Last checked at 10 Nov 2015 16:16
10 November 2015
Empiric Student Property plc
("Empiric" or the "Company" or, together with its subsidiaries, the "Group")
LTIP Option Awards / PDMR Notification
The Board of Empiric Student Property plc (ticker: ESP) announces that on 9 November 2015, the Company granted nil-cost options over a total of 282,923 ordinary shares* pursuant to the deferred shares element of the annual bonus awards for the 2014/2015 financial year (the "Annual Bonus Awards") and 1,288,367 ordinary shares* pursuant to the Empiric 2014 Long Term Incentive Plan (the "2015-2018 LTIP Awards") to the Company's three executive directors, as set out below.
Name |
Position |
Number of shares the subject of the 2014/2015 Annual Bonus Award
|
Number of shares under option pursuant to the 2015-2018 LTIP Award
|
Total LTIP awards outstanding** |
Paul Hadaway
|
Chief Executive Officer
|
103,825 |
460,131 |
938,956 |
Tim Attlee
|
Chief Investment Officer
|
103,825 |
460,131 |
938,956 |
Michael Enright
|
Chief Financial Officer
|
75,273 |
368,105 |
630,878 |
* The amounts shown above represent the maximum number of ordinary shares that may be granted to the eligible employees under the Annual Bonus Awards and the 2015-2018 LTIP Awards. The price used to calculate the number of ordinary shares under the Annual Bonus Awards and the 2015-2018 LTIP Awards was £1.05948, representing the average of the daily closing prices of the Company's ordinary shares on the London Stock Exchange for the 12 month period ended 31 October 2015.
** includes the IPO awards under the Empiric 2014 Long Term Incentive Plan granted on 30 June 2014.
The Annual Bonus Awards are not subject to any further performance conditions and in normal circumstances will be exercisable on or after the third anniversary of grant.
The 2015-2018 LTIP Awards are subject to a performance condition linked to Total Shareholder Return, measured over a three year period ending on 30 June 2018 and are expected to vest in November 2018. The performance condition is designed to ensure alignment between the incentivisation of the Company's executive directors and the interests of shareholders.
The total number of ordinary shares over which nil-cost options have been granted represent approximately 0.4 per cent. of the Company's issued share capital.
For the purposes of DTR 3.1.3, the above transactions took place in the United Kingdom, with a grant date of 9 November 2015 and the Directors being notified on 9 November 2015.
For further information on the Company, please contact:
Empiric Student Property plc | (via Newgate below) |
Philip Scales (Company Secretary) | |
Akur Limited (Joint Financial Adviser) | Tel: 020 7493 3631 |
Tom Frost |
|
Anthony Richardson |
|
Tom Morrell |
|
|
|
Jefferies International Limited (Joint Financial Adviser and Broker) | Tel: 020 7029 8000
|
Gary Gould |
|
Stuart Klein |
|
Newgate (PR Adviser) | Tel: 020 7680 6550 |
James Benjamin | Em: empiric@newgatecomms.com |
Alex Shilov |
|
Further information on Empiric can be found on the Company's website at www.empiric.co.uk.
Notes:
Empiric Student Property plc (incorporated in England & Wales) is an internally managed real estate investment trust ("REIT") investing in modern, direct-let, premium, student accommodation, both standing and development assets, with a focus on quality and with assets generally in prime central locations in top university cities and towns in the UK. The Company listed on the premium listing segment of the Official List of the Financial Conduct Authority and was admitted to trading on the main market for listed securities of the London Stock Exchange in June 2014.