Last checked at 
18 Mar 2022 17:14
18 March 2022
Residential Secure Income plc
Grant of share awards to a PDMR by Gresham House plc
Residential Secure Income plc ("ReSI plc") (LSE: RESI) is managed by ReSI Capital Management Limited (the "Investment Manager") and the ultimate parent of the Investment Manager is Gresham House plc (AIM: GHE). Gresham House Holdings Limited, a wholly owned subsidiary of GHE, has granted an award under its Housing Long Term Incentive Plan (the "Plan") to Alejandro Pilato, a PDMR of ReSI plc. Mr Pilato has been allocated 79.5% of the Plan pool with the remaining 20.5% of the Plan pool granted to two selected employees of the Investment Manager.
The awards are made further to the acquisition of TradeRisks Limited by the Company, subject to the achievement of certain performance criteria, as announced on 5 March 2020.
The Plan pool is calculated based on growth and performance targets of GHE's Housing Division over a three-year performance period commencing 5 March 2020. In the event the targets are achieved, subject to the terms of the Plan, the awards shall vest which the Company can either satisfy in cash, or with an equivalent value of ReSI plc shares already held by GHE and its subsidiaries.
The information set out below is provided in accordance with the requirements of Article 19(3) of the Market Abuse Regulation (EU) No 596/2014.
1 | Details of the person discharging managerial responsibilities/person closely associated
| |||||
a) | Name
| Alejandro Pilato | ||||
2 | Reason for the notification
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a) | Position/status
| PDMR | ||||
b) | Initial notification/ Amendment
| Initial Notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
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a) | Name
| Residential Secure Income plc | ||||
b) | LEI
| 213800D24WA531LAR763 | ||||
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
| Ordinary Shares of 0.01p in Residential Secure Income plc held by Gresham House Holdings Limited
ISIN: GB00BYSX1508
| ||||
b) | Nature of the transaction
| Award pursuant to the Gresham House plc Housing Long Term Incentive Plan | ||||
c) | Price(s) and volume(s)
|
| ||||
d) | Aggregated information
- Aggregated volume
- Price
|
N/A | ||||
e) | Date of the transaction
| 15 March 2022 | ||||
f) | Place of the transaction
| Outside trading venue | ||||
For further information, please contact:
ReSI Capital Management Limited / TradeRisks Limited Ben Fry Alex Pilato | +44 (0) 20 7382 0900
|
Jefferies International Limited Stuart Klein Tom Yeadon
| +44 (0) 20 7029 8000 |
KL Communications Charles Gorman
| gh@kl-communications.com +44 (0) 20 3995 6673
|
About Residential Secure Income plc
Residential Secure Income plc (LSE: RESI) is a real estate investment trust (REIT) focused on delivering secure, inflation-linked returns with a focus on two resident sub-sectors in UK residential - independent retirement rentals and shared ownership - underpinned by an ageing demographic and untapped and strong demand for affordable home ownership.
ReSI targets a secure, long-dated, inflation-linked dividend of 5.16 pence per share p.a. (paid quarterly) and a total return in excess of 8.0% per annum. Including recently committed acquisitions, ReSI's portfolio comprises 3,050 properties, with an (unaudited) IFRS fair value as at 31 December 2021 of £351m[i].
ReSI's purpose is to deliver affordable, high quality, safe homes with great customer service and long-term stability of tenure for residents. We achieve this through meeting demand from housing developers (housing associations, local authorities and private developers for long-term investment partners to accelerate the development of socially and economically beneficial affordable housing.
ReSI's subsidiary, ReSI Housing Limited, is registered as a for-profit Registered Provider of social housing, and so provides a unique proposition to its housing developer partners, being a long-term private sector landlord within the social housing regulatory environment. As a Registered Provider, ReSI Housing can acquire affordable housing subject to s106 planning restrictions and housing funded by government grant.
Acquisitions by ReSI are limited to homes with sufficient cashflows, counterparty credit quality and property security to be capable of supporting long‑term investment grade equivalent debt. ReSI does not manage or operate stock and uses experienced and credit-worthy managers.
ReSI is managed by ReSI Capital Management Limited, whose immediate parent company, TradeRisks Limited, has been active within the social housing sector for over 20 years as a funding arranger and advisor and, over the last four years, as an investor through ReSI.
ReSI Capital Management and its parent, TradeRisks, were acquired by Gresham House in March 2020, further increasing the investment expertise available to ReSI. The housing investment team at Gresham House has 19 members and growing, with an average of 18 years' relevant experience, covering fund management, housing investment, social housing management and financial and risk expertise.
Gresham House plc is a London Stock Exchange quoted specialist alternative asset manager committed to operating responsibly and sustainably, taking the long view in delivering sustainable investment solutions.
Further information on ReSI is available at www.resi-reit.com, and further information on Gresham House is available at www.greshamhouse.com
[i] excluding the finance lease gross up and including £7m of committed acquisitions