Last checked at 8 Nov 2023 10:30
LSL Property Services plc ("LSL")
NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY ("PDMRs") OR CONNECTED PERSONS
In accordance with DTR 3, LSL was notified on 7 November 2023 that awards were, on 7 November 2023, granted to Directors and PDMRs pursuant to LSL's Long Term Incentive Plan ("LTIP") as follows:
Name of Director/PDMR | Number of LSL Property Services plc ordinary shares of 0.2p each awarded |
David Stewart, Group Chief Executive Officer | 194,613 |
Adam Castleton, Group Chief Financial Officer | 131,402 |
Steve Goodall, Managing Director e.surv (PDMR) | 46,036 |
Paul Hardy, Managing Director Estate Agency (PDMR) | 40,650 |
The LTIP awards are nil-cost options that will normally become exercisable on 29th March 2026 for PDMRs and 6th November 2026 for the Executive Directors, subject to continuous employment and satisfaction of the performance conditions detailed in the table below.
Executive Director LTIP awards
In the Directors' Remuneration Report ("DRR") included in the Annual Report and Accounts 2022, we explained that during 2023 we would operate an LTIP for the Executive Directors that was broadly similar to that operated in 2022. We also stated that we intended to grant an award of 125% of basic salary to the Executive Directors.
We normally grant our LTIP awards following the announcement of our preliminary results, however, due to the impact of UK MAR around financial reporting and the progression of a number of strategic projects, we were unable to grant the awards in accordance with our normal timetable and therefore the grant of the 2023 LTIP awards has been delayed and are now being granted.
Considering the delay in granting the awards, the Remuneration Committee has reviewed the adjusted EPS target range taking into account the change in economic outlook and market expectations since the beginning of the year. As a result, the Remuneration Committee has set an adjusted EPS target range for this grant that is lower than the range set out in the 2022 DRR.
Noting the lower target range and taking into account the share price determining the number of shares subject to the 2023 award compared to the 2022 award, the LTIP award level for the Executive Directors is reduced from the normal award level of 125% of salary to 100% of salary.
Further details relating to the awards will be included in the DRR to be included in the Annual Report and Accounts 2023 which will be published in 2024.
2023 LTIP performance conditions table
Percentage of award subject to condition | Performance period | Performance measure | Threshold performance (no vesting below threshold) | Proportion vesting for threshold performance | Performance for maximum (100%) vesting |
50% | 3 years ending 31 December 2025 | Adjusted Basic earnings per share ("EPS") in 2026 | 16.0 pence | 25% | 24.0 pence |
50% | Total Shareholder Return ("TSR") ranked against the FTSE Small Cap, excluding investment trusts | Median | 25% | Upper quartile |
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
1 | Details of the person discharging managerial responsibilities/ person closely associated | |||||
a) | Name | David Stewart | ||||
2 | Reason for notification | |||||
a) | Position/Status | Group Chief Executive Officer | ||||
b) | Initial notification/Amendment | Initial notification | ||||
3 | Details of the issuer, emission allowance market participation, auction platform, auctioneer or auction monitor | |||||
a) | Name | LSL Property Services plc | ||||
b) | LEI | 213800T4VM5VR3C7S706 | ||||
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 | Ordinary shares of 0.2p each in LSL Property Services plc
GB00B1G5HX72 | ||||
b) | Nature of transaction | Nil-cost option award made pursuant to LSL's 2023 LTIP. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | Not applicable - single transaction. | ||||
e) | Date of the transaction | 7 November 2023 | ||||
f) | Place of the transaction | Outside a trading venue |
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
1 | Details of the person discharging managerial responsibilities/ person closely associated | |||||
a) | Name | Adam Castleton | ||||
2 | Reason for notification | |||||
a) | Position/Status | Group Chief Financial Officer | ||||
b) | Initial notification/Amendment | Initial notification | ||||
3 | Details of the issuer, emission allowance market participation, auction platform, auctioneer or auction monitor | |||||
a) | Name | LSL Property Services plc | ||||
b) | LEI | 213800T4VM5VR3C7S706 | ||||
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 | Ordinary shares of 0.2p each in LSL Property Services plc
GB00B1G5HX72 | ||||
b) | Nature of transaction | Nil-cost option award made pursuant to LSL's 2023 LTIP. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | Not applicable - single transaction. | ||||
e) | Date of the transaction | 7 November 2023 | ||||
f) | Place of the transaction | Outside a trading venue |
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
1 | Details of the person discharging managerial responsibilities/ person closely associated | |||||
a) | Name | Steve Goodall | ||||
2 | Reason for notification | |||||
a) | Position/Status | PDMR | ||||
b) | Initial notification/Amendment | Initial notification | ||||
3 | Details of the issuer, emission allowance market participation, auction platform, auctioneer or auction monitor | |||||
a) | Name | LSL Property Services plc | ||||
b) | LEI | 213800T4VM5VR3C7S706 | ||||
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 | Ordinary shares of 0.2p each in LSL Property Services plc
GB00B1G5HX72 | ||||
b) | Nature of transaction | Nil-cost option award made pursuant to LSL's 2023 LTIP. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | Not applicable - single transaction. | ||||
e) | Date of the transaction | 7 November 2023 | ||||
f) | Place of the transaction | Outside a trading venue |
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
1 | Details of the person discharging managerial responsibilities/ person closely associated | |||||
a) | Name | Paul Hardy | ||||
2 | Reason for notification | |||||
a) | Position/Status | PDMR | ||||
b) | Initial notification/Amendment | Initial notification | ||||
3 | Details of the issuer, emission allowance market participation, auction platform, auctioneer or auction monitor | |||||
a) | Name | LSL Property Services plc | ||||
b) | LEI | 213800T4VM5VR3C7S706 | ||||
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 | Ordinary shares of 0.2p each in LSL Property Services plc
GB00B1G5HX72 | ||||
b) | Nature of transaction | Nil-cost option award made pursuant to LSL's 2023 LTIP. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | Not applicable - single transaction. | ||||
e) | Date of the transaction | 7 November 2023 | ||||
f) | Place of the transaction | Outside a trading venue |
For further information, please contact:Sapna B FitzGerald, Company SecretaryInvestorrelations@lslps.co.uk