Last checked at 27 Aug 2020 15:11
LSL Property Services plc ("LSL" or the "Company")
Directors or Persons Discharging Managerial Responsibility ("PDMR") - Interest in Shares
2010 Joint Share Ownership Plan (the "JSOP")
In 2010 the Company operated a joint share ownership plan whereof awards under the plan were conditional on the Company's earnings per share performance meeting an absolute performance target over a period of three financial years starting with the financial year in which the award was granted; and a key feature of the plan was that individuals were required to purchase their interest in the jointly owned shares.
On the 16th June 2010 the Company announced that Simon Embley was a participant in the plan with effect from 1st June 2010. The announcement explained that Simon had acquired an interest in 167,857 jointly owned LSL shares for a payment of £3,357.14 together with a stock appreciate right (SAR). Simon was at the time an Executive Director (Simon became Non-Executive Chair in 2015).
Part of Simon's interest lapsed in 2013 when the performance conditions were not fully met (further details are included in LSL's Annual Report and Accounts 2013). Accordingly, Simon's interest since 2013 has related to 83,928 jointly owned shares with an associated cash consideration of £1,678.56.
In respect of the jointly owned shares, Simon entered into a co-ownership agreement with the trustees of the LSL Employee Benefit Trust in 2010 pursuant to which Simon received a right to a proportion of the sale proceeds in so far as, the value of the shares on disposal exceeded £3.20 per share and a performance target were satisfied.
The 2010 interests vested on 1st June 2013 and the exercise period expired on 1st June 2020. Now, as a result of the interests not being exercised and the exercise period lapsing, the trustees are acquiring the interests acquired by Simon which will result in the re-payment of part of the original monies paid by Simon to the trustees at the time he acquired the original interest (being £1,678.56).
With regard to the stock appreciation rights (SARs) which entitled Simon to the growth in the value of a share from £2.80 up to £3.20, this has also lapsed and because no amount was paid by Simon to acquire the SAR no payment will be made by the trustees in respect of the SARs.
This notification is made in accordance with the Market Abuse Regulations (Article 19).
The notification below, made in accordance with the requirements of Article 19 of the EU Market Abuse Regulation 596/2014, gives further detail.
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 |
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a) | Name | Simon Embley | ||||
2 | Reason for notification |
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a) | Position/Status | Non Executive Chair | ||||
b) | Initial notification/Amendment | Initial notification | ||||
3 | Details of the issuer, emission allowance market participation, auction platform, auctioneer or auction monitor |
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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. |
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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 | Disposal of initial interest in 2010 JSOP scheme shares. | ||||
c) | Price(s) and volume(s) |
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d) | Aggregated information - Aggregated volume - Price |
83,928 £1,678.56 | ||||
e) | Date of the transaction | 27th August 2020 | ||||
f) | Place of the transaction | Outside a trading venue |
For further information, please contact:
Sapna B FitzGerald, Company Secretary
01904 698 850