13 Dec 2017 16:15
Shaftesbury PLC (the "Company")
Director/PDMR shareholding
The following transactions were undertaken on 12 December 2017 by directors of the Company in share schemes:
1. Grant of share awards under the 2017 Long-Term Incentive Plan (the "LTIP")
The following awards over ordinary shares of 25p in the Company under the 2017 LTIP were made on 12 December 2017:
Name | Number of nil cost options awarded |
Brian Bickell | 63,110 |
Simon Quayle | 44,550 |
Tom Welton | 44,550 |
Chris Ward | 44,045 |
The awards (which have been granted as nil-cost options) will be subject to the following performance conditions measured over a period of three financial years commencing 1 October 2017.
Weighting | Threshold | Maximum | |
Total shareholder return relative to the FTSE 350 REITs Index | 50% | Equal to index | Index + 5.5% p.a. |
Net Asset Value growth | 50% | RPI + 3% p.a. | RPI + 7% p.a. |
25% of the maximum for each component vests at Threshold. Straight-line vesting between points | |||
Subject to the rules of the LTIP and these performance conditions, the awards will vest in December 2020 and will then be subject to an additional two year holding period.
2. Grant of awards under the deferred annual share bonus scheme
The following awards were made in respect of the annual bonus for the year ended 30 September 2017. The directors below elected to take their bonus entirely in shares. Shares were acquired at a price of £9.996279 per share and are held in an employee benefit trust for the three year deferral period.
Name | Number of shares awarded |
Brian Bickell | 40,440 |
Simon Quayle | 28,556 |
Tom Welton | 28,556 |
Chris Ward | 28,226 |
3. Exercise of awards under the deferred annual share bonus scheme
Following the vesting of the awards granted in December 2014, in the deferred annual share bonus scheme, Brian Bickell retained all shares, setting the income tax and national insurance separately and the other directors sold sufficient shares to meet income tax and national insurance liabilities and retained the balance.
Name | Number of shares vesting | Number of shares sold | Number of shares retained |
Brian Bickell | 55,304 | 26,085 | 29,219 |
Simon Quayle | 39,075 | 18,430 | 20,645 |
Tom Welton | 39,075 | 18,430 | 20,645 |
Chris Ward | 36,068 | 17,012 | 19,056 |
The ordinary shares were sold at an average price of £9.996279 per share.
The changes in Directors' shareholdings resulting from this transaction are as follows:
Name | Number of shares after transactions |
Brian Bickell | 1,225,592 |
Simon Quayle | 1,083,452 |
Tom Welton | 877,570 |
Chris Ward | 151,827 |
Full details on the share schemes may be found in the Company's 2017 Annual Report.
Penny Thomas
Company Secretary
13 December 2017