21 Jun 2016 16:03
21 June 2016
Urban&Civic plc ("Urban&Civic" or "the Company")
Notification of Awards under the Urban&Civic plc Performance Share Plan
Urban&Civic plc announces the following grant of nil cost options ("Awards") over ordinary shares in the Company of 20 pence each ("Shares") to certain directors of the Company under the Company's Performance Share Plan ("PSP") on 21 June 2016:
Name | Total Awards granted on 21 June 2016 | Total Awards outstanding on 21 June 2016 |
Nigel Hugill, Chief Executive | 161,223 | 503,445 |
Robin Butler, Managing Director | 161,223 | 503,445 |
Further details of the Awards are set out below.
Notes
1. The Awards will ordinarily vest following the third anniversary of the grant date, and are not able to be sold for a further two year period after vesting, making a five year period in total. The Awards only vest to the extent the following performance criteria are satisfied over the period from 1 October 2015 to 30 September 2018:
a. EPRA Net Asset Value performance (50% weighting) must increase by more than 3.0% per annum above RPI for 25% vesting and must increase by more than 12.5% per annum above RPI for 100% vesting.
b. Total Shareholder Return (50% weighting) must be equal to the median performance in the FTSE 350 Real Estate Index for 25% vesting and be in the top quartile of the FTSE 350 Real Estate Index for 100% vesting.
To the extent that the Awards vest, they will be exercisable from vesting until 20 June 2026, assuming the participant remains in the Company's employment;
2. No consideration is payable on the grant of the Awards; and
3. The notification of these Awards is intended to satisfy the Company's obligations under DTR 3.1.
For further information please contact:
Nigel Hugill/Jon Austen Tel. 020 7569 1600
Urban&Civic plc