Last checked at 12 Apr 2021 15:20
THE UNITE GROUP PLC (THE "COMPANY")
12 April 2021
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 12 April 2021 as follows:
Director | Nil cost options | HMRC approved options |
Richard Smith
| 87,070
| 479 |
Joe Lister
| 70,850
| 479 |
The HMRC approved options were awarded at an option price of 1083.5p per share, being the closing middle market price of the shares on the day prior to the date on which the options were granted.
In accordance with the Plan Rules and Remuneration Policy, and consistent with the approach taken in 2020 due to the ongoing impact of the Covid-19, the Committee will retain overarching discretion to approve the vesting of these awards and will carefully scrutinise overall outcomes to ensure that they reflect the performance of the Company and the experience of stakeholders over the period, and do not reward windfall gains.
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 2023, by reference to the EPRA adjusted earnings per share, total accounting return and total shareholder return performance of the Company over this period. Due to continued Covid-19 uncertainty and the implications this has for being able to set credible and appropriately stretching targets, the Committee has taken the decision to delay target setting for the EPRA adjusted earnings per share element of the award. The Committee expects to be in a position to set and disclose targets for this one-third of the award within six months of grant and will announce further details at this later date. Total accounting return and total shareholder return targets are based on the Company's relative performance, with threshold and maximum vesting requiring performance in line with the median and upper quartile ranked constituent of the FTSE350 Real Estate Supersector Index respectively, in line with market best practice.
A two year holding period applies to these options, such that options vesting may only be exercised from 12 April 2026, the fifth anniversary of the date of grant.
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
|
87,549
£10.835 | ||||||
e)
| Date of the transaction
| 12 April 2021
| ||||||
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
|
71,329
£10.835
| ||||||
e)
| Date of the transaction
| 12 April 2021
| ||||||
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