REG - Watkin Jones plc - Director/PDMR Shareholding

Watkin JonesAnnouncement

31/01/2024 13:30

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RNS Number : 5709B  Watkin Jones plc  31 January 2024

31 January 2024

 

Watkin Jones plc

('Watkin Jones' or the 'Company')

 

Director/PDMR Shareholding

 

Watkin Jones plc (AIM:WJG) announces that on 30 January 2024, the following
nominal-cost share awards over ordinary shares of 1 penny each in the Company
were granted under the Watkin Jones Long Term Incentive Plan 2018 to the
following persons discharging managerial responsibilities ('Awards'):

 

 PDMR            Position                 Number of shares granted under the Awards    Total number of shares subject to outstanding LTIP Awards
 Alex Pease      Chief Executive Officer  1,859,956                                    2,204,335
 Sarah Sergeant  Chief Financial Officer  887,445                                      1,280,768

 

The Awards have a nominal exercise price of one penny per share and normally
become exercisable after three years from the date of grant, subject to
continued employment and performance based on total shareholder return ('TSR')
measured against absolute growth targets. The absolute TSR targets have been
designed to both retain key executives and incentivise a recovery in the
Company's share price.

 

As such, TSR performance will be measured over a three-year performance period
beginning on the date of grant of the Awards.

 

Vesting of Awards will be determined by reference to growth above the 'Base
Share Price', being the Watkin Jones average share price from 1 October 2023
to the grant date of the Awards.

 

0% of Awards will vest if TSR is 0% p.a. or less, increasing pro-rata to 100%
vesting for maximum performance if TSR is 43.5% compound growth p.a. or
better, using the 3 month average share price to the end of the performance
period and adjusted for any dividends during that period (applying standard
TSR methodology).

 

In addition to assessing performance against the TSR targets, the Remuneration
Committee retains discretion to reduce the vesting of Awards to ensure that
all relevant factors are taken into account, including the consideration of
any windfall gains.

 

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

 

 1    Details of the person discharging managerial responsibilities / person closely
      associated
 a)   Name                                                         Alex Pease
 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                                                         Watkin Jones plc
 b)   LEI                                                          2138009X19O21NU5SG79
 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 £0.01 each

      Identification code

                                                                   ISIN: GB00BD6RF223
 b)   Nature of the transaction                                    Grant of Award under the Watkin Jones Long Term Incentive Plan 2018
 c)   Price(s) and volume(s)                                       Price(s)  Volume(s)
                                                                   Nil       1,859,956
 d)   Aggregated information                                       Not applicable - single transaction

      - Aggregated volume

      - Price
 e)   Date of the transaction                                      30 January 2024
 f)   Place of the transaction                                     Outside of a trading venue

d)

Aggregated information

- Aggregated volume

- Price

Not applicable - single transaction

e)

Date of the transaction

30 January 2024

f)

Place of the transaction

Outside of a trading venue

 

 1    Details of the person discharging managerial responsibilities / person closely
      associated
 a)   Name                                                         Sarah Sergeant
 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                                                         Watkin Jones plc
 b)   LEI                                                          2138009X19O21NU5SG79
 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 £0.01 each

      Identification code

                                                                   ISIN: GB00BD6RF223
 b)   Nature of the transaction                                    Grant of Award under the Watkin Jones Long Term Incentive Plan 2018
 c)   Price(s) and volume(s)                                       Price(s)  Volume(s)
                                                                   Nil       887,445
 d)   Aggregated information                                       Not applicable - single transaction

      - Aggregated volume

      - Price
 e)   Date of the transaction                                      30 January 2024
 f)   Place of the transaction                                     Outside of a trading venue

d)

Aggregated information

- Aggregated volume

- Price

Not applicable - single transaction

e)

Date of the transaction

30 January 2024

f)

Place of the transaction

Outside of a trading venue

 

- Ends -

 

For further information:

 Watkin Jones plc
 Alex Pease, Chief Executive Officer      Tel: +44 (0) 20 3617 4453
 Sarah Sergeant, Chief Financial Officer  www.watkinjonesplc.com (http://www.watkinjonesplc.com/)

 Peel Hunt LLP (Nominated Adviser & Joint Corporate Broker)                  Tel: +44 (0) 20 7418 8900
 Mike Bell / Ed Allsopp                                                      www.peelhunt.com (http://www.peelhunt.com/)

 Jefferies Hoare Govett (Joint Corporate Broker)                             Tel: +44 (0) 20 7029 8000
 James Umbers/David Sheehan / Paul Bundred                                   www.jefferies.com (http://www.jefferies.com/)

Media enquiries:

 Buchanan
 Henry Harrison-Topham / Steph Whitmore  Tel: +44 (0) 20 7466 5000
 watkinjones@buchanan.uk.com             www.buchanancomms.co.uk

 

 

Notes to Editors

Watkin Jones is the UK's leading developer and manager of residential for
rent, with a focus on the build to rent, student accommodation and affordable
housing sectors. The Group has strong relationships with institutional
investors, and a reputation for successful, on-time-delivery of high quality
developments.  Since 1999, Watkin Jones has delivered 48,000 student beds
across 143 sites, making it a key player and leader in the UK purpose-built
student accommodation market, and is increasingly expanding its operations
into the build to rent sector.  In addition, Fresh, the Group's specialist
accommodation management business, manages over 22,000 student beds and build
to rent apartments on behalf of its institutional clients.  Watkin Jones has
also been responsible for over 80 residential developments, ranging from
starter homes to executive housing and apartments.

 

The Group's competitive advantage lies in its experienced management team and
capital-light business model, which enables it to offer an end-to-end solution
for investors, delivered entirely in-house with minimal reliance on third
parties, across the entire life cycle of an asset.

 

Watkin Jones was admitted to trading on AIM in March 2016 with the ticker
WJG.L.  For additional information please visit www.watkinjonesplc.com
(http://www.watkinjonesplc.com/)

 

 

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