13 Dec 2016 16:19
Shaftesbury PLC (the "Company")
Director/PDMR shareholding
The following transactions were undertaken on 12 December 2016 by directors of the Company in share schemes:
1. Grant of share awards under the 2016 Long-Term Incentive Plan (the "LTIP")
The following awards over ordinary shares of 25p in the Company under the 2016 LTIP were made on 12 December 2016:
Name | Number of nil cost options awarded |
Brian Bickell | 67,850 |
Simon Quayle | 47,900 |
Tom Welton | 47,900 |
Chris Ward | 47,350 |
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 2016.
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 late 2019 and will then be subject to an additional two year holding period.
2. Exercise of share awards under the 2006 LTIP
Of the options granted in December 2013, all the options vested.
The directors sold sufficient shares to meet income tax and national insurance liabilities and retained the balance.
The ordinary shares were sold at an average price of £8.91028 per share.
Name | Number of nil cost options vesting | Number of shares sold | Number of shares retained |
Brian Bickell | 94,900 | 44,760 | 50,140 |
Simon Quayle | 67,000 | 31,601 | 35,399 |
Tom Welton | 67,000 | 31,601 | 35,399 |
Chris Ward | 61,900 | 29,196 | 32,704 |
3. 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 2016. The directors below elected to take their bonus entirely in shares. Shares were acquired at a price of £8.91028 per share and are held in an employee benefit trust for the three year deferral period.
Name | Number of shares awarded |
Brian Bickell | 48,988 |
Simon Quayle | 34,544 |
Tom Welton | 34,544 |
Chris Ward | 33,787 |
4. Exercise of awards under the deferred annual share bonus scheme
Following the vesting of the awards granted in December 2013, 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 | 36,238 | 0 | 36,238 |
Simon Quayle | 25,651 | 12,081 | 13,570 |
Tom Welton | 25,651 | 12,081 | 13,570 |
Chris Ward | 22,394 | 10,547 | 11,847 |
The ordinary shares were sold at an average price of £8.91028 per share.
Full details on the share schemes may be found in the Company's 2016 annual report.
The changes in Directors' shareholdings resulting from the transactions noted in paragraphs 2 and 4 above are summarised below:
Name | Number of shares before transactions | Number of shares after transactions |
Brian Bickell | 1,070,782 | 1,157,160 |
Simon Quayle | 986,182 | 1,035,151 |
Tom Welton | 780,300 | 829,269 |
Chris Ward | 57,423 | 101,974 |
Penny Thomas
Company Secretary
13 December 2016