Circle Property PLC LTIP Grant of Options (3777C)
October 16 2020 - 9:03AM
UK Regulatory
TIDMCRC
RNS Number : 3777C
Circle Property PLC
16 October 2020
16 October 2020
Circle Property Plc
("Circle" or the "Company")
LTIP Grant of Options
Circle Property Plc (AIM: CRC), which invests in, develops and
actively manages well-located regional office assets, announces the
following awards made under the Circle Property Plc 2016 Long Term
Incentive Plan ("LTIP").
John Arnold, Chief Executive Officer and Edward Olins, Chief
Operating Officer, have been granted 234,107 and 210,697 nil cost
options to acquire ordinary shares of no par value in the capital
of the Company (the "2020 LTIP Options"), respectively.
Under the terms of the LTIP, the quantum of the 2020 LTIP
Options awarded was 200% of the equivalent salary of each executive
director and the 2020 LTIP Options were granted at an award price
of GBP1.84 (being the 30 day VWAP as at 31 March 2019).
The 2020 LTIP Options will vest at the end of a three-year
period subject to targets which measure the performance of the
group over that period such that (i) 50% of the award will vest by
reference to total shareholder return measured by reference to
members of a bespoke comparator group, and (ii) the remaining 50%
of the award will vest by reference to the growth in the net asset
value of the group (taking into account dividends paid during the
relevant period).
The notifications below, made in accordance with the
requirements of the EU Market Abuse Regulation, provide further
details.
+44 (0)207 930
Circle Property Plc 8503
John Arnold, CEO
Edward Olins, COO
+44 (0)207 397
Cenkos Securities 8900
Katy Birkin
Mark Connelly
+44 (0)203 897
Radnor Capital 1830
Joshua Cryer
Iain Daly
+44 (0)203 757
Camarco 4992
Ginny Pulbrook
Oliver Head
About Circle Property Plc
Circle is amongst the best performing quoted UK real estate
companies by NAV total return (NAV growth and dividend) having
delivered consistent returns with 101% NAV growth since IPO in 2016
in absolute terms.
Circle focusses on acquiring assets in regional cities, many of
which have significant office supply constraints, and on office
assets with active management potential (refurbishment
opportunities, under-rented or vacant properties or short leases),
rather than just maximising initial rental yields.
Circle is not a Real Estate Investment Trust (REIT) and can
actively recycle proceeds from asset sales into its refurbishment
and redevelopment pipeline, as well as future investment
opportunities, therefore targeting a broader range of returns for
shareholders, which are primarily driven by NAV growth.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS
DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY
ASSOCIATED WITH THEM
The information set out below is provided in accordance with the
requirements of Article 19(3) of the EU Market Abuse Regulation No
596/2014.
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name John Arnold
---------------------------------------- ----------------------------------------
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 Circle Property plc
---------------------------------------- ----------------------------------------
b) LEI 213800THDWL3FB11M760
---------------------------------------- ----------------------------------------
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 Ordinary shares of no par value
instrument, type of instrument
---------------------------------------- ----------------------------------------
Identification code JE00BYP0CK63
---------------------------------------- ----------------------------------------
b) Nature of the transaction Grant of options to acquire
ordinary shares for the performance
period commencing 1 April 2020
under the LTIP
---------------------------------------- ----------------------------------------
c) Price(s) and volumes(s) Price(s) Volume(s)
---------------------------------------- ------------------- -------------------
GBP0.00 234,107
----------------------------------------------------------------- -------------------
d) Aggregated information N/A single transaction
---------------------------------------- ----------------------------------------
Aggregated volume N/A single transaction
---------------------------------------- ---------------------------------------------
Price N/A single transaction
---------------------------------------- ---------------------------------------------
e) Date of the transaction 16 October 2020
---------------------------------------- ----------------------------------------
f) Place of the transaction Outside a trading venue
---------------------------------------- ----------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Edward Olins
---------------------------------------- ----------------------------------------
2 Reason for the notification
----------------------------------------------------------------------------------
a) Position/status Chief Operating Officer
---------------------------------------- ----------------------------------------
b) Initial notification/Amendment Initial Notification
---------------------------------------- ----------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------------------
a) Name Circle Property plc
---------------------------------------- ----------------------------------------
b) LEI 213800THDWL3FB11M760
---------------------------------------- ----------------------------------------
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 Ordinary shares of no par value
instrument, type of instrument
---------------------------------------- ----------------------------------------
Identification code JE00BYP0CK63
---------------------------------------- ----------------------------------------
b) Nature of the transaction Grant of options to acquire
ordinary shares for the performance
period commencing 1 April 2020
under the LTIP
---------------------------------------- ----------------------------------------
c) Price(s) and volumes(s) Price(s) Volume(s)
---------------------------------------- ------------------- -------------------
GBP0.00 210,697
----------------------------------------------------------------- -------------------
d) Aggregated information N/A single transaction
---------------------------------------- ----------------------------------------
Aggregated volume N/A single transaction
---------------------------------------- ---------------------------------------------
Price N/A single transaction
---------------------------------------- ---------------------------------------------
e) Date of the transaction 16 October 2020
---------------------------------------- ----------------------------------------
f) Place of the transaction Outside a trading venue
---------------------------------------- ----------------------------------------
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