Last checked at 6 Apr 2023 17:02
THE UNITE GROUP PLC (THE "COMPANY")
6 April 2023
GRANT OF OPTIONS AND DIRECTORS' INTERESTS
Pursuant to the long term incentive plan of the Company, awards have been granted to the Company's Executive Directors, namely Mr Richard Smith (Chief Executive Officer) and Mr Joe Lister (Chief Financial Officer) on 6 April 2023 as follows:
Director | Nil cost options | HMRC approved options |
Richard Smith | 113,946 | 635 |
Joe Lister | 89,656 | 635 |
The HMRC approved options were awarded at an option price of 943.5p per share, being the closing middle market price of the shares on the day prior to the date on which the options were granted.
The number of shares in respect of which Messrs Smith and Lister may exercise these options will be determined following the three-year measurement period ending 31 December 2025. The number of awards vesting will be determined by reference to performance conditions comprising: EPRA adjusted earnings per share ('EPS'), relative total accounting return, relative total shareholder return, operational energy intensity and energy performance certificate ('EPC'), the latter two being sustainability metrics introduced in 2022. A two-year holding period applies to these options, such that options vesting may only be exercised from 6 April 2028, the fifth anniversary of the date of grant.
Performance targets applying to the total accounting return, relative total shareholder return and operational energy intensity elements were disclosed prospectively in the 2022 Directors' Remuneration Report ('DRR').
As noted in the 2022 DRR, the Remuneration Committee (the 'Committee') took the decision to delay target setting for the EPS and EPC elements of the awards and committed to disclose these no later than the time of award. The Committee has now agreed and can confirm the performance targets for the EPS and EPC elements as follows:
Measure | Threshold vesting(25% of element) | Maximum vesting(100% of element) |
2025 EPRA EPS | 46.7 pence | 48.5 pence |
EPC ratings: % of floorspace rated A-C as at 31 December 2025 | 91.0% | 97.0% |
In both cases, the Committee considers that these targets are appropriate and stretching, taking into account the Company's strategic priorities and the broader macroeconomic environment. With regards to each measure:
· EPRA EPS targets were set by the Committee having reviewed a range of relevant internal and external reference points, including an updated 5-year plan, market consensus estimates for the Company and the outlook for the broader UK real estate sector. In finalising the performance range, the Committee considered the Company's development outlook, projections around the shape of a market recovery, the rising cost of funding and the net impact of price inflation on rental growth and the Company's cost base; and
· Revisions to the EPC methodology took effect in 2022, with 85% of the Company's properties in England and Wales achieving a minimum of EPC C by the end of 2022. The 2025 EPC targets reflect the Company's unchanged ambition that 100% of floorspace will be rated A-C by the end of 2027, and the trajectory now required to achieve this.
This notification is made in accordance with the requirements of the Market Abuse Regulation.
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||||
a)
| Name
| Richard Smith | ||||||
2
| Reason for the notification
| |||||||
a)
| Position/status
| Chief Executive Officer
| ||||||
b)
| Initial notification /Amendment
| Initial notification | ||||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||||
a)
| Name
| The Unite Group plc | ||||||
b)
| LEI
| 213800BBUUWVDH9YI827 | ||||||
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
Identification code
|
Ordinary shares of 25p each
GB0006928617 | ||||||
b)
| Nature of the transaction | Grant of LTIP options
| ||||||
c)
|
Price(s) and volume(s) |
| ||||||
d)
| Aggregated information
- Aggregated volume
- Price
|
114,581
943.5p | ||||||
e)
| Date of the transaction
| 6 April 2023 | ||||||
f)
| Place of the transaction
| London Stock Exchange | ||||||
1
|
Details of the person discharging managerial responsibilities / person closely associated
| |||||||
a)
| Name
| Joe Lister
| ||||||
2
| Reason for the notification
| |||||||
a)
| Position/status
| Chief Financial Officer | ||||||
b)
| Initial notification /Amendment
| Initial notification | ||||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||||
a)
| Name
| The Unite Group plc | ||||||
b)
| LEI
| 213800BBUUWVDH9YI827 | ||||||
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
Identification code
|
Ordinary shares of 25p each
GB0006928617
| ||||||
b)
| Nature of the transaction | Grant of LTIP options | ||||||
c)
|
Price(s) and volume(s) |
| ||||||
d)
| Aggregated information
- Aggregated volume
- Price
|
90,291
943.5p | ||||||
e)
| Date of the transaction
| 6 April 2023 | ||||||
f)
| Place of the transaction
| London Stock Exchange | ||||||
For further information, please contact:
Unite Students Christopher Szpojnarowicz, Company Secretary
|
Tel: +44 117 302 7120 |
END