20 Aug 2019 18:08
20 August 2019
Circle Property Plc
("Circle" or the "Company")
LTIP Grant of Options
Circle Property Plc (AIM: CRC), which invests in, develops and actively manages well-located regional office assets, announces that following the passing of the resolutions at the Company's Annual General Meeting ("AGM") held earlier today, including those relating to amendments to the Circle Property Plc 2016 Long Term Incentive Plan ("LTIP"), the following awards have been made under the LTIP, as amended.
John Arnold, Chief Executive Officer and Edward Olins, Chief Operating Officer, have been granted the following nil cost options to acquire ordinary shares of no par value in the capital of the Company (the "LTIP Options"):
2017 Number of LTIP Options* | 2018 Number of LTIP Options** | 2019 Number of LTIP Options*** | |
John Arnold | 137,584 | 141,023 | 234,107 |
Edward Olins | 123,826 | 126,921 | 210,697 |
* Performance Period (as such term is defined in the LTIP) commencing on 1 April 2017
** Performance Period commencing on 1 April 2018
*** Performance Period commencing on 1 April 2019
The awards granted above will vest at the end of a three-year period subject to targets which measure the performance of the group over that period such that (i) 50% of the award will vest by reference to total shareholder return measured by reference to members of a bespoke comparator group, and (ii) the remaining 50% of the award will vest by reference to the growth in the net asset value of the group (taking into account dividends paid during the relevant period).
Full details of the amendments to the LTIP and the principal features of the LTIP, as amended, were included in the Notice of Annual General Meeting dated 17 July 2019 available from the Company's website at www.circleproperty.co.uk.
Circle Property Plc | +44 (0)20 7930 8503 |
John Arnold, CEO Edward Olins, COO | |
Cenkos Securities plc | +44 (0)20 7397 8900 |
Azhic Basirov Katy Birkin
Radnor Capital Joshua Cryer Iain Daly
|
+44 (0)20 3897 1830 |
Camarco | +44 (0)20 3757 4980 |
Ginny Pulbrook Tom Huddart |
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM
The information set out below is provided in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation No 596/2014.
1 | Details of the person discharging managerial responsibilities / person closely associated | ||
a) | Name | John Arnold | |
2 | Reason for the notification | ||
a) | Position/status | Chief Executive Officer | |
b) | Initial notification/Amendment | Initial Notification | |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
a) | Name | Circle Property plc | |
b) | LEI | 213800THDWL3FB11M760 | |
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 instrument | Ordinary shares of no par value | |
Identification code | JE00BYP0CK63 | ||
b) | Nature of the transaction | Grant of options to acquire ordinary shares for the performance period commencing 1 April 2017 under the LTIP | |
c) | Price(s) and volumes(s) | Price(s) | Volume(s) |
£0.00 | 137,584 | ||
d) | Aggregated information | N/A single transaction | |
Aggregated volume | N/A single transaction | ||
Price | N/A single transaction | ||
e) | Date of the transaction | 20 August 2019 | |
f) | Place of the transaction | Outside a trading venue | |
1 | Details of the person discharging managerial responsibilities / person closely associated | ||
a) | Name | Edward Olins | |
2 | Reason for the notification | ||
a) | Position/status | Chief Operating Officer | |
b) | Initial notification/Amendment | Initial Notification | |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
a) | Name | Circle Property plc | |
b) | LEI | 213800THDWL3FB11M760 | |
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 instrument | Ordinary shares of no par value | |
Identification code | JE00BYP0CK63 | ||
b) | Nature of the transaction | Grant of options to acquire ordinary shares for the performance period commencing 1 April 2017 under the LTIP | |
c) | Price(s) and volumes(s) | Price(s) | Volume(s) |
£0.00 | 123,826 | ||
d) | Aggregated information | N/A single transaction | |
Aggregated volume | N/A single transaction | ||
Price | N/A single transaction | ||
e) | Date of the transaction | 20 August 2019 | |
f) | Place of the transaction | Outside a trading venue | |
1 | Details of the person discharging managerial responsibilities / person closely associated | ||
a) | Name | John Arnold | |
2 | Reason for the notification | ||
a) | Position/status | Chief Executive Officer | |
b) | Initial notification/Amendment | Initial Notification | |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
a) | Name | Circle Property plc | |
b) | LEI | 213800THDWL3FB11M760 | |
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 instrument | Ordinary shares of no par value | |
