Last checked at 23 Jun 2022 15:30
The British Land Company plc (the "Company")
Discretionary Share Award Vesting & SAYE Grant
On 20 June 2022 conditional awards of Ordinary Shares of 25 pence each in the Company, that were granted on 19 June 2019 under the Company's Restricted Share Plan, vested. Subsequent sales that were made by Persons Discharging Managerial Responsibilities ("PDMRs") upon the awards vesting are detailed below. The awards were not subject to performance conditions.
Name of PDMR | Number of shares that vested | Number of shares sold |
Emma Cariaga | 20,322 | 20,322 |
Kelly Cleveland | 13,935 | 6,738 |
Sally Jones | 31,270 | 31,270 |
David Lockyer | 20,322 | 20,322 |
Roger Madelin | 23,257 | 23,257 |
Brona McKeown | 22,801 | 11,024 |
Darren Richards | 31,270 | 15,119 |
David Walker | 18,580 | 8,984 |
Nigel Webb | 24,420 | 11,807 |
Also on 20 June 2022, Bhavesh Mistry, Chief Financial Officer, sold 66,100 ordinary shares of 25 pence each. This followed the vesting of 136,720 performance shares comprising three separate awards granted to Bhavesh on 19 July 2021 under the Company's Long Term Incentive Plan to replace pre-existing awards that he forfeited in order to join the Company. Two of the awards of 9,403 shares and 19,612 shares respectively did not have performance conditions attached and vested in full. The third award of 124,948 shares was subject to performance conditions mirroring those of his previous employer, of which 107,705 shares representing 86.2% of the original award, vested.
Bhavesh sold 66,100 shares to settle tax and national insurance and associated dealing fees arising on the vesting and retained the balance of 70,620 shares which he must continue to hold for at least two years in accordance with the terms of the grant.
On 22 June 2022 options over Ordinary shares of 25 pence each in the Company were granted to PDMRs under the Company's SAYE Option Scheme as detailed in the table below.
Options granted | Option price (pence) | SAYE contract commences | Option exercise period commences | |
Simon Carter | 4,275 | 421 | 1 September 2022 | 1 September 2025 |
Brona McKeown | 4,275 | 421 | 1 September 2022 | 1 September 2025 |
Kelly Cleveland | 2,137 | 421 | 1 September 2022 | 1 September 2025 |
David Walker | 2,137 | 421 | 1 September 2022 | 1 September 2025 |
Bhavesh Mistry | 4,275 | 421 | 1 September 2022 | 1 September 2025 |
Emma Cariaga | 1,282 | 421 | 1 September 2022 | 1 September 2025 |
The permitted exercise period for SAYE options is six months, commencing on the dates listed above. No consideration was paid for the grant of these options.
This disclosure is made in accordance with the UK Market Abuse Regulation.
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name
| 1. Emma Cariaga 2. Kelly Cleveland 3. Sally Jones 4. David Lockyer 5. Roger Madelin 6. Brona McKeown 7. Darren Richards 8. David Walker 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
| Sale of ordinary shares 25 pence each upon the vesting of conditional share awards made under the Company's Restricted Share Plan.
| ||||
c) | Price(s) and volume(s)
|
| ||||
d) | Aggregated information - Aggregated volume - Price | N/A (single transaction) | ||||
e) | Date of the transaction
| 2022-06-20 | ||||
f) | Place of the transaction
| London Stock Exchange (XLON) | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name
| Bhavesh Mistry | ||||
2 | Reason for the notification | |||||
a) | Position/status
| PDMR - 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
| 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
| Sale of shares
| ||||
c) | Price(s) and volume(s)
|
| ||||
d) | Aggregated information - Aggregated volume - Price
|
N/A (single transaction) | ||||
e) | Date of the transaction
| 2022-06-20 | ||||
f) | Place of the transaction
| London Stock Exchange (XLON) | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name
| 1. Simon Carter 2. Brona McKeown 3. Kelly Cleveland 4. David Walker 5. Bhavesh Mistry 6. Emma Cariaga
| ||||
2 | Reason for the notification | |||||
a) | Position/status
| 1. PDMR - Chief Executive Officer 2. PDMR - Executive Committee member 3. PDMR - Executive Committee member 4. PDMR - Executive Committee member 5. PDMR - Chief Financial Officer 6. 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 options under the Save As You Earn Option Scheme
| ||||
c) | Price(s) and volume(s)
|
| ||||
d) | Aggregated information - Aggregated volume - Price
|
N/A (single transaction) | ||||
e) | Date of the transaction
| 2022-06-22 | ||||
f) | Place of the transaction
| Outside a trading venue | ||||