Appointment of Chief Financial Officer

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

Date of issue: 27 July 2021

LEI: 213800WMV4WVES8TQH05

St. Modwen Properties PLC (the "Company" or "St. Modwen")

Appointment of Chief Financial Officer

St. Modwen is delighted to announce the appointment of Rachel Kentleton to the Board as Chief Financial Officer with effect from 6 August 2021.

Rachel was most recently Group Finance Director at PayPoint plc. Prior to this, she has held various senior positions in Finance, Investor Relations and Strategy including Group Director for Strategy and Implementation at easyJet plc. Rachel has also held a number of non-executive positions including her current roles as Chair of the Audit Committee at Trustpilot Group plc and Chair of the Audit Committee at Persimmon plc.

Rachel will succeed Rob Hudson, who will step down from the Board and his employment with St. Modwen will end on 30 July 2021. St. Modwen announced on 18 February 2021 that Rob Hudson had informed the Board of his intention to step down as Chief Finance and Operations Officer.  

Sarwjit Sambhi, Chief Executive Officer, commented:

"I am delighted to announce that Rachel is joining St. Modwen as our new Chief Financial Officer. Her breadth of experience and impressive track record will provide strong commercial and financial leadership to deliver and build on our ambitions. On behalf of the Board and all of my colleagues, I welcome Rachel to the business and look forward to working with her."

Rachel commented:

"I am delighted to be joining St. Modwen at such an exciting time and look forward to working with Sarwjit and the team to help ensure the success of the next stage of St. Modwen's development."

There is no further information that is required to be disclosed under paragraph 9.6.13R of the Listing Rules of the Financial Conduct Authority.

This announcement contains inside information. The person responsible for making this announcement on behalf of the Company is Lisa Minns, General Counsel and Company Secretary.

Enquiries:

St. Modwen Properties PLC

Tom Gough, Head of Corporate Affairs Tel: 0121 222 9400

www.stmodwen.co.uk

Rob Hudson - Remuneration arrangements

As required by section 430(2B) of the Companies Act 2006, details of the remuneration payments made or to be made to Rob Hudson are set out below. These arrangements comply with the Company's Directors' Remuneration Policy, which was approved by shareholders at the 2020 AGM.

Salary and benefits

Rob Hudson will receive an amount in lieu of his salary and normal benefits for the remainder of his 12-month notice period. Payments will be made in monthly instalments over that period. If he starts an alternative remunerated position during that period then the monthly instalments will be reduced in mitigation.

Pension

Rob Hudson will continue to receive an amount in lieu of employer's pension contribution at the rate of 15% of salary for remainder of his employment. Thereafter he will receive an amount in lieu of employer's pension contribution for the remainder of his 12-month notice period. Payments will be made in monthly instalments over that period. If he starts an alternative remunerated position during that period then the monthly instalments will be reduced in mitigation.

Annual Bonus

Rob Hudson will not be entitled to a bonus in respect of the 2021 financial year.

Shares purchased as part of the requirement to invest a portion of previous bonuses paid into shares will be released from such requirement at the normal time as contemplated by the Company's shareholder-approved Directors' Remuneration Policy.

Other

Rob Hudson's outstanding awards under the Company's Performance Share Plan will lapse with effect from the end of his employment, as contemplated by the Company's shareholder-approved Directors' Remuneration Policy. He was not eligible to receive an award in 2021.

Rob Hudson's outstanding options under the Company's Saving-Related Share Option Plan will lapse with effect from the end of his employment.

Rob Hudson will comply with the Company's post-cessation shareholding requirements.

Further information

The relevant remuneration details relating to Rob Hudson will be included in the Directors' Remuneration Report in the Annual Report and Accounts.

In accordance with section 430(2B) of the Companies Act 2006, the information contained in this document will be made available on the Company's website until the Company's next Directors' Remuneration Report is made available.