REG - Springfield Props. - Grant of SAYE options & performance share awards

Springfield PropertiesAnnouncement

29/10/2024 09:30

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241029:nRSc0466Ka&default-theme=true

RNS Number : 0466K  Springfield Properties PLC  29 October 2024

 

 

 

29 October 2024

 

Springfield Properties plc

("Springfield" or the "Company")

 

Grant of SAYE options & performance share awards

 

Springfield Properties plc (AIM: SPR), a leading housebuilder in Scotland
focused on delivering private and affordable housing, announces that, on 28
October 2024, it granted options (the "Options") over ordinary shares of 0.125
pence each in the Company ("Ordinary Shares") to employees, including certain
PDMRs, under its Save As You Earn ("SAYE") scheme and granted awards over
Ordinary Shares ("Awards") to certain PDMRs pursuant to the Company's
Performance Share Plan ("PSP").

 

Grant of annual performance share awards

 

The Company also made its annual grant of Awards to certain PDMRs pursuant to
the PSP, details of which are set out below:

 

 Name         Role                     No. of shares over which Awards granted
 Innes Smith  Chief Executive Officer  239,633
 Iain Logan   Chief Financial Officer  150,769

 

No consideration was paid for the grant of the Awards, which have been
structured as "nominal cost" options.

 

The Awards will normally vest on the third anniversary of grant but only if,
and to the extent that, certain performance conditions are satisfied. These
conditions (which have been set by the Remuneration Committee of the Company
and will be assessed following the end of the financial year to 31 May 2027)
relate to the achievement of specified targets applicable to earnings per
share (75% weighting) and the Company's net bank debt / total assets gearing
(25% weighting). Vesting will also normally be dependent on the continued
employment of the participant within the Group.

 

Once the Awards have vested, they will generally be available to be exercised
until the tenth anniversary of their original grant. On any such exercise,
additional "dividend equivalent" entitlements may also be paid to the relevant
individuals.

 

Further information about the overall structure of the PSP can be found in the
Company's annual report and financial statements.

 

Grant of options under the Company's all-employee SAYE scheme

 

Innes Smith, Chief Executive Officer, and Iain Logan, Chief Financial Officer,
have each been granted Options over 19,084 Ordinary Shares. These Options have
an exercise price of £0.972, representing a 10% discount to the closing price
of the Company's Ordinary Shares on AIM on 30 September 2024, being the day
preceding the issue of the invitation to employees to participate in the SAYE
scheme.

 

In total, 191 employees accepted the invitation to participate in the SAYE
scheme, representing nearly 31% of the Company's workforce. Pursuant to these
acceptances, Options over an aggregate of 1,489,050 Ordinary Shares were
granted on 28 October 2024, equating to approximately 1.25% of the current
issued share capital. The Options have a contract start date of 1 December
2024 and are exercisable between 1 December 2027 and 31 May 2028.

 

The Group has a skilled and hardworking workforce that makes an invaluable
contribution to what the Springfield Group achieves. In-keeping with
Springfield's inherent ethos of taking care of its employees, the Board wants
to provide all employees across the Group's workforce with an opportunity to
be directly invested in, and benefit from, the future success of the
business. Accordingly, and in order to facilitate the grant of the above
Options, Springfield has amended the rules of the SAYE scheme (and its other
share-based incentive arrangements) so as to increase the overall limit on the
number of Ordinary Shares over which Options and other awards can be granted
during any ten-year period.  When these arrangements were first adopted at
the time of the Company's admission to AIM in 2017, this limit was set at 10%
of the Company's issued share capital; it has now been increased to 15%. Prior
to making this change, Springfield consulted with a number of the Company's
largest institutional investors, each of whom was supportive of the proposed
course of action.

 

 

Enquiries

 

 Springfield Properties
 Sandy Adam, Chairman                                          +44 1343 552550

 Innes Smith, Chief Executive Officer

 Iain Logan, Chief Financial Officer

 Singer Capital Markets
 Shaun Dobson, James Moat, Oliver Platts (Investment Banking)  +44 20 7496 3000

 Gracechurch Group
 Harry Chathli, Claire Norbury, Henry Gamble                   +44 20 4582 3500

 

Analyst Research

 

Equity Development and Progressive Equity produce freely available research on
Springfield Properties plc, including financial forecasts. This is available
to view and download here:

https://www.thespringfieldgroup.co.uk/news/updates-and-analyst-reports
(https://www.thespringfieldgroup.co.uk/news/updates-and-analyst-reports)

 

 

The following notifications are intended to satisfy the Company's obligations
under Article 19(3) of EU Regulation No 596/2014 as it forms part of domestic
law by virtue of the European Union (Withdrawal) Act 2018.

 

 

  1   Details of the person discharging managerial responsibilities/person closely

    associated

 a)   Name                                                         Innes Smith

 2    Reason for the notification

 a)   Position/status                                              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                                                         Springfield Properties plc

 b)   LEI                                                          21380026UDE3LKFSDP68

 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  Options over Ordinary Shares of 0.125 pence each

      Identification code                                          GB00BF1QPG26

 b)   Nature of the transaction                                    1.    Grant of options over Ordinary Shares pursuant to the Springfield

                                                            Properties plc SAYE Option Plan

                                                            2.   Grant of awards (in the form of nominal cost options) over Ordinary
                                                                   Shares pursuant to the Springfield Properties plc Performance Share Plan
 c)   Price(s) and volume(s)

                                                                                     Price(s)                                  Volume(s)
                                                                                     1.    97.2 pence (exercise price)         1.   19,084
                                                                                     2.    0.125 pence (exercise price)        2.   239,633

 d)   Aggregated information

      - Aggregated volume                                          N/A

      - Price

 e)   Date of the transaction                                      28 October 2024

 f)   Place of the transaction                                     Off market

 

 

  1   Details of the person discharging managerial responsibilities/person closely

    associated

 a)   Name                                                         Iain Logan

 2    Reason for the notification

 a)   Position/status                                              Chief Financial Officer

 b)   Initial notification/amendment                               Initial Notification

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

    platform, auctioneer or auction monitor

 a)   Name                                                         Springfield Properties plc

 b)   LEI                                                          21380026UDE3LKFSDP68

 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  Options over Ordinary Shares of 0.125 pence each

      Identification code                                          GB00BF1QPG26

 b)   Nature of the transaction                                    1.   Grant of options over Ordinary Shares pursuant to the Springfield

                                                            Properties plc SAYE Option Plan

                                                            2.   Grant of awards (in the form of nominal cost options) over Ordinary
                                                                   Shares pursuant to the Springfield Properties plc Performance Share Plan
 c)   Price(s) and volume(s)

                                                                                     Price(s)                                  Volume(s)
                                                                                     1.    97.2 pence (exercise price)         1.   19,084
                                                                                     2.    0.125 pence (exercise price)        2.   150,769

 d)   Aggregated information

      - Aggregated volume                                          N/A

      - Price

 e)   Date of the transaction                                      28 October 2024

 f)   Place of the transaction                                     Off market

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DSHZZMZGLLFGDZG