30 Jul 2020 10:01
DIRECTOR/PDMR SHAREHOLDING
30 July 2020
Great Portland Estates plc (the "Company" or "GPE")
Grant of Awards under the GPE Long-Term Incentive Plan (the "LTIP")
The Company announces that on 29 July 2020, the following Directors were granted awards over Ordinary Shares of 15 5/19 pence each in the Company under the LTIP, the number of shares being calculated using a market price of 580.60 pence per share:
Director | Date of Grant | Performance Award Number of Shares | Vesting Date | Date Exercisable |
Toby Courtauld | 29.07.20 | 317,906 | 29.07.23 | 29.07.25 |
Nick Sanderson | 29.07.20 | 218,722 | 29.07.23 | 29.07.25 |
As outlined in the Directors' remuneration policy approved by shareholders on 24 July 2020, the Remuneration Committee has discretion to override and reduce formulaic outcomes under the LTIP awards should this be considered appropriate in the circumstances.
The vested shares will be subject to a two-year holding period following the third anniversary of the date of grant.
The above awards were granted as nil cost options which are subject to the following criteria relating to the Company's performance over the three-year performance period:
Performance measure over 3 years | % of award | Vesting level | Start of measurement period | ||
20% | Straight-line vesting between these points | 100% | |||
Total Accounting Return | 50% | 868p | 925p | 1 April prior to grant | |
TSR against constituents of FTSE 350 Real Estate Sector (excluding agencies) | 50% | Median | Upper quartile | Grant date |
The Notification of Dealing Forms can be found below. This announcement is made in accordance with Article 19 of the EU Market Abuse Regulation 596/2014.
1. | Details of PDMR/person closely associated with them ("PCA") | ||
a) | Name | Toby Courtauld | |
2. | Reason for the notification | ||
a) | Position/status | Chief Executive | |
b) | Initial notification/amendment | Initial notification | |
3. | Details of the issuer, emission allowance market participant, action platform, auctioneer or auction monitor | ||
a) | Name | Great Portland Estates plc
| |
b) | Legal Entity Identifier | 213800JMEDD2Q4N1MC42 | |
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 | Ordinary shares of 15 5/19p ISIN: GB00BF5H9P87 | |
b) | Nature of the transaction | Grant of a nil cost option performance share award under the Company's Long Term Incentive Plan. | |
c) | Price(s) and volume(s) | Price | Volume(s) |
Ordinary shares | Nil consideration | 317,906 | |
d) | Aggregated information - Aggregated volume - Aggregated price - Aggregated total | Aggregated volume: 317,906 Aggregated price: 0.0p Aggregated total: 317,906 ordinary shares | |
e) | Date of transaction | 29 July 2020 | |
f) | Place of the transaction | Outside a trading venue | |
1. | Details of PDMR/person closely associated with them ("PCA") | ||
a) | Name | Nick Sanderson | |
2. | Reason for the notification | ||
a) | Position/status | Finance & Operations Director | |
b) | Initial notification/amendment | Initial notification | |
3. | Details of the issuer, emission allowance market participant, action platform, auctioneer or auction monitor | ||
a) | Name | Great Portland Estates plc
| |
b) | Legal Entity Identifier | 213800JMEDD2Q4N1MC42 | |
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 | Ordinary shares of 15 5/19 p ISIN: GB00BF5H9P87 | |
b) | Nature of the transaction | Grant of a nil cost option performance share award under the Company's Long Term Incentive Plan | |
c) | Price(s) and volume(s) | Price | Volume(s) |
Ordinary shares | Nil consideration | 218,722 | |
d) | Aggregated information - Aggregated volume - Aggregated price - Aggregated total
| Aggregated volume: 218,722 Aggregated price: 0.0p Aggregated total: 218,722 ordinary shares | |
e) | Date of transaction | 29 July 2020 | |
f) | Place of the transaction | Outside a trading venue | |
Contacts: | |||||||||||
Great Portland Estates plc | +44 | (0) | 20 | 7647 | 3000 | ||||||
Darren Lennark, Company Secretary | |||||||||||
Stephen Burrows, Director of Financial Reporting and Investor Relations | |||||||||||