REG - Real Estate Investrs - Grant and Vesting of LTIP Awards

Real Estate InvestorsAnnouncement

28/04/2021 13:15

RNS Number : 9180W
  
Real Estate Investors PLC
  
28 April 2021
  
 

 
 
28 April 2021
Real Estate Investors Plc
("REI" or the "Company")
 
Grant and Vesting of LTIP Awards
 
Real Estate Investors Plc (AIM:RLE), the UK's only Midlands-focused Real Estate Investment Trust (REIT) with a portfolio of 1.59 million sq ft of investment property across all sectors, announces that on 27 March 2021 it granted annual awards to two Directors and other employees under the Real Estate Investors Plc Senior Executives Long Term Incentive Plan adopted in 2010 (the "Plan"). The remuneration committee extended the plan for one further year but given the current climate have reduced the awards entitlement by one third and agreed that remuneration consultants be appointed to advise them on an appropriate new incentive plan for the future. The awards under the Plan give rights to certain Directors to acquire a total of 1,288,288 ordinary shares of 10p each in the Company ("Ordinary Shares") as detailed below at a price of 1p per share (in the case of an issue of new Ordinary Shares) or nil (in the case of a transfer of existing Ordinary Shares).  The vesting of 50% of the award is subject to a performance condition based on total shareholder return, with 50% subject to a performance condition based on net asset value per share growth including dividends paid. The performance conditions will be measured over the three years up to the vesting date with full vesting if 14% levels of annual return/growth are achieved. 
 



Award Holder


Number of Ordinary
Shares under Award


Expected Vesting Date




Paul Bassi


792,793


April 2024




Marcus Daly


495,495


April 2024



 
 
The notifications below, made in accordance with the requirements of the UK Market Abuse Regulation, provides further detail.
 
Enquiries:



 
Real Estate Investors Plc
Paul Bassi/Marcus Daly


 
+44 (0)121 212 3446




 
Cenkos Securities
Katy Birkin/Ben Jeynes


 
+44 (0)20 7397 8900




 
Liberum 
Jamie Richards/William Hall


 
+44 (0)20 3100 2000




 
Allenby Capital
Nick Naylor/Asha Chotai


 
+44 (0)20 3328 5656




 
Novella Communications
Tim Robertson/Fergus Young


 
+44 (0)20 3151 7008
 



 
 
About Real Estate Investors Plc
 
Real Estate Investors Plc is a publicly quoted, internally managed property investment company and REIT with a portfolio of 1.59 million sq ft of mixed-use commercial property, managed by a highly-experienced property team with over 100 years of combined experience of operating in the Midlands property market across all sectors.  The Company's strategy is to invest in well located, real estate assets in the established and proven markets across the Midlands, with income and capital growth potential, realisable through active portfolio management, refurbishment, change of use and lettings.  The portfolio has no material reliance on a single asset or occupier.  
 
On 1st January 2015, the Company converted to a REIT.  Real Estate Investment Trusts are listed property investment companies or groups not liable to corporation tax on their rental income or capital gains from their qualifying activities.  The Company aims to deliver capital growth and income enhancement from its assets, supporting its progressive dividend policy. Further information on the Company can be found at www.reiplc.com.
 
 
 
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 Bassi




2


Reason for the notification




a)


Position/status


PDMR (Director)




b)


Initial notification/Amendment


Initial notification




3


Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor




a)


Name


Real Estate Investors Plc




b)


LEI


21380015X5JMEGUHPD83




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


Share award, constituting a right to acquire ordinary shares of 10p each








Identification code


GB00B45XLP34




b)


Nature of the transaction


Grant of annual award under the Real Estate Investors Plc Senior Executives Long Term Incentive Plan. The award gives rights to acquire ordinary shares in the Company ("Ordinary Shares") at a price of 1p per share (in the case of an issue of new Ordinary Shares) or nil (in the case of a transfer of existing Ordinary Shares). The vesting of 50% of the award is subject to a performance condition based on total shareholder return with 50% subject to a performance condition based on net asset value per share growth including dividends paid. The performance conditions will be measured over the three years up to the vesting date (April 2024) with full vesting if 14% levels of annual return/growth are achieved




c)


Price(s) and volumes(s)


Price(s)


Volume(s)




nil


792,793




d)


Aggregated information








Aggregated volume


N/A - single transaction








Price


N/A - single transaction




e)


Date of the transaction


27 March 2021




f)


Place of the transaction


Outside of a trading venue



 
 



1


Details of the person discharging managerial responsibilities / person closely associated




a)


Name


Marcus Daly




2


Reason for the notification




a)


Position/status


PDMR (Director)




b)


Initial notification/Amendment


Initial notification




3


Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor




a)


Name


Real Estate Investors Plc




b)


LEI


21380015X5JMEGUHPD83




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


Share award, constituting a right to acquire ordinary shares of 10p each








Identification code


GB00B45XLP34




b)


Nature of the transaction


Grant of annual award under the Real Estate Investors Plc Senior Executives Long Term Incentive Plan. The award gives rights to acquire ordinary shares in the Company ("Ordinary Shares") at a price of 1p per share (in the case of an issue of new Ordinary Shares) or nil (in the case of a transfer of existing Ordinary Shares). The vesting of 50% of the award is subject to a performance condition based on total shareholder return with 50% subject to a performance condition based on net asset value per share growth including dividends paid. The performance conditions will be measured over the three years up to the vesting date (April 2024) with full vesting if 14% levels of annual return/growth are achieved




c)


Price(s) and volumes(s)


Price(s)


Volume(s)




nil


495,495




d)


Aggregated information








Aggregated volume


N/A - single transaction








Price


N/A - single transaction




e)


Date of the transaction


27 March 2021




f)


Place of the transaction


Outside of a trading venue



 
 
 

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