Empiric Student Property
plc
("Empiric" or the
"Company" or, together with
its subsidiaries, the "Group")
Vesting of 2021 Awards under
the Company's 2014 Long Term Incentive Plan
Empiric Student Property plc
(ticker: ESP), the owner and operator of premium, studio-led
student accommodation aligned to top-tier
universities, announces the vesting of the
following awards to persons discharging managerial
responsibilities:
Vesting of 2021 Awards under the Company's 2014 Long Term
Incentive Plan
On 22 April 2021, Duncan Garrood,
Chief Executive Officer, was awarded nil-cost options over 800,000
ordinary shares in the Company ("Ordinary Shares"). In accordance
with the Company's 2014 Long Term Incentive Plan, the
award was subject to two equally weighted
performance conditions, relative Total Shareholder Return and Total
Return (being growth in NAV per shares plus dividend paid)
for the three-year performance period ended 31
December 2023.
Taking the performance measures
collectively, the Remuneration Committee
has determined that the performance conditions had been met in part
with a vesting level of 75.2 per cent,
resulting in a vested award of 601,875 ordinary shares. The
balance of the original award, being 198,125 ordinary shares,
lapsed on completion of the Remunerations Committee's
assessment.
In line with the Remuneration
Policy, vested awards remain subject to a further two-year holding
period before they become exercisable. The vesting of this award
reflects the excellent progress delivered by Duncan Garrood and his
team over the past three years.
Summary of the current holdings of Executive
Directors
Following the above vesting and the
awards granted to the executive Directors on 12 April 2024, the
executive Directors beneficial interest in the Shares of the
Company are as follows
|
Name
|
Position
|
Current share
holdings
|
% of issued share capital
|
Vested but unexercised awards,
subject to holding periods
|
Unvested awards subject to
performance and employment conditions
|
|
Duncan Garrood
|
Chief executive officer
|
93,122
|
0.015
|
1,083,918
|
2,152,341
|
|
Donald Grant
|
Chief financial and sustainability
officer
|
33,177
|
0.005
|
96,532
|
1,025,983
|
Further
information on the LTIP is contained in the Annual Report which is
now available at www.empiric.co.uk
FOR
FURTHER INFORMATION, PLEASE CONTACT:
|
Empiric Student Property plc
|
(via FTI Consulting below)
|
|
Duncan Garrood (Chief Executive
Officer)
|
|
|
Donald Grant (Chief Financial &
Sustainability Officer)
|
|
|
|
|
|
|
|
|
|
|
|
FTI
Consulting
Dido Laurimore
Eve Kirmatzis
|
020 3727 1000
empiric@fticonsulting.com
|
|
|
|
|
|
|
|
|
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 serving key UK universities.
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. The Company is classified as a commercial company
listed under chapter 6 of the UK Listing rules and as such is not
an alternative investment fund ("AIF") for the purposes of the
Alternative Investment Fund Managers Directive ("AIFMD") and is not
required to provide investors with a Key information Document
("KID") in accordance with the Packaged Retail and Insurance-based
Investment Products ("PRIIPs") regulations.