Last checked at 23 Jun 2020 10:00
Long-Term Incentive Plan ('LTIP') Grant and Restricted Share Plan ('RSP') Award
The British Land Company PLC (the 'Company') announces that on 22 June 2020:
· under the LTIP, conditional awards of the Company's ordinary shares of 25 pence each ('Performance Shares') were granted to Executive Directors and other Persons Discharging Managerial Responsibilities ('PDMRs'); and
· under the RSP, conditional awards ('Restricted Shares') of the Company's ordinary shares of 25 pence each were awarded to PDMRs
as outlined below.
The Remuneration Committee exercised discretion and reduced the LTIP grant size by 10% to reflect the current share price relative to the share price in recent years. This reduction resulted in the Executive Directors receiving an LTIP award of 225% of salary, reduced from 250% of salary.
Performance Shares at nil consideration | ||
Directors | ||
Chris Grigg | 476,807 | |
Simon Carter | 272,812 | |
Performance Shares at nil consideration | Restricted Shares | |
PDMRs | ||
Emma Cariaga | 52,512 | 23,338 |
Stacey Clark | 30,362 | 13,494 |
Ann Henshaw | 49,648 | 22,065 |
Sally Jones | 73,457 | 32,647 |
David Lockyer | 52,512 | 23,338 |
Brona McKeown | 53,563 | 23,805 |
Roger Madelin | 54,634 | 24,282 |
Darren Richards | 73,457 | 32,647 |
Nigel Webb | 57,366 | 25,496 |
The above Performance Shares conditionally vest on the third anniversary of grant, subject to performance conditions. Those conditions are based 40% on Total Property Return, 20% on Total Accounting Return and 40% on Total Shareholder Return (20% against a FTSE100 comparator group and 20% against a FTSE350 property comparator group).
The Restricted Shares conditionally vest on the third anniversary of the award. No performance conditions attach to the Restricted Shares.
These transactions took place outside of a trading venue.
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name
| 1. Chris Grigg 2. Simon Carter 3. Emma Cariaga 4. Stacey Clark 5. Ann Henshaw 6. David Lockyer 7. Roger Madelin 8. Brona McKeown 9. Sally Jones 10. Darren Richards 11. Nigel Webb
| ||||
2 | Reason for the notification | |||||
a) | Position/status
| 1. PDMR - Chief Executive Officer 2. PDMR - Chief Financial Officer 3. PDMR - Executive Committee member 4. PDMR - Executive Committee member 5. PDMR - Executive Committee member 6. PDMR - Executive Committee member 7. PDMR - Executive Committee member 8. PDMR - Executive Committee member 9. PDMR - Executive Committee member 10. PDMR - Executive Committee member 11. PDMR - Executive Committee member
| ||||
b) | Initial notification/Amendment
| Initial notification | ||||
3 | Details of the issuer; emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name
| The British Land Company PLC | ||||
b) | LEI
| RV5B68J2GV3QGMRPW209 | ||||
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 financial instrument, type of financial instrument
Identification code
| Ordinary shares of 25 pence each
GB0001367019
| ||||
b) | Nature of the transaction
| Grant of conditional Performance Share Award under the Long Term Incentive Plan scheme
| ||||
c) | Price(s) and volume(s)
|
| ||||
d) | Aggregated information - Aggregated volume - Price
|
N/A (single transaction) | ||||
e) | Date of the transaction
| 2020-06-22 | ||||
|
|
| ||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name
| 1. Emma Cariaga 2. Stacey Clark 3. Ann Henshaw 4. David Lockyer 5. Roger Madelin 6. Brona McKeown 7. Sally Jones 8. Darren Richards 9. Nigel Webb
| ||||
2 | Reason for the notification | |||||
a) | Position/status
| 1. PDMR - Executive Committee member 2. PDMR - Executive Committee member 3. PDMR - Executive Committee member 4. PDMR - Executive Committee member 5. PDMR - Executive Committee member 6. PDMR - Executive Committee member 7. PDMR - Executive Committee member 8. PDMR - Executive Committee member 9. PDMR - Executive Committee member
| ||||
b) | Initial notification/Amendment
| Initial notification | ||||
3 | Details of the issuer; emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name
| The British Land Company PLC | ||||
b) | LEI
| RV5B68J2GV3QGMRPW209 | ||||
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 financial instrument, type of financial instrument
Identification code
| Ordinary shares of 25 pence each
GB0001367019
| ||||
b) | Nature of the transaction
| Grant of conditional share awards under the Restricted Share Plan scheme
| ||||
c) | Price(s) and volume(s)
|
| ||||
d) | Aggregated information - Aggregated volume - Price
| N/A (single transaction) | ||||
e) | Date of the transaction
| 2020-06-22 | ||||
f) | Place of the transaction
| Outside of a trading venue | ||||
This notification is made in accordance with the requirements of the EU Market Abuse Regulation. The Identification Code for ordinary shares of 25 pence each in the Company is GB0001367019.
Enquiries | |
Company Secretariat | 0207 486 4466 |