2 Aug 2022 13:47
2 August 2022 |
BELVOIR GROUP PLC
(the "Company", the "Group" or "Belvoir")
New Long-Term Incentive Plan
Belvoir Group PLC (AIM:BLV), a leading UK property franchise group, today announces that it has granted nominal cost options over 329,265 new ordinary shares in the Company to its Executive Directors and members of its senior management team under the Belvoir Group Performance Share Plan. The awards reflect their roles and responsibilities in determining and executing the Group strategic growth plans and are intended to retain and incentivise the executive directors and senior management team accordingly.
The awards will be 100% subject to an EPS Performance Condition: the cumulative diluted earnings per share ("EPS"), adjusted to exclude exceptional items for the three years to 31 December 2024.
A floor of 62.7p per share and a cap of 72.1p per share applies to the EPS Performance Condition. The floor requires the Belvoir Group to achieve the cumulative diluted adjusted EPS for the three years to 31 December 2024 as per the current market forecast for that period. The cap requires the Group to exceed the cumulative diluted adjusted EPS for the three years to 31 December 2024 as per the current market forecast by 15%. Where performance is below the floor, no options will vest; where performance is at the floor, 25% of the options will vest; and where performance is at or above the cap, 100% will vest. Straight-line vesting applies between the floor and the cap.
The maximum awards for directors and PDMRs are stated below:
Name Position Number of shares
subject to awards
Dorian Gonsalves Chief Executive Officer, Belvoir Group PLC 101,075
Louise George Chief Financial Officer, Belvoir Group PLC 92,475
Michelle Brook Financial Services Director, Belvoir Group PLC 58,065
Philip Gee Managing Director, Northwood GB Limited 8,000
David Spackman Managing Director, Newton Fallowell Limited 8,000
Ian Maclean Franchise Director, Belvoir Property Management (UK) Limited 8,000
Tim Wood Financial Services Director, Brook Financial Services Ltd 6,050
Julie Wilson Group Financial Controller, Belvoir Group PLC 6,050
Immediately prior to these awards the Company's issued share capital was 37,292,113 ordinary shares and there were outstanding CSOP options of 233,365 and LTIP options of 542,142.
Further details on these grants are included in the notifications below, made in accordance with the requirements of the EU Market Abuse Regulation which is part of English law by virtue of the European Union (Withdrawal) Act 2018.
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014 | |||||
1 | Details of the person discharging managerial responsibilities/person closely associated | ||||
a. | Name | Dorian Gonsalves | Louise George | ||
2 | Reason for notification |
| |||
a. | Position/Status | Chief Executive Officer,Belvoir Group PLC | Chief Financial Officer,Belvoir Group PLC | ||
b. | Initial notification/ Amendment | Initial Notification | Initial Notification | ||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
a. | Name | Belvoir Group PLC | Belvoir Group PLC | ||
b. | LEI | N/A | N/A | ||
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 instrument, type of instrumentIdentification Code | Options over Ordinary Shares of 1 pence each
n/a
| Options over Ordinary Shares of 1 pence each
n/a
| ||
b. | Nature of the transaction | Grant of nominal cost options | Grant of nominal cost options | ||
c. | Price(s) and volume(s) | ||||
Price 1 pence each | Volume 101,075 | Price 1 pence each | Volume 92,475 | ||
d. | Aggregated information - Aggregated Volume
- Price | n/a
n/a |
n/a
n/a | ||
e. | Date of the transaction | 2 August 2022 | 2 August 2022 | ||
f. | Place of the transaction | Off market | Off market | ||
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014 | |||||
1 | Details of the person discharging managerial responsibilities/person closely associated | ||||
a. | Name | Michelle Brook | Philip Gee | ||
2 | Reason for notification |
| |||
a. | Position/Status | Financial Services Director,Belvoir Group PLC | Managing Director,Northwood GB Limited | ||
