2 Nov 2016 17:01
2 November 2016
St. Modwen Properties PLC
(the "Company")
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them (in accordance with the Market Abuse Regulations)
St. Modwen Properties PLC announces that, following his recent appointment as Chief Executive Designate, Mark Allan was on 2 November 2016 granted an award over a total of 694,325 ordinary shares of 10 pence each in the capital of the Company ("Shares") under and subject to the term of a share award agreement entered into upon reliance of FCA Listing Rule 9.4.2(2).
The award terms were agreed in connection with Mark Allan's recruitment and relate to share incentive awards granted by his previous employer that have been forfeited.
The award comprising such distinct nil cost option tranches with their corresponding relevant vesting date and relevant performance condition (if any) as noted in the table below:
Tranche | Number of Shares comprised within Tranche | Tranche's Relevant Vesting Date | Relevant Performance Condition |
Tranche One | 138,539 Shares | 10 April 2017 | None. |
Tranche Two | 211,353 Shares | 10 April 2017 | That which would have applied to the relevant former employer LTIP award granted in April 2014 with a normal performance period expiring 31st December 2016. |
Tranche Three | 105,708 Shares | 10 April 2018 | |
Tranche Four | 159,134 Shares | 2 April 2018 | That which would have applied to the relevant former employer LTIP award granted in April 2015 with a normal performance period expiring 31st December 2017. |
Tranche Five | 79,591 Shares | 2 April 2019 |
The tranches will normally vest on their vesting date subject to the grantee's continued service and to the extent to which the relevant performance condition (if any) is satisfied.
The tranches will normally remain exercisable to their vested extent for a period of six months from time of vesting (or such longer period as the Board approves during such period).
On exercise the tranches will be satisfied using existing Shares only.
The award includes an entitlement to a cash payment following a tranche's vesting date in respect of dividend equivalent value that would have accrued under the forfeited awards to the extent they had vested.
Details of the full notification received by the Company are set out below.
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||||||||||||||||
a) | Name | Mark Allan | ||||||||||||||||||
2. | Reason for the Notification | |||||||||||||||||||
a) | Position/status | Chief Executive Designate | ||||||||||||||||||
b) | Initial notification/Amendment | Initial notification | ||||||||||||||||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||||||||||||
a) | Name | St. Modwen Properties PLC | ||||||||||||||||||
b) | LEI | 213800WMV4WVES8TQH05 | ||||||||||||||||||
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 | Ordinary shares of 10 pence each in St. Modwen Properties PLC | ||||||||||||||||||
Identification code | GB0007291015 | |||||||||||||||||||
b) | Nature of the transaction | Award over 694,325 ordinary shares. The award comprising such distinct nil cost option tranches with their corresponding relevant vesting date as follows:
Tranche one vesting subject to continued service until the relevant vesting date. Tranches two to five vesting subject to continued service until the relevant vesting date and subject to satisfaction of performance conditions. Vested tranches ordinarily exercisable for six months. The award includes an entitlement to a cash payment following a tranche's vesting date in respect of dividend equivalent value that would have accrued under the forfeited awards to the extent they had vested. | ||||||||||||||||||
c) | Price(s) and volume(s) | N/A | ||||||||||||||||||
d) | Aggregated information: | N/A | ||||||||||||||||||
e) | Date of the transaction | 2016-11-02 | ||||||||||||||||||
f) | Place of the transaction | Outside a trading venue | ||||||||||||||||||