17 Nov 2016 07:00
Inland Homes plc
('Inland Homes', 'Inland', the 'Group' or the 'Company')
Achievement of performance targets under 2013 LTIP
The Company announces that the Performance Targets as set out in the Inland Homes plc 2013 Growth Plan ("2013 LTIP") have been achieved for the third reporting period commencing on 18 November 2015.
The Company now expects 6,000,000 ordinary shares of 10p each in Inland Homes PLC to become issuable to Stephen Wicks, Nishith Malde and Paul Brett, in exchange for non-voting exchangeable growth shares of 0.001 pence each in Inland Homes 2013 Limited ("Growth Shares") once vested. These Growth Shares are expected to vest, subject to good/bad leaver and change of control provisions, on 11 December 2016, in accordance with the Articles of Association of Inland Homes (2013) Limited.
The breakdown of the ordinary shares of 10p each in Inland Homes PLC now expected to vest on 11 December 2016 is as follows:
Executive Director | Awarded in tranche 1 and 2 of 2013 LTIP | New awards | Total Number of Shares |
Stephen Wicks Chief Executive Officer | 1,880,000 | 940,000 | 2,820,000 |
Nishith Malde Finance Director | 1,520,000 | 760,000 | 2,280,000 |
Paul Brett Land Director | 600,000 | 300,000 | 900,000 |
Total | 4,000,000 | 2,000,000 | 6,000,000 |
Entitlements to any further ordinary shares under the 2013 LTIP will vest annually by reference to the share price performance in each of the three remaining Performance Periods commencing from 12 December 2016 to 20 Dealing Days after the announcement of the Company's preliminary results for the year ending 30 June 2019 (inclusive) or earlier in the event of a takeover of the Company.
The 2013 LTIP was approved by shareholders on 20 December 2013. Further details of the 2013 LTIP are included in the circular to shareholders dated 3 December 2013.
Enquires:
Inland Homes plc | Tel: +44 (0) 1494 762450 |
Stephen Wicks, Chief Executive | |
Nishith Malde, Finance Director | |
Paul Brett, Land Director | |
Stifel Nicolaus Europe Limited (Nominated Adviser): | Tel: +44 (0) 20 7710 7600 |
David Arch | |
Jessica Cave | |
FTI Consulting: | Tel: +44 (0)20 3727 1000 |
Dido Laurimore | |
Claire Turvey | |
Polly Warrack | |
The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provide further detail:
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
(Disclosure in relation to award of share options)
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Stephen Wicks | ||||
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 | Inland Homes plc | ||||
b) | LEI | |||||
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 Identification code | Non-voting exchangeable growth shares of 0.001 pence each in Inland Homes (2013) Limited that can be exchanged for 940,000 ordinary shares of 10p each in Inland Homes PLC once vested. ISIN: GB00B1TR0310 | ||||
b) | Nature of the transaction | Award of options | ||||
c) | Price(s) and volume(s)
|
| ||||
d)
| Aggregated information
| Non-voting exchangeable growth shares of 0.001 pence each in Inland Homes (2013) Limited that can be exchanged for 940,000 ordinary shares of 10p each in Inland Homes PLC once vested. | ||||
e) | Date of the transaction | 4 November 2016 | ||||
f) | Place of the transaction | London Stock Exchange, AIM Market | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Nishith Malde | ||||
2 | Reason for the notification | |||||
a) | Position/status | Finance Director | ||||
b) | Initial notification /Amendment | Initial notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Inland Homes plc | ||||
b) | LEI | |||||
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 Identification code | Non-voting exchangeable growth shares of 0.001 pence each in Inland Homes (2013) Limited that can be exchanged for 760,000 ordinary shares of 10p each in Inland Homes PLC once vested. ISIN: GB00B1TR0310 | ||||
b) | Nature of the transaction | Award of options | ||||
c) | Price(s) and volume(s)
|
| ||||
d)
| Aggregated information
| Non-voting exchangeable growth shares of 0.001 pence each in Inland Homes (2013) Limited that can be exchanged for 760,000 ordinary shares of 10p each in Inland Homes PLC once vested. | ||||
e) | Date of the transaction | 4 November 2016 | ||||
f) | Place of the transaction | London Stock Exchange, AIM Market | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Paul Brett | ||||
2 | Reason for the notification | |||||
a) | Position/status | Land Director | ||||
b) | Initial notification /Amendment | Initial notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Inland Homes plc | ||||
b) | LEI | |||||
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 Identification code | Non-voting exchangeable growth shares of 0.001 pence each in Inland Homes (2013) Limited that can be exchanged for 300,000 ordinary shares of 10p each in Inland Homes PLC once vested. ISIN: GB00B1TR0310 | ||||
b) | Nature of the transaction | Award of options | ||||
c) | Price(s) and volume(s)
|
| ||||
d)
| Aggregated information
| Non-voting exchangeable growth shares of 0.001 pence each in Inland Homes (2013) Limited that can be exchanged for 300,000 ordinary shares of 10p each in Inland Homes PLC once vested. | ||||
e) | Date of the transaction | 4 November 2016 | ||||
f) | Place of the transaction | London Stock Exchange, AIM Market | ||||