7th Jul 2017 17:33
7th July 2017
St. Modwen Properties PLC
(the "Company")
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them (in accordance with the Market Abuse Regulations)
St. Modwen Properties PLC announces the following transactions:
1. 2017 Performance Share Plan Award
On 7th July 2017 awards under the St. Modwen Properties PLC 2017 Performance Share Plan, structured as nil-cost options over the Company's ordinary shares of 10p each, were granted to the executive directors noted below:
Director / PDMR | Number of shares comprising award |
Mark Allan | 278,500 |
Rob Hudson | 115,785 |
Vesting of the awards is subject to the achievement of relative TSR performance (assessed on a median to upper quartile ranking approach using a bespoke comparator group of real estate companies) and total accounting return (measuring growth in net asset value plus dividends), both measured independently over the three financial years ending on 30th November 2019. Further information on the performance targets can be found in the Directors' Remuneration Report in the Company's 2016 Annual Report available at www.stmodwen.co.uk. The awards are also subject to a compulsory two-year post-vesting holding period.
2. Vesting of Share Award Agreement
On 6th July 2017 Mark Allan exercised the following nil cost option tranches of an award granted to him on 2nd November 2016:
Tranche | Number of shares exercised | Number of shares sold to cover tax liability | Number of shares retained |
One | 138,511 | 65,101 | 73,410 |
Two | 211,353 | 99,336 | 112,017 |
TOTAL | 349,864 | 164,437 | 185,427 |
In accordance with the terms of the agreement both tranches have been exercised using existing shares held by the St. Modwen Employee Share Trust.
The notifications set out below relating to the above transactions are provided in accordance with the requirements of the EU Market Abuse Regulation.
1. 2017 Performance Share Plan Award
1. | Details of the person discharging managerial responsibilities / person closely associated | |
a) | Name | Mark Allan |
2. | Reason for the Notification | |
a) | Position/status | Chief Executive |
b) | Initial notification/Amendment | Initial notification |
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name | St. Modwen Properties PLC |
b) | LEI | 213800WMV4WVES8TQH05 |
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 | Ordinary shares of 10 pence each in St. Modwen Properties PLC |
Identification code | GB0007291015 | |
b) | Nature of the transaction | Nil cost option over 278,500 ordinary shares granted under the St. Modwen Properties PLC 2017 Performance Share Plan. Vesting of award subject to satisfaction of performance conditions measured over a three-year period ending on 30th November 2019. Award subject to a compulsory two-year post-vesting holding period. |
c) | Price(s) and volume(s) | N/A |
d) | Aggregated information: | N/A |
e) | Date of the transaction | 2017-07-07 |
f) | Place of the transaction | Outside a trading venue |
1. | Details of the person discharging managerial responsibilities / person closely associated | |
a) | Name | Robert Hudson |
2. | Reason for the Notification | |
a) | Position/status | Group Finance Director |
b) | Initial notification/Amendment | Initial notification |
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name | St. Modwen Properties PLC |
b) | LEI | 213800WMV4WVES8TQH05 |
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 | Ordinary shares of 10 pence each in St. Modwen Properties PLC |
Identification code | GB0007291015 | |
b) | Nature of the transaction | Nil cost option over 115,785 ordinary shares granted under the St. Modwen Properties PLC 2017 Performance Share Plan. Vesting of award subject to satisfaction of performance conditions measured over a three-year period ending on 30th November 2019. Award subject to a compulsory two-year post-vesting holding period. |
c) | Price(s) and volume(s) | N/A |
d) | Aggregated information: | N/A |
e) | Date of the transaction | 2017-07-07 |
f) | Place of the transaction | Outside a trading venue |
2. Vesting of Share Award Agreement
5. | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Mark Allan | ||||
6. | Reason for the Notification | |||||
a) | Position/status | Chief Executive | ||||
b) | Initial notification/Amendment | Initial notification | ||||
7. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | St. Modwen Properties PLC | ||||
b) | LEI | 213800WMV4WVES8TQH05 | ||||
8. | 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 | Ordinary shares of 10 pence each in St. Modwen Properties PLC | ||||
Identification code | GB0007291015 | |||||
b) | Nature of the transaction | Exercise of tranches one and two of share award granted on 2nd November 2016 comprising nil cost options over 138,511 shares and 211,353 shares respectively | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information: - Aggregated volume - Aggregated price |
N/A N/A | ||||
e) | Date of the transaction | 2017-07-06 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
a) | Description of the Financial instrument, type of instrument | Ordinary shares of 10 pence each in St. Modwen Properties PLC | ||||
Identification code | GB0007291015 | |||||
b) | Nature of the transaction | Disposal of shares following exercise of tranches one and two of share award granted on 2nd November 2016 to cover tax liability arising on exercise | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Aggregated price |
N/A N/A | ||||
e) | Date of the transaction | 2017-07-06 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
Related Shares:
SMP.L