Last checked at 8 Feb 2019 14:45
For immediate release | 8 February 2019 |
Watkin Jones plc
('Watkin Jones', the 'Group' or the 'Company')
Director/PDMR Shareholding
Watkin Jones plc (AIM:WJG), a leading UK developer and constructor of multi-occupancy property assets, with a focus on the student accommodation and build to rent sectors, announces that on 8 February 2019 the following nominal-cost share awards over ordinary shares of 1p each in Watkin Jones plc ('Shares') were granted under the Watkin Jones Recruitment Plan to Richard Simpson, the Group's Chief Executive Officer.
In connection with Richard Simpson's appointment as a Director of the Company, it was agreed that certain conditional Share awards ('Buyout Awards') would be made to him as compensation for unvested incentives forfeited from his previous employer, Unite Group plc ('Unite'). The Buyout Awards have been approved by the Company's Remuneration Committee as follows:
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them in accordance with the Market Abuse Regulations.
Buyout Award | Number of Shares subject to Buyout Award | Normal Vesting Date of Buyout Award | Vesting / Performance Conditions |
2015 Buyout Award | 92,480 | 2nd April 2019 | - Continued employment with Watkin Jones only. |
2016 Buyout Award | 434,764 | 23rd June 2019 | - Continued employment with Watkin Jones; and - Vesting based on vesting outcome of 2016 Unite LTIP awards. |
2017 Buyout Award | 438,765 | 10th April 2020 | - Continued employment with Watkin Jones; and - Vesting based on vesting outcome of 2017 Unite LTIP awards. |
2018 Buyout Award | 344,201 | 10th April 2021 | - Continued employment with Watkin Jones; and - Vesting subject to the same performance conditions as the awards granted to other Watkin Jones senior executives in May 2018 under the terms of the Company's Long Term Incentive Plan. |
Each of the 2016, 2017 and 2018 Buyout Awards will also be subject to a two year holding period. To the extent that each of these awards vest, Richard Simpson will not be able to sell any Shares resulting from exercise of the relevant award for a period of two years from the vesting date, other than to fund the resulting tax and NIC liabilities.
The Buyout Awards to Richard Simpson, under the Recruitment Plan, constitute a related party transaction pursuant to Rule 13 of the AIM Rules for Companies. The Directors who are independent of the transaction, being the Directors save for Richard Simpson, consider, having consulted with the Company's nominated adviser, Peel Hunt LLP, the terms of the transaction to be fair and reasonable insofar as the Company's shareholders are concerned.
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For further information:
Watkin Jones plc |
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Richard Simpson, Chief Executive Officer | Tel: +44 (0) 1248 362 516 | |
Phil Byrom, Chief Financial Officer | www.watkinjonesplc.com | |
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Peel Hunt LLP (Nominated Adviser & Joint Corporate Broker) | Tel: +44 (0) 20 7418 8900 | |
Mike Bell / Justin Jones | www.peelhunt.com | |
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Jefferies Hoare Govett (Joint Corporate Broker) | Tel: +44 (0) 20 7029 8000 | |
Max Jones / Will Soutar | www.jefferies.com | |
Media enquiries:
Buchanan |
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Henry Harrison-Topham / Richard Oldworth Jamie Hooper / Steph Watson |
Tel: +44 (0) 20 7466 5000 |
watkinjones@buchanan.uk.com | www.buchanan.uk.com |
Notes to Editors
Watkin Jones is a leading UK developer and constructor of multi-occupancy residential property assets, with a focus on the student accommodation and build to rent sectors. The Group has strong relationships with institutional investors, and a good reputation for successful, on-time-delivery of high quality developments. Since 1999, Watkin Jones has delivered 38,000 student beds across 117 sites, making it a key player and leader in the UK purpose built student accommodation market. In addition, the Fresh Property Group, the Group's specialist accommodation management company, manages over 15,000 student beds and build to rent apartments on behalf of its institutional clients. Watkin Jones has also been responsible for over 80 residential developments, ranging from starter homes to executive housing and apartments. The Group is now expanding its operations into the build to rent sector.
The Group's competitive advantage lies in its experienced management team and business model, which enables it to offer an end-to-end solution for investors, delivered entirely in-house with minimal reliance on third parties, across the entire life cycle of an asset.
Watkin Jones was admitted to trading on AIM in March 2016 with the ticker WJG.L. For additional information please visit: www.watkinjonesplc.com