REG - Unite Group PLC - Director/PDMR Shareholding

UniteAnnouncement

06/04/2023 17:15

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RNS Number : 6939V  Unite Group PLC (The)  06 April 2023

THE UNITE GROUP PLC (THE "COMPANY")

6 April 2023

GRANT OF OPTIONS AND DIRECTORS' INTERESTS

Pursuant to the long term incentive plan of the Company, awards have been
granted to the Company's Executive Directors, namely Mr Richard Smith (Chief
Executive Officer) and Mr Joe Lister (Chief Financial Officer) on 6 April 2023
as follows:

 Director       Nil cost options  HMRC approved options
 Richard Smith  113,946           635
 Joe Lister     89,656            635

 

The HMRC approved options were awarded at an option price of 943.5p per share,
being the closing middle market price of the shares on the day prior to the
date on which the options were granted.

The number of shares in respect of which Messrs Smith and Lister may exercise
these options will be determined following the three-year measurement period
ending 31 December 2025.  The number of awards vesting will be determined by
reference to performance conditions comprising: EPRA adjusted earnings per
share ('EPS'), relative total accounting return, relative total shareholder
return, operational energy intensity and energy performance certificate
('EPC'), the latter two being sustainability metrics introduced in 2022.  A
two-year holding period applies to these options, such that options vesting
may only be exercised from 6 April 2028, the fifth anniversary of the date of
grant.

Performance targets applying to the total accounting return, relative total
shareholder return and operational energy intensity elements were disclosed
prospectively in the 2022 Directors' Remuneration Report ('DRR').

As noted in the 2022 DRR, the Remuneration Committee (the 'Committee') took
the decision to delay target setting for the EPS and EPC elements of the
awards and committed to disclose these no later than the time of award.  The
Committee has now agreed and can confirm the performance targets for the EPS
and EPC elements as follows:

 Measure                                                        Threshold vesting  Maximum vesting

(25% of element)
(100% of element)
 2025 EPRA EPS                                                  46.7 pence         48.5 pence
 EPC ratings: % of floorspace rated A-C as at 31 December 2025  91.0%              97.0%

 

 

In both cases, the Committee considers that these targets are appropriate and
stretching, taking into account the Company's strategic priorities and the
broader macroeconomic environment.  With regards to each measure:

·    EPRA EPS targets were set by the Committee having reviewed a range of
relevant internal and external reference points, including an updated 5-year
plan, market consensus estimates for the Company and the outlook for the
broader UK real estate sector.  In finalising the performance range, the
Committee considered the Company's development outlook, projections around the
shape of a market recovery, the rising cost of funding and the net impact of
price inflation on rental growth and the Company's cost base; and

·    Revisions to the EPC methodology took effect in 2022, with 85% of the
Company's properties in England and Wales achieving a minimum of EPC C by the
end of 2022.  The 2025 EPC targets reflect the Company's unchanged ambition
that 100% of floorspace will be rated A-C by the end of 2027, and the
trajectory now required to achieve this.

This notification is made in accordance with the requirements of the Market
Abuse Regulation.

 1    Details of the person discharging managerial responsibilities / person closely

    associated

 a)   Name                                                         Richard 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                                                         The Unite Group plc

 b)   LEI                                                          213800BBUUWVDH9YI827

 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 25p each

      Identification code

                                                                   GB0006928617
 b)   Nature of the transaction                                    Grant of LTIP options

Price(s)  Volume(s)
 c)   Price(s) and volume(s)                                       943.5p    113,946

                                                                 943.5p    635

 

 d)   Aggregated information

      - Aggregated volume                                          114,581

      - Price                                                      943.5p

 e)   Date of the transaction                                      6 April 2023

 f)   Place of the transaction                                     London Stock Exchange

 1    Details of the person discharging managerial responsibilities / person closely

    associated

 a)   Name                                                         Joe Lister

 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                                                         The Unite Group plc

 b)   LEI                                                          213800BBUUWVDH9YI827

 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 25p each

      Identification code

                                                                   GB0006928617

 b)   Nature of the transaction                                    Grant of LTIP options

Price(s)  Volume(s)
 c)   Price(s) and volume(s)                                       943.5p    89,656

                                                                 943.5p    635

 d)   Aggregated information

      - Aggregated volume                                          90,291

      - Price                                                      943.5p

 e)   Date of the transaction                                      6 April 2023

 f)   Place of the transaction                                     London Stock Exchange

 

 

d)

 

Aggregated information

 

- Aggregated volume

 

- Price

 

 

 

 

114,581

 

943.5p

e)

 

Date of the transaction

 

 

6 April 2023

f)

 

Place of the transaction

 

London Stock Exchange

 

1

 

 

Details of the person discharging managerial responsibilities / person closely
associated

 

a)

 

Name

 

 

Joe Lister

 

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

 

 

The Unite Group plc

b)

 

LEI

 

 

213800BBUUWVDH9YI827

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

 

Identification code

 

 

Ordinary shares of 25p each

 

 

GB0006928617

 

b)

 

Nature of the transaction

Grant of LTIP options

 

c)

 

 

Price(s) and volume(s)

 

 Price(s)  Volume(s)
 943.5p    89,656
 943.5p    635

d)

 

Aggregated information

 

- Aggregated volume

 

- Price

 

 

 

 

90,291

 

943.5p

e)

 

Date of the transaction

 

 

6 April 2023

f)

 

Place of the transaction

 

 

London Stock Exchange

 

For further information, please contact:

 Unite Students

 Christopher Szpojnarowicz, Company Secretary   Tel: +44 117 302 7120

 

END

 

 

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