Empiric Student Property PLC Director/PDMR Shareholding (1750W)
14 April 2023 - 4:00PM
UK Regulatory
TIDMESP
RNS Number : 1750W
Empiric Student Property PLC
14 April 2023
Empiric Student Property plc
("Empiric" or the "Company" or, together with its subsidiaries,
the "Group")
Annual Deferred Bonus share awards and Long-Term Incentive Plan
option awards
PDMR Notification
The Board of Empiric Student Property plc (ticker: ESP), the
owner and operator of student accommodation serving key UK
universities, announces the following awards to persons discharging
managerial responsibilities:
Annual Deferred Bonus Award
On 14 April 2023, the Company granted Duncan Garrood, Chief
Executive Officer, nil-cost options over 125,483 ordinary shares in
the Company ("Ordinary Shares") relating to the deferred shares
element of the annual bonus award for the financial year ending 31
December 2022 (the "Annual Bonus Award 2022").
The Annual Bonus Award 2022 is not subject to any further
performance conditions and in normal circumstances will be
exercisable on or after the third anniversary of the date of
grant.
Long Term Incentive Plan Options
On 14 April 2023, Duncan Garrood was granted nil-cost options
over 722,233 Ordinary Shares, and Donald Grant, Chief Financial and
Sustainability Officer, was granted nil-cost options over 510,848
Ordinary Shares pursuant to the Empiric Long Term Incentive Plan
for the 2023 financial year (the "LTIP").
The options granted under the LTIP represents the number of
Ordinary Shares based on the maximum 150% salary permitted that may
be granted to Duncan Garrood and Donald Grant under the LTIP.
The vesting of the LTIP award is subject to a three-year
performance period and two performance measures, each being 50% of
the award: Total Accounting Return (target range of 6-10% p.a.) and
Total Shareholder Return relative to a FTSE All Share Real Estate
companies peer group. The Executive Directors' awards are also
subject to an additional holding period of two years before being
released and becoming exercisable.
The LTIP transaction took place in the United Kingdom, with a
grant date of 14 April 2023 and on this date Duncan Garrood and
Donald Grant were notified.
The price used to calculate the number of Ordinary Shares under
the Annual Bonus Award 2022 and the LTIP is 88.56 pence per share,
representing the average of the daily closing prices of the
Ordinary Shares on the London Stock Exchange for the 12-month
period ended 28 February 2023.
The total number of Ordinary Shares over which nil-cost options
were granted to the Executives on 14 April 2023 represents
approximately 0.52 per cent. of the Company's issued share
capital.
The Annual Bonus Award 2022 notification is made in accordance
with Article 19 of the Market Abuse Regulations and further details
required under Article 19(6) are set out below.
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Duncan Garrood
--------------------------------------- -------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------------
a) Position/status Director/ Chief Executive Officer
--------------------------------------- -------------------------------------------
b) Initial notification Initial notification
/Amendment
--------------------------------------- -------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------------
a) Name Empiric Student Property plc
--------------------------------------- -------------------------------------------
b) LEI 213800FPF38IBPRFPU87
--------------------------------------- -------------------------------------------
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 Nil cost options over ordinary shares
financial instrument, of 1p each
type of instrument
Identification code GB00BLWDVR75
b) Nature of the transaction Nil cost option award
--------------------------------------- -------------------------------------------
c) Price(s) and volume(s)
------------------- -------------------
Price(s) Volume(s)
------------------- -------------------
88.56p 125,483
------------------- -------------------
d) Aggregated information
- Aggregated volume 125,483
- Price 88.56p
e) Date of the transaction 14 April 2023
--------------------------------------- -------------------------------------------
f) Place of the transaction London
--------------------------------------- -------------------------------------------
FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:
Empiric Student Property plc (via FTI Consulting below)
Duncan Garrood (Chief Executive
Officer)
Donald Grant (Chief Financial &
Sustainability Officer)
Jefferies International Limited 020 7029 8000
Tom Yeadon
Andrew Morris
Peel Hunt LLP 020 7418 8900
Capel Irwin
Carl Gough
FTI Consulting 020 3727 1000
Dido Laurimore empiric@fticonsulting.com
Eve Kirmatzis
The Company's LEI is 213800FPF38IBPRFPU87.
Further information on Empiric can be found on the Company's
website at www.empiric.co.uk .
Notes:
Empiric Student Property plc is a leading provider and operator
of modern, predominantly direct-let, premium student accommodation
located in high-demand university towns and cities across the UK.
Investing in both operating and development assets, Empiric is a
fully integrated operational student property business focused on
premium studio-led accommodation managed through its Hello Student
operating platform, that is attractive to affluent growing student
segments.
The Company, an internally managed real estate investment trust
("REIT") incorporated in England and Wales, listed on the premium
listing segment of the Official List of the Financial Conduct
Authority and was admitted to trading on the main market for listed
securities of the London Stock Exchange in June 2014.
ENDS
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