b. | Initial notification/ Amendment | Initial Notification | Initial Notification | ||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
a. | Name | Belvoir Group PLC | Belvoir Group PLC | ||
b. | LEI | N/A | N/A | ||
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 instrument, type of instrumentIdentification Code | Options over Ordinary Shares of 1 pence each
n/a
| Options over Ordinary Shares of 1 pence each
n/a
| ||
b. | Nature of the transaction | Grant of nominal cost options | Grant of nominal cost options | ||
c. | Price(s) and volume(s) | ||||
Price 1 pence each | Volume 58,065 | Price 1 pence each | Volume 8,000 | ||
d. | Aggregated information - Aggregated Volume
- Price | n/a
n/a | n/a
n/a | ||
e. | Date of the transaction | 2 August 2022 | 2 August 2022 | ||
f. | Place of the transaction | Off market | Off market | ||
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014 | |||||
1 | Details of the person discharging managerial responsibilities/person closely associated | ||||
a. | Name | David Spackman | Ian Maclean | ||
2 | Reason for notification |
| |||
a. | Position/Status | Managing Director,Newton Fallowell Limited | Franchise Director,Belvoir Property Management (UK) Limited | ||
b. | Initial notification/ Amendment | Initial Notification | Initial Notification | ||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
a. | Name | Belvoir Group PLC | Belvoir Group PLC | ||
b. | LEI | N/A | N/A | ||
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 instrument, type of instrumentIdentification Code | Options over Ordinary Shares of 1 pence each
n/a
| Options over Ordinary Shares of 1 pence each
n/a
| ||
b. | Nature of the transaction | Grant of nominal cost options | Grant of nominal cost options | ||
c. | Price(s) and volume(s) | ||||
Price 1 pence each | Volume 8,000 | Price 1 pence each | Volume 8,000 | ||
d. | Aggregated information - Aggregated Volume
- Price | n/a
n/a |
n/a
n/a | ||
e. | Date of the transaction | 2 August 2022 | 2 August 2022 | ||
f. | Place of the transaction | Off market | Off market | ||
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014 | |||||
1 | Details of the person discharging managerial responsibilities/person closely associated | ||||
a. | Name | Julie Wilson | Tim Wood | ||
2 | Reason for notification |
| |||
a. | Position/Status | Group Financial Controller,Belvoir Group PLC | Financial Services Director,Brook Financial Services Ltd | ||
b. | Initial notification/ Amendment | Initial Notification | Initial Notification | ||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
a. | Name | Belvoir Group PLC | Belvoir Group PLC | ||
b. | LEI | N/A | N/A | ||
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 instrument, type of instrumentIdentification Code | Options over Ordinary Shares of 1 pence each
n/a
| Options over Ordinary Shares of 1 pence each
n/a
| ||
b. | Nature of the transaction | Grant of nominal cost options | Grant of nominal cost options | ||
c. | Price(s) and volume(s) | ||||
Price 1 pence each | Volume 6,050 | Price 1 pence each | Volume 6,050 | ||
d. | Aggregated information - Aggregated Volume
- Price | n/a
n/a |
n/a
n/a | ||
e. | Date of the transaction | 2 August 2022 | 2 August 2022 | ||
f. | Place of the transaction | Off market | Off market | ||
For further details:
Belvoir Group PLC Dorian Gonsalves, Chief Executive Officer Louise George, Chief Financial Officer www.belvoirgroup.com
| 01476 584900 investorrelations@belvoirgroup.com | |
finnCap Julian Blunt, Teddy Whiley (Corporate Finance) Tim Redfern (ECM) www.finncap.com
| +44 (0) 20 7220 0500 | |
Buchanan Charles Ryland & Kim van Beeck | +44 (0) 20 7466 5000 | |
Notes:
About Belvoir Group PLC
Founded in 1995 and listed on AIM in 2012 (BLV.L), Belvoir operates a nationwide property franchise Group with 463 offices across seven brands specialising in residential lettings, property management, residential sales and property-related financial services. With its Central Office in Grantham, Lincolnshire, the Group manages 72,900 properties and reported record revenues of £29.6m in 2021 marking Belvoir's 25th year of unbroken profit growth.
For further information, please visit: www.belvoirgroup.com