Foxtons Group PLC Grant of Awards 2020 Restricted Share Plan (3210Y)
06 September 2022 - 1:00AM
UK Regulatory
TIDMFOXT
RNS Number : 3210Y
Foxtons Group PLC
05 September 2022
Foxtons Group PLC
5 September 2022
Foxtons Group plc ("the Company")
Grant of Awards under The Foxtons Group plc 2020 Restricted
Share Plan
Notification and public disclosure of transactions by Person
Discharging Managerial Responsibilities ("PDMR") and persons
closely associated with them
As announced on 30 May 2022, Guy Gittins has been appointed as
Group Chief Executive Officer with effect from 5 September 2022 .
On 5 September 2022, being the date of his appointment the
following three awards were granted over the Company's Ordinary
GBP0.01 shares ("Ordinary Shares") under The Foxtons Group plc 2020
Restricted Share Plan ("RSP") to Guy Gittins, a Director / Person
Discharging Managerial Responsibility ("PDMR") of the Company.
Number of Ordinary
Shares under
Name Status Type of RSP Award RSP Award Option Price
Guy Gittins Chief Executive
Officer LTIP Buyout award 6,883,891 GBPNil
--------------- ---------------------- ------------------ ------------
2022 RSP award 395,739 GBPNil
--------------- ---------------------- ------------------ ------------
2022 Salary Substitute
Restricted Shares
award 70,015 GBPNil
--------------- ---------------------- ------------------ ------------
No consideration was paid for the grant of any of the above RSP
Awards which are structured as nil cost options.
Notes:-
LTIP Buyout award
As confirmed when Guy Gittins' appointment was announced, an
LTIP Buyout award has been made to compensate Guy Gittins for the
forfeiture of incentive arrangements held with his previous
employer, Chesterton Global Limited. The LTIP Buyout award is
valued at GBP2.5m and is subject to a performance requirement for
the share price of an Ordinary Share to be at least 70 pence for
any 30 consecutive days during the vesting period. The number of
Ordinary Shares granted equivalent to GBP2.5m has been calculated
using an Ordinary Share price of 36.32 pence per Ordinary Share
being the average of the closing Ordinary Share prices over the
three Dealing Days preceding 30 May 2022, the date that it was
announced that that Guy Gittins would be the incoming Chief
Executive Officer.
Full details will be provided in the 2022 Directors'
Remuneration Report, within the 2022 Annual Report and Accounts
published next year.
2022 RSP award
The 2022 RSP award has been made to Guy Gittins in respect of
the annual Restricted Share Plan grant as set out in the
Remuneration Policy approved by shareholders pro-rated to reflect
the period of service from the date of appointment to the end of
the current financial year.
The number of Ordinary Shares granted has been calculated using
an Ordinary Share price of 36.55 pence per Ordinary Share being the
average of the closing Ordinary Share prices over the three Dealing
Days preceding the date of grant.
The normal vesting date of this award will be 5 September 2025,
being the third anniversary of the award date. Once vested, this
award will normally be exercisable until the day before the tenth
anniversary of the award date. The award is subject to a two-year
holding period commencing on vesting.
This award will ordinarily vest after three years subject to the
grantee's continued service and a discretionary underpin that
allows the Remuneration Committee to make adjustments to the level
of vesting if the Committee believes due to business performance,
individual performance or wider Company considerations that the
vesting should be adjusted.
2022 Salary Substitute award
Guy Gittins has voluntarily exchanged 10 per cent of his cash
salary for the equivalent value as a Salary Substitute Restricted
Share Award. This award is therefore being made to Guy Gittins to
satisfy his Salary Substitute Restricted Share Award.
The number of Ordinary Shares granted has been calculated using
an Ordinary Share price of 36.55 pence per Ordinary Share being the
average of the closing Ordinary Share prices over the three Dealing
Days preceding the date of grant.
The normal vesting date of this award will be 5 September 2025,
being the third anniversary of the award date. Once vested, this
award will normally be exercisable until the day before the tenth
anniversary of the award date. This award is subject to a two-year
holding period commencing on vesting.
This award will ordinarily vest after three years subject to the
grantee's continued service.
The relevant notifications set out below are provided in
accordance with the requirements of Article 19 of the UK Market
Abuse Regulation.
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name Guy Gittins
------------------------- ------------------------------------------------
2. Reason for the notification
---------------------------------------------------------------------------
a) Position / status CEO
------------------------- ------------------------------------------------
b) Initial notification Initial Notification
/ amendment
------------------------- ------------------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
---------------------------------------------------------------------------
a) Name Foxtons Group plc
------------------------- ------------------------------------------------
b) LEI 5493001HCMG6R1MYKC59
------------------------- ------------------------------------------------
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 Ordinary Shares of Foxtons Group plc of GBP0.01
the financial each
instrument GB00BCKFY513
Identification
code
------------------------- ------------------------------------------------
b) Nature of transaction Grant of nil cost option under the LTIP Buyout
award
------------------------- ------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
nil 6,883,891
----------
------------------------- ------------------------------------------------
d) Aggregated information
* Aggregated volume N/A single transaction
* Price
------------------------- ------------------------------------------------
e) Date of the transaction 5 September 2022
------------------------- ------------------------------------------------
f) Place of the transaction Outside of a trading venue
------------------------- ------------------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name Guy Gittins
------------------------- ------------------------------------------------
2. Reason for the notification
---------------------------------------------------------------------------
a) Position / status CEO
------------------------- ------------------------------------------------
b) Initial notification Initial Notification
/ amendment
------------------------- ------------------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
---------------------------------------------------------------------------
a) Name Foxtons Group plc
------------------------- ------------------------------------------------
b) LEI 5493001HCMG6R1MYKC59
------------------------- ------------------------------------------------
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 Ordinary Shares of Foxtons Group plc of GBP0.01
the financial each
instrument GB00BCKFY513
Identification
code
------------------------- ------------------------------------------------
b) Nature of transaction Grant of nil cost option under the Foxtons
Group plc 2022 Restricted Share Plan
------------------------- ------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
nil 395,739
----------
------------------------- ------------------------------------------------
d) Aggregated information
* Aggregated volume N/A single transaction
* Price
------------------------- ------------------------------------------------
e) Date of the transaction 5 September 2022
------------------------- ------------------------------------------------
f) Place of the transaction Outside of a trading venue
------------------------- ------------------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name Guy Gittins
------------------------- ------------------------------------------------
2. Reason