Last checked at 1 Jul 2020 16:17
Picton Property Income Ltd - Grant of Share AwardsPicton Property Income Ltd - Grant of Share Awards
PR Newswire
London, July 1
1 July 2020
PICTON PROPERTY INCOME LIMITED
(“Picton”, the “Company” or the “Group”)
LEI: 213800RYE59K9CKR4497
GRANT OF SHARE AWARDS
Picton announces that the following share awards have been granted to Persons Discharging Managerial Responsibility (“PDMRs”).
Each of the following PDMRs have, on 29 June 2020, been granted share awards over ordinary shares in Picton Property Income Limited, being contingent awards in the form of nil-cost options under the terms of the Picton Property Income Limited 2016 Long Term Incentive Plan (“LTIP”) and deferred awards under the terms of the Picton Property Income Limited 2018 Deferred Bonus Plan (“DBP”), as set out below:
| PDMR | LTIP share award | DBP share award |
| Michael Morris | 309,275 | 215,333 |
| Andrew Dewhirst | 185,070 | 154,312 |
| Jay Cable | 152,114* | - |
Where indicated above (*) there are linked tax qualifying options over 42,414 shares at an exercise price of £0.7073. 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 nil-cost options awarded under the LTIP will vest, subject to continued employment and the satisfaction of performance conditions, following completion of the performance period which ends on 31 March 2023. 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 2020 to 31 March 2023. No consideration was paid for any of the awards and no consideration is due on vesting.
The deferred share awards under the DBP will vest, subject to continued employment, on 29 June 2022. No consideration was paid for the awards and no consideration is due on vesting.
This notification is made in accordance with the Market Abuse Regulation.
For further information:
Tavistock
Jeremy Carey/James Verstringhe, 020 7920 3150, james.verstringhe@tavistock.co.uk
Picton Property Income Limited
Michael Morris, 020 7011 9980, michael.morris@picton.co.uk
Note to Editors
Picton, established in 2005, is a UK REIT. It owns and actively manages a £665 million diversified UK commercial property portfolio, invested across 47 assets and with around 350 occupiers (as at 31 March 2020). Through an occupier focused, opportunity led approach to asset management, Picton aims to be one of the consistently best performing diversified UK focused property companies listed on the main market of the London Stock Exchange.
For more information please visit: www.picton.co.uk.
ENDS