TIDMPCA
RNS Number : 3698J
Palace Capital PLC
20 August 2021
20 August 2021
Palace Capital PLC
("Palace Capital", the "Company" or the "Group")
Director Dealing
Palace Capital (LSE: PCA), the Main Market listed property
investment company that has a portfolio of UK commercial real
estate in the regions, with a focus on the office and industrial
sectors, announces the following transactions by certain Directors
and PDMRs of the Company pursuant to the awards granted on 14 July
2020 under the Palace Capital Deferred Bonus Plan (2020 DBP) and 13
July 2018 under the Palace Capital Long Term Incentive Plan (2018
LTIP) .
DBP
On 14 July 2021 the awards granted under the 2020 DBP became
exercisable following satisfaction of the one-year service period.
In accordance with the rules of the plan, as part of the exercise
additional shares were added to each award, equivalent to the
dividends payable during the service period.
LTIP
On 13 July 2021 50% of the awards granted under the 2018 LTIP
became exercisable following satisfaction of the performance
conditions (relating to Portfolio Value Growth). In accordance with
the rules of the plan, as part of the exercise additional shares
were added to each award, equivalent to the dividends payable
during the performance period.
Exercise
On 13 and 19 August 2021 Directors and PDMRs exercised their
awards and sold sufficient Shares to meet income tax and national
insurance liabilities, retaining the balance. Awards were satisfied
using shares from the Palace Capital PLC Employee Benefit Trust. As
part of this transaction the trustees of the Palace Capital PLC
Employee Benefit Trust purchased 6,083 shares at a price of 263p to
settle the awards.
Directors shareholdings
Following these transactions, the Director's and PDMR's,
including persons closely associated with them, have the following
interests in the Ordinary Shares of 10 pence of the Company:
Director/PDMR Shares Share options No. of shares Total Palace % of Palace
held prior exercised sold shares shares
to the held in issue
transactions
Neil Sinclair 260,715 83,106 37,396 306,425 0.66%
-------------- ------------- ------------- ------------- ------------
Richard Starr 199,575 62,746 29,490 232,831 0.50%
-------------- ------------- ------------- ------------- ------------
Stephen Silvester 34,570 55,414 26,044 63,940 0.14%
-------------- ------------- ------------- ------------- ------------
Matthew Simpson 3,162 7,354 3,456 7,060 0.02%
-------------- ------------- ------------- ------------- ------------
Total Voting Rights
The Company's issued and outstanding share capital is 46,388,515
of which 99,587 Ordinary Shares are held in treasury. The net
figure of 46,288,928 Ordinary Shares may be used as the denominator
for shareholder calculations by which they will determine if they
are required to notify their interest in, or a change in their
interest in, the share capital of the Company under the FCA's
Disclosure Guidance and Transparency Rules.
For further information, contact:
For further information please contact:
PALACE CAPITAL PLC
Neil Sinclair, Chief Executive
Tel. +44 (0)20 3301 8331
Broker
Numis Securities
Heraclis Economides / George Fry
Tel: +44 (0)20 7260 1000
Broker
Arden Partners plc
Corporate Finance: Paul Shackleton / Elliot Mustoe
Corporate Broking: James Reed-Daunter
Tel: +44 (0)207 614 5900
Financial PR
FTI Consulting
Claire Turvey / Katie Hughes
Tel: +44 (0)20 3727 1000
palacecapital@fticonsulting.com
About Palace Capital plc
Palace Capital plc (LSE: PCA) is a UK REIT that has a GBP274
million diversified portfolio of UK regional commercial property.
