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Last checked at 
20 Aug 2021 16:10
20 August 2021
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 portfolio of UK commercial real estate in the regions, with a focus on the office and industrial sectors, announces the following transactions by certain Directors and PDMRs of the Company pursuant to the awards granted on 14 July 2020 under the Palace Capital Deferred Bonus Plan (2020 DBP) and 13 July 2018 under the Palace Capital Long Term Incentive Plan (2018 LTIP).
DBP
On 14 July 2021 the awards granted under the 2020 DBP became exercisable following satisfaction of the one-year service period. In accordance with the rules of the plan, as part of the exercise additional shares were added to each award, equivalent to the dividends payable during the service period.
LTIP
On 13 July 2021 50% of the awards granted under the 2018 LTIP became exercisable following satisfaction of the performance conditions (relating to Portfolio Value Growth). In accordance with the rules of the plan, as part of the exercise additional shares were added to each award, equivalent to the dividends payable during the performance period.
Exercise
On 13 and 19 August 2021 Directors and PDMRs exercised their awards and sold sufficient Shares to meet income tax and national insurance liabilities, retaining the balance. Awards were satisfied using shares from the Palace Capital PLC Employee Benefit Trust. As part of this transaction the trustees of the Palace Capital PLC Employee Benefit Trust purchased 6,083 shares at a price of 263p to settle the awards.
Directors shareholdings
Following these transactions, the Director's and PDMR's, including persons closely associated with them, have the following interests in the Ordinary Shares of 10 pence of the Company:
Director/PDMR | Shares held prior to the transactions | Share options exercised | No. of shares sold | Total Palace shares held | % of Palace shares in issue |
Neil Sinclair | 260,715 | 83,106 | 37,396 | 306,425 | 0.66% |
Richard Starr | 199,575 | 62,746 | 29,490 | 232,831 | 0.50% |
Stephen Silvester | 34,570 | 55,414 | 26,044 | 63,940 | 0.14% |
Matthew Simpson | 3,162 | 7,354 | 3,456 | 7,060 | 0.02% |
Total Voting Rights
The Company's issued and outstanding share capital is 46,388,515 of which 99,587 Ordinary Shares are held in treasury. The net figure of 46,288,928 Ordinary Shares may be used as the denominator for shareholder calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.
For further information, contact:
For further information please contact:
PALACE CAPITAL PLC
Neil Sinclair, Chief Executive
Tel. +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 / Elliot Mustoe
Corporate Broking: James Reed-Daunter
Tel: +44 (0)207 614 5900
Financial PR
FTI Consulting
Claire Turvey / Katie Hughes
Tel: +44 (0)20 3727 1000
palacecapital@fticonsulting.com
About Palace Capital plc
Palace Capital plc (LSE: PCA) is a UK REIT that has a £274 million diversified portfolio of UK regional commercial property. The Company maintains a disciplined investment strategy focused on towns and cities outside of London that are characterised by thriving local economies and strengthening fundamentals. Within those locations the highly experienced management team select assets that provide opportunities to drive both capital value and long-term rental income through tailored active asset management programmes ultimately delivering attractive shareholder returns.
www.palacecapitalplc.com
1 | Details of the person discharging managerial responsibilities / person closely associated | |
a) | Name | a. Neil Sinclair (Chief Executive) b. Richard Starr (Executive Director) c. Stephen Silvester (Chief Financial Officer) d. Matthew Simpson (Finance Director Designate) |
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 | Exercise of option over Ordinary shares of 10p
Identification code (ISIN) for Palace Capital plc ordinary shares: GB00BF5SGF06 |
b) | Nature of the transaction | Exercise of options |
c) | Price(s) and volume(s) | Price: nil a. 83,106 b. 62,746 c. 55,414 d. 7,354 |
d) | Aggregated information - Aggregated volume - Price |
208,620 Nil |
e) | Date of the transaction | 13 August 2021 |
f) | Place of the transaction | Outside a trading venue |
1 | Details of the person discharging managerial responsibilities / person closely associated | |
a) | Name | a. Neil Sinclair (Chief Executive) b. Richard Starr (Executive Director) c. Stephen Silvester (Chief Financial Officer) d. Matthew Simpson (Finance Director Designate) |
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 | Sale of Ordinary shares of 10p
Identification code (ISIN) for Palace Capital plc ordinary shares: GB00BF5SGF06 |
b) | Nature of the transaction | Sale of Shares |
c) | Price(s) and volume(s) | Price: 260p a. 18698 b. 14745 c. 13022 d. 1728 |
d) | Aggregated information - Aggregated volume - Price |
48,193 260p |
e) | Date of the transaction | 13 August 2021 |
f) | Place of the transaction | London Stock Exchange, (XLON) |
1 | Details of the person discharging managerial responsibilities / person closely associated | |
a) | Name | a. Neil Sinclair (Chief Executive) b. Richard Starr (Executive Director) c. Stephen Silvester (Chief Financial Officer) d. Matthew Simpson (Finance Director Designate) |
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 | Sale of Ordinary shares of 10p
Identification code (ISIN) for Palace Capital plc ordinary shares: GB00BF5SGF06 |
b) | Nature of the transaction | Sale of Shares |
c) | Price(s) and volume(s) | Price: 248p a. 18698 b. 14745 c. 13022 d. 1728 |
d) | Aggregated information - Aggregated volume - Price |
48,193 248p |
e) | Date of the transaction | 19 August 2021 |
f) | Place of the transaction | London Stock Exchange, (XLON) |
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