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10 Dec 2010 07:00
10 December 2010
Real Estate Investors plc
("REI" or "the Company" or "the Group")
IMPLEMENTATION OF LONG TERM INCENTIVE PLAN
Real Estate Investors plc (AIM:RLE), the West Midlands based property group, announces that it is has now implemented the executive long term incentive plan (the "Scheme") that was approved by shareholders on 28 June 2010. Details regarding the Scheme were set out the Company's 2009 annual report.
As a result of the implementation of the Scheme, on 3 December 2010, the Company granted each of Paul Bassi and Marcus Daly an option under the Scheme ("Option") which entitles them to subscribe for or acquire ordinary shares in the Company ("Ordinary Shares") at a price of 1p per share (in the case of an issue of new Ordinary Shares) or 0p per share (in the case of a transfer of existing shares). The grant and exercise of the Options is subject to and conditional on the rules of the Scheme and cannot be exercised unless, inter alia, the relevant performance criteria (as set out in the Scheme rules) have been met.
The number of Ordinary Shares to be awarded under the Option will be determined at the relevant trigger date based on the net asset value performance of the Company and will be calculated with reference to the prevailing net asset value per share or the market price per share, whichever is the higher. The first trigger date is 1 January 2013 and subsequent trigger dates occur annually thereafter until 1 January 2020.
Enquiries:
Real Estate Investors PLC Paul Bassi
| +44 (0)121 265 6400 |
Smith & Williamson Corporate Finance Limited Azhic Basirov / Siobhan Sergeant
| +44 (0)20 7131 4000 |
Liberum Capital Limited Chris Bowman / Richard Bootle
| +44 (0)20 3100 2000 |
Notes to Editors
1. REI is an AIM listed property investment company specialising in commercial and residential property principally in the West Midlands and central England
2. REI is focused on delivering shareholder value through returns generated from strong yields and capital enhancements. This is achieved by targeting investments in orphaned, distressed, part-let and underperforming commercial and residential property assets
3. REI is led by respected property investor Paul Bassi CBE, who has over 25 years of property experience in the West Midlands. Mr Bassi is also founder and chairman of Bond Wolfe and chairman of Bigwood Chartered Surveyors
4. REI was admitted to trading on AIM in June 2004 and has subsequently raised a total of £35 million in further equity issues as well as debt financing to grow its property portfolio. As at 31 December 2009, its portfolio and inventories were valued at £55 million
5. Further information on REI can be found at www.reiplc.com
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