The Company maintains a disciplined investment strategy focused on
towns and cities outside of London that are characterised by
thriving local economies and strengthening fundamentals. Within
those locations the highly experienced management team select
assets that provide opportunities to drive both capital value and
long-term rental income through tailored active asset management
programmes ultimately delivering attractive shareholder
returns.
www.palacecapitalplc.com
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name a. Neil Sinclair (Chief Executive)
b. Richard Starr (Executive Director)
c. Stephen Silvester (Chief Financial
Officer)
d. Matthew Simpson (Finance Director Designate)
-------------------------- -------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------
a) Position/status See 1 a) above
-------------------------- -------------------------------------------------
b) Initial notification Initial notification
/Amendment
-------------------------- -------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------
a) Name Palace Capital plc
-------------------------- -------------------------------------------------
b) LEI 2138009JDFQOXJFCJQ05
-------------------------- -------------------------------------------------
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 Exercise of option over Ordinary shares
financial instrument, of 10p
type of instrument
Identification code Identification code (ISIN) for Palace
Capital plc ordinary shares: GB00BF5SGF06
-------------------------- -------------------------------------------------
b) Nature of the transaction Exercise of options
-------------------------- -------------------------------------------------
c) Price(s) and volume(s) Price: nil
a. 83,106
b. 62,746
c. 55,414
d. 7,354
-------------------------- -------------------------------------------------
d) Aggregated information
- Aggregated volume 208,620
- Price Nil
-------------------------- -------------------------------------------------
e) Date of the transaction 13 August 2021
-------------------------- -------------------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------- -------------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name a. Neil Sinclair (Chief Executive)
b. Richard Starr (Executive Director)
c. Stephen Silvester (Chief Financial
Officer)
d. Matthew Simpson (Finance Director Designate)
--------------------------- ------------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------
a) Position/status See 1 a) above
--------------------------- ------------------------------------------------------
b) Initial notification Initial notification
/Amendment
--------------------------- ------------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------------
a) Name Palace Capital plc
--------------------------- ------------------------------------------------------
b) LEI 2138009JDFQOXJFCJQ05
--------------------------- ------------------------------------------------------
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 Sale of Ordinary shares of 10p
financial instrument,
type of instrument Identification code (ISIN) for Palace
Identification code Capital plc ordinary shares: GB00BF5SGF06
--------------------------- ------------------------------------------------------
b) Nature of the transaction Sale of Shares
--------------------------- ------------------------------------------------------
c) Price(s) and volume(s) Price: 260p
a. 18698
b. 14745
c. 13022
d. 1728
--------------------------- ------------------------------------------------------
d) Aggregated information
- Aggregated volume 48,193
- Price 260p
-------------------------------- ------------------------------------------------------
e) Date of the transaction 13 August 2021
--------------------------- ------------------------------------------------------
f) Place of the transaction London Stock Exchange, (XLON)
--------------------------- ------------------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name a. Neil Sinclair (Chief Executive)
b. Richard Starr (Executive Director)
c. Stephen Silvester (Chief Financial
Officer)
d. Matthew Simpson (Finance Director Designate)
--------------------------- ------------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------
a) Position/status See 1 a) above
--------------------------- ------------------------------------------------------
b) Initial notification Initial notification
/Amendment
--------------------------- ------------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------------
a) Name Palace Capital plc
--------------------------- ------------------------------------------------------
b) LEI 2138009JDFQOXJFCJQ05
--------------------------- ------------------------------------------------------
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 Sale of Ordinary shares of 10p
financial instrument,
type of instrument Identification code (ISIN) for Palace
Identification code Capital plc ordinary shares: GB00BF5SGF06
--------------------------- ------------------------------------------------------
b) Nature of the transaction Sale of Shares
--------------------------- ------------------------------------------------------
c) Price(s) and volume(s) Price: 248p
a. 18698
b. 14745
c. 13022
d. 1728
--------------------------- ------------------------------------------------------
d) Aggregated information
- Aggregated volume 48,193
- Price 248p
-------------------------------- ------------------------------------------------------
e) Date of the transaction 19 August 2021
--------------------------- ------------------------------------------------------
f) Place of the transaction London Stock Exchange, (XLON)
--------------------------- ------------------------------------------------------
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END
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