Last checked at 1 Feb 2017 15:02
Picton Property Income Ltd - Grant of Awards Under Long Term Incentive PlanPicton Property Income Ltd - Grant of Awards Under Long Term Incentive Plan
PR Newswire
London, February 1
1 February 2017
PICTON PROPERTY INCOME LIMITED(“Picton”, the “Company” or the “Group”)
GRANT OF AWARDS UNDER LONG TERM INCENTIVE PLAN
Picton (LSE:PCTN), the property investment company, announces that contingent share awards have been granted to Persons Discharging Managerial Responsibility (“PDMRs”) under the Picton Property Income Limited 2016 Long Term Incentive Plan (“LTIP”), which was approved by shareholders on 30 November 2016.
Each of the following PDMRs have, on 27 January 2017, been granted contingent share awards in the form of nil-cost options over the number of ordinary shares in Picton Property Income Limited, under the terms of the LTIP, as set out below:
| PDMR | Number of shares awarded |
| Michael Morris | 358,791 |
| Andrew Dewhirst | 211,418 |
| Jay Cable | 161,851 |
| Fraser D’Arcy | 139,976 |
In addition each PDMR has been awarded linked tax qualifying options over 37,933 shares at an exercise price of £0.79085. On exercise the number of shares under the nil-cost option will be reduced proportionally to take account of any gain on the exercise of the tax qualifying option such that the PDMR will not receive a greater number of shares than is subject to the nil-cost option.
The options awarded will vest, subject to continued employment and the satisfaction of performance conditions, following completion of the performance period which ends on 31 March 2019. The actual number of shares that will vest will depend on the extent to which the performance conditions are satisfied over the performance period, which runs from 1 April 2016 to 31 March 2019. No consideration was paid for any of the awards and no consideration is due on vesting
This notification is made in accordance with the Market Abuse Regulation.
ENDS
For further information:TavistockJeremy Carey/James Verstringhe, 020 7920 3150, jverstringhe@tavistock.co.ukPicton Capital LimitedMichael Morris, 020 7011 9980, michael.morris@picton.co.ukNote to EditorsPicton is an income focused property investment company listed on the London Stock Exchange. Picton can invest both directly and indirectly in commercial property across the United Kingdom.
With Net Assets of £434.4 million at 31 December 2016, the Company´s objective is to provide shareholders with an attractive level of income, together with the potential for capital growth by investing in the principal commercial property sectors. www.picton.co.uk