Company's management team
under the Palace Capital Long Term Incentive Plan ("LTIP").

The Awards would have typically been made following the publication of the
Company's full year results. However, the Remuneration Committee deferred the
grant of the award so it could review the Company's performance in the context
of the relaxation of Covid-19 related restrictions.

The Awards give rights to the beneficiaries to acquire ordinary shares of 10p
each in the Company (the "Shares") for nil consideration. Awards totalling
280,705 shares are being made to PDMRs as detailed below. Vesting of Shares
awarded under the 2021 LTIP is subject to total shareholder return ("TSR") and
Total Property Return ("TPR") as calculated by MSCI measured over a three-year
period. The TSR aspect of the award will be subject to a downward adjustment
according to the Company's share price discount to Net Asset Value at the time
of vesting.

Following the vesting of any shares there is a further two-year holding period
and malus and clawback provisions apply.

 Director/PDMR    Number of Ordinary Shares under Award  Expected Vesting Date
 Neil Sinclair    122,821                                16 November 2024
 Richard Starr    93,028                                 16 November 2024
 Matthew Simpson  64,856                                 16 November 2024

 

Further information on the LTIP is contained in the Company's 2021 Annual
Report.

 

For further information, contact:

PALACE CAPITAL PLC

Neil Sinclair, Chief Executive

Tel. +44 (0)20 3301 8331

 

Broker

Numis Securities

Heraclis Economides / George Fry

Tel: +44 (0)20 7260 1000

 

Broker

Arden Partners plc

Corporate Finance: Paul Shackleton / Elliot Mustoe

Corporate Broking: James Reed-Daunter

Tel: +44 (0)207 614 5900

 

Financial PR

FTI Consulting

Claire Turvey / Katie Hughes

Tel: +44 (0)20 3727 1000

palacecapital@fticonsulting.com (mailto:palacecapital@fticonsulting.com)

 

About Palace Capital plc (www.palacecapitalplc.com
(http://www.palacecapitalplc.com/) )

Palace Capital plc (LSE: PCA) is a UK REIT that has a £262 million portfolio
of UK regional commercial property. The Company maintains a disciplined
investment strategy focused on towns and cities outside of London that are
characterised by thriving local economies and strengthening fundamentals.
Within those locations the highly experienced management team select assets
that provide opportunities to drive both capital value and long-term rental
income through tailored active asset management programmes ultimately
delivering attractive shareholder returns.

 

 1    Details of the person discharging managerial responsibilities / person closely
      associated
 a)   Name                                                         a.   Neil Sinclair (Chief Executive)

                                                                   b.   Richard Starr (Executive Director)

                                                                   c.   Matthew Simpson (Chief Financial Officer)

 2    Reason for the notification
 a)   Position/status                                              See 1 a) above
 b)   Initial notification /Amendment                              Initial notification

 3    Details of the issuer, emission allowance market participant, auction

    platform, auctioneer or auction monitor

 a)   Name                                                         Palace Capital plc
 b)   LEI                                                          2138009JDFQOXJFCJQ05
 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  Issue of nil cost share options

       Identification code

                                                                   Identification code (ISIN) for Palace Capital plc ordinary shares:
                                                                   GB00BF5SGF06
 b)   Nature of the transaction                                    Issue of options
 c)   Price(s) and volume(s)                                        Issue of nil cost share options

                                                                   a.   122,821

                                                                   b.   93,028

                                                                   c.   64,856
 d)   Aggregated information

      - Aggregated volume                                          280,705

      - Price                                                      Nil
 e)   Date of the transaction                                      16 November 2021
 f)   Place of the transaction                                     Outside a trading venue

 

 

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