Empiric Student Property PLC Deferred Annual Bonus 2021 & LTIP Option 2022/PDMR (9857F)
March 25 2022 - 2:00AM
UK Regulatory
TIDMESP
RNS Number : 9857F
Empiric Student Property PLC
25 March 2022
25 March 2022
Empiric Student Property plc
("Empiric" or the "Company" or, together with its subsidiaries,
the "Group")
Annual Bonus for FY 2021 and LTIP Option Awards for FY 2022 /
PDMR Notification
The Board of Empiric Student Property plc (ticker: ESP), the
owner and operator of student accommodation serving key UK
universities, announces that on 24 March 2022, the Company granted
Duncan Garrood, Chief Executive Officer, nil-cost options over
20,084 ordinary shares in the Company ("Ordinary Shares") and Lynne
Fennah, Chief Financial & Sustainability Officer, nil-cost
options over 15,877 Ordinary Shares relating to the deferred shares
element of the annual bonus award for the financial year to 31
December 2021 (the "Annual Bonus Award 2021").
The Annual Bonus Award 2021 is not subject to any further
performance conditions and in normal circumstances will be
exercisable on or after the third anniversary of grant.
The Annual Bonus Award 2021 notification is made in accordance
with Article 19 of the Market Abuse Regulations and further details
required under Article 19(6) are set out in Appendix I below.
Further, and also on 24 March 2022, Duncan Garrood was granted
nil-cost options over 701,814 Ordinary Shares, and Lynne Fennah was
granted nil-cost options over 554,784 Ordinary Shares pursuant to
the Empiric Long Term Incentive Plan for the 2022 financial year
(the "LTIP").
The amount granted under the LTIP represents the number of
Ordinary Shares based on the maximum 150% salary permitted that may
be granted to Duncan Garrood and Lynne Fennah under the LTIP.
The vesting of the LTIP award is subject to a three-year
performance period and two performance measures, each being 50% of
the award: Total Accounting Return (target range of 6-10% p.a.) and
Total Shareholder Return relative to a FTSE All Share Real Estate
companies peer group. The Executive Directors' awards are also
subject to an additional holding period of two years before being
released and becoming exercisable.
The LTIP transaction took place in the United Kingdom, with a
grant date of 24 March 2022 and on this date Duncan Garrood and
Lynne Fennah were notified.
The price used to calculate the number of Ordinary Shares under
the Annual Bonus Award 2021 and the LTIP is 87.63 pence per share,
representing the average of the daily closing prices of the
Ordinary Shares on the London Stock Exchange for the 12-month
period ended 28 February 2022.
The total number of Ordinary Shares over which nil-cost options
were granted to the Executives on 24 March 2022 represents
approximately 0.21 per cent. of the Company's issued share
capital.
FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:
Empiric Student Property plc (via Maitland/AMO below)
D uncan Garrood (Chief Executive
Officer)
Lynne Fennah (Chief Financial &
Sustainability Officer)
Jefferies International Limited 020 7029 8000
Tom Yeadon
Andrew Morris
RBC Europe Limited (trading as
RBC Capital Markets) 020 7653 4000
Marcus Jackson
Elliot Thomas
07747 113 930 / 020 7379
M aitland/AMO (Communications Adviser) 5151
James Benjamin empiric-maitland@maitland.co.uk
Alistair de Kare-silver
The Company's LEI is 213800FPF38IBPRFPU87.
Further information on Empiric can be found on the Company's
website at www.empiric.co.uk .
Notes:
Empiric Student Property plc is a leading provider and operator
of modern, predominantly direct-let, premium student accommodation
serving key UK universities. Investing in both operating and
development assets, Empiric is a fully integrated operational
student property business focused on premium studio-led
accommodation managed through its Hello Student(R) operating
platform, that is attractive to affluent growing student
segments.
The Company, an internally managed real estate investment trust
("REIT") incorporated in England and Wales, listed on the premium
listing segment of the Official List of the Financial Conduct
Authority and was admitted to trading on the main market for listed
securities of the London Stock Exchange in June 2014.
APPIX I
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Duncan Garrood
--------------------------------------- -------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------------
a) Position/status Director/ Chief Executive Officer
--------------------------------------- -------------------------------------------
b) Initial notification Initial notification
/Amendment
--------------------------------------- -------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------------
a) Name Empiric Student Property plc
--------------------------------------- -------------------------------------------
b) LEI 213800FPF38IBPRFPU87
--------------------------------------- -------------------------------------------
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 Nil cost options over ordinary shares
financial instrument, of 1p each
type of instrument
Identification code GB00BLWDVR75
b) Nature of the transaction Nil cost option award
--------------------------------------- -------------------------------------------
c) Price(s) and volume(s)
------------------- -------------------
Price(s) Volume(s)
------------------- -------------------
87.63p 20,084
------------------- -------------------
d) Aggregated information
- Aggregated volume 20,084
- Price 87.63p
e) Date of the transaction 24 March 2022
--------------------------------------- -------------------------------------------
f) Place of the transaction London
--------------------------------------- -------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Lynne Fennah
--------------------------------------- ------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------------
a) Position/status Director/ Chief Financial & Sustainability
Officer
--------------------------------------- ------------------------------------------------
b) Initial notification Initial notification
/Amendment
--------------------------------------- ------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------------------
a) Name Empiric Student Property plc
--------------------------------------- ------------------------------------------------
b) LEI 213800FPF38IBPRFPU87
--------------------------------------- ------------------------------------------------
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 Nil cost options over ordinary shares
financial instrument, of 1p each
type of instrument
Identification code GB00BLWDVR75
b) Nature of the transaction Nil cost option award
--------------------------------------- ------------------------------------------------
c) Price(s) and volume(s)
--------------------- ----------------------
Price(s) Volume(s)
--------------------- ----------------------
87.63p 15,877
--------------------- ----------------------
d) Aggregated information
- Aggregated volume 15,877
- Price 87.63p
e) Date of the transaction 24 March 2022
--------------------------------------- ------------------------------------------------
f) Place of the transaction London
--------------------------------------- ------------------------------------------------
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