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Last checked at 
16 Oct 2020 14:09
16 October 2020
Palace Capital PLC
("Palace Capital", the "Company" or the "Group")
Director Dealing
Palace Capital ( LSE: PCA) the Main Market listed property investment company that has a diversified portfolio of UK commercial real estate in carefully selected locations outside of London, announces that on 14 October 2020, the Company granted awards (the "Awards") to the executive directors of the Company and other members of the Company's management team under the Palace Capital Long Term Incentive Plan ("LTIP").
The Awards would have typically been made following the publication of the Company's full year results. However, owing to the onset of the Covid-19 pandemic the Remuneration Committee deferred the grant of the award.
The Awards give rights to the beneficiaries to acquire ordinary shares of 10p each in the Company (the "Shares") for nil consideration. Awards totalling 454,664 shares are being made to PDMRs as detailed below. Vesting of Shares awarded under the 2020 LTIP is subject to total shareholder return and return of the property portfolio as calculated by MSCI measured over a three-year period. Following the vesting of any shares there is a further two-year holding period and malus and clawback provisions apply.
Director/PDMR | Number of Ordinary Shares under Award | Expected Vesting Date |
Neil Sinclair | 159,264 | 14 October 2023 |
Stephen Silvester | 116,951 | 14 October 2023 |
Richard Starr | 120,631 | 14 October 2023 |
Matthew Simpson | 30,223 | 14 October 2023 |
Nicola Grinham | 27,595 | 14 October 2023 |
Further information on the LTIP is contained in the Company's 2020 Annual Report.
For further information, contact:
PALACE CAPITAL PLC
Neil Sinclair, Chief Executive Stephen Silvester, Finance DirectorTel. +44 (0)20 3301 8331
Broker
Numis Securities
Heraclis Economides / George Fry
Tel: +44 (0)20 7260 1000
Broker
Arden Partners plc
Corporate Finance: Paul Shackleton / Ciaran Walsh / Daniel Gee-Summons
Corporate Broking: James Reed-Daunter
Tel: +44 (0)207 614 5900
Financial PR
FTI Consulting
Claire Turvey / Methuselah Tanyanyiwa
Tel: +44 (0)20 3727 1000
palacecapital@fticonsulting.com
About Palace Capital plc (www.palacecapitalplc.com)
Palace Capital is a property investment company with a premium listing on the Main Market of the London Stock Exchange (Stock Code: PCA). The Company owns a diversified regional portfolio across the UK and has a reputation for being entrepreneurial and opportunistic. Palace Capital acquires properties where it can enhance the long-term income and capital value through asset management and strategic capital development in locations outside London.
1 | Details of the person discharging managerial responsibilities / person closely associated | |
a) | Name | a. Neil Sinclair (Chief Executive) b. Stephen Silvester (Finance Director c. Richard Starr (Executive Director) d. Matthew Simpson (Financial Controller) e. Nicola Grinham (Company Secretary) |
2 | Reason for the notification | |
a) | Position/status | See 1 a) above |
b)
| Initial notification /Amendment | Initial notification |
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name | Palace Capital plc |
b) | LEI | 2138009JDFQOXJFCJQ05 |
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 | Issue of nil cost share options
Identification code (ISIN) for Palace Capital plc ordinary shares: GB00BF5SGF06 |
b) | Nature of the transaction | Issue of options |
c) | Price(s) and volume(s) | Issue of nil cost share options a. 159,264 b. 116,951 c. 120,631 d. 30,223 e. 27,595
|
d) | Aggregated information - Aggregated volume - Price |
454,665 Nil |
e) | Date of the transaction | 14 October 2020 |
f) | Place of the transaction | Outside a trading venue |
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