Last checked at 20 Jun 2017 10:25
20 June 2017
LONDONMETRIC PROPERTY PLC
PDMR/DIRECTOR DEALINGS
LondonMetric Property Plc ("LondonMetric" or "Company") announces the granting of share incentive awards, vesting of previous share awards and part disposal by Directors of vested shares to meet associated tax liabilities.
SHARE INCENTIVE AWARDS
In relation to the financial year ended 31 March 2017, LondonMetric granted the following incentive awards on 16 June 2017 over ordinary shares of 10 pence each ("Shares"):
· nil cost options over 2,163,274 shares under the Company's Long Term Incentive Plan ("LTIP"); and
· 608,280 deferred Shares under the Company's deferred bonus plan.
Awards to notifiable interests are set out below.
Options awarded under the LTIP | Shares awarded under the deferred bonus plan | |
Andrew Jones | 619,500 | 222,852 |
Martin McGann | 335,402 | 124,088 |
Valentine Beresford | 353,190 | 130,670 |
Mark Stirling | 353,190 | 130,670 |
Andrew Smith | 118,652 | - |
Vesting of Shares awarded under the 2017 LTIP is subject to total shareholder return, total accounting return and earnings performance conditions measured over a three year period.
VESTING AND PART DISPOSAL OF SHARES ARISING FROM PRIOR AWARDS
In respect of prior year share awards, the following Shares have vested:
· 2,212,076 Shares relating to grants under the Company's LTIP on 19 June 2014
· 606,160 Shares relating to grants under the Company's Deferred Bonus Plan on 19 June 2014, 11 June 2015 and 8 June 2016.
Vesting of notifiable interests are set out below, along with details of disposals by the Company's executive directors that were undertaken in order to meet tax liabilities arising from vesting of Shares.
LTIP Shares vested | Bonus Shares vested4 | Shares disposed1 | Net increase in holding2 | Resultant beneficial holding | |
Andrew Jones | 666,484 | 230,026 | 422,630 | 473,880 | 3,371,802 |
Martin McGann3 | 341,701 | 117,092 | 294,410 | 164,383 | 2,767,531 |
Valentine Beresford | 359,826 | 129,521 | 230,688 | 258,659 | 2,757,059 |
Mark Stirling | 359,826 | 129,521 | 230,688 | 258,659 | 2,250,721 |
Andrew Smith | 134,317 | - | 63,319 | 70,998 | 184,498 |
1. Shares were disposed on 19 June 2017 at a price of 171.65 pence per Share
2. Shares that vested and were not disposed have been pledged by Andrew Jones, Valentine Beresford and Mark Stirling
3. Included in the disposal amount for Martin McGann are additional Shares disposed to meet tax liabilities and other costs arising from the vesting on 28 November 2016 of 197,446 LTIP shares granted on 27 November 2013
4. Inclusive of entitlement to the fourth quarter dividend
Further information on remuneration, the LTIP, the deferred bonus plan and pledging is contained in the Company's 2017 Annual Report.
-Ends-
For further information, please contact:
LondonMetric Property Plc
Andrew Jones / Martin McGann
Tel: +44 (0) 20 7484 9000
FTI Consulting
Dido Laurimore/Tom Gough/Richard Gotla
Tel: +44 (0) 20 3727 1000