Identification code | JE00BYP0CK63 | ||
b) | Nature of the transaction | Grant of options to acquire ordinary shares for the performance period commencing 1 April 2018 under the LTIP | |
c) | Price(s) and volumes(s) | Price(s) | Volume(s) |
£0.00 | 141,023 | ||
d) | Aggregated information | N/A single transaction | |
Aggregated volume | N/A single transaction | ||
Price | N/A single transaction | ||
e) | Date of the transaction | 20 August 2019 | |
f) | Place of the transaction | Outside a trading venue | |
1 | Details of the person discharging managerial responsibilities / person closely associated | ||
a) | Name | Edward Olins | |
2 | Reason for the notification | ||
a) | Position/status | Chief Operating Officer | |
b) | Initial notification/Amendment | Initial Notification | |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
a) | Name | Circle Property plc | |
b) | LEI | 213800THDWL3FB11M760 | |
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 instrument | Ordinary shares of no par value | |
Identification code | JE00BYP0CK63 | ||
b) | Nature of the transaction | Grant of options to acquire ordinary shares for the performance period commencing 1 April 2018 under the LTIP | |
c) | Price(s) and volumes(s) | Price(s) | Volume(s) |
£0.00 | 126,921 | ||
d) | Aggregated information | N/A single transaction | |
Aggregated volume | N/A single transaction | ||
Price | N/A single transaction | ||
e) | Date of the transaction | 20 August 2019 | |
f) | Place of the transaction | Outside a trading venue | |
1 | Details of the person discharging managerial responsibilities / person closely associated | ||
a) | Name | John Arnold | |
2 | Reason for the notification | ||
a) | Position/status | Chief Executive Officer | |
b) | Initial notification/Amendment | Initial Notification | |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
a) | Name | Circle Property plc | |
b) | LEI | 213800THDWL3FB11M760 | |
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 instrument | Ordinary shares of no par value | |
Identification code | JE00BYP0CK63 | ||
b) | Nature of the transaction | Grant of options to acquire ordinary shares for the performance period commencing 1 April 2019 under the LTIP | |
c) | Price(s) and volumes(s) | Price(s) | Volume(s) |
£0.00 | 234,107 | ||
d) | Aggregated information | N/A single transaction | |
Aggregated volume | N/A single transaction | ||
Price | N/A single transaction | ||
e) | Date of the transaction | 20 August 2019 | |
f) | Place of the transaction | Outside a trading venue | |
1 | Details of the person discharging managerial responsibilities / person closely associated | ||
a) | Name | Edward Olins | |
2 | Reason for the notification | ||
a) | Position/status | Chief Operating Officer | |
b) | Initial notification/Amendment | Initial Notification | |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
a) | Name | Circle Property plc | |
b) | LEI | 213800THDWL3FB11M760 | |
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 instrument | Ordinary shares of no par value | |
Identification code | JE00BYP0CK63 | ||
b) | Nature of the transaction | Grant of options to acquire ordinary shares for the performance period commencing 1 April 2019 under the LTIP | |
c) | Price(s) and volumes(s) | Price(s) | Volume(s) |
£0.00 | 210,697 | ||
d) | Aggregated information | N/A single transaction | |
Aggregated volume | N/A single transaction | ||
Price | N/A single transaction | ||
e) | Date of the transaction | 20 August 2019 | |
f) | Place of the transaction | Outside a trading venue | |
About Circle Property Plc
Circle is the best performing quoted UK real estate company by NAV total return (NAV growth and dividend)1 having delivered consistent returns with 86% NAV growth since IPO in 2016 in absolute terms.
Circle focusses on acquiring assets in regional cities, many of which have significant office supply constraints, and on office assets with active management potential (refurbishment opportunities, under-rented or vacant properties or short leases), rather than just maximising initial rental yields.
Circle is not a Real Estate Investment Trust (REIT) and can actively recycle proceeds from asset sales into its refurbishment and redevelopment pipeline, as well as future investment opportunities, therefore targeting a broader range of returns for shareholders, which are primarily driven by NAV growth.
As well as already delivering substantial increases in NAV, the Company's portfolio has significant reversionary potential with total estimated rental values of £10.34m per annum, compared to contracted rent of £7.61m at 31 March 2019. The Company has a portfolio of 16 regional commercial property investment and development assets in the UK valued at £139.2m.
1 Source: Radnor Capital research, 31 March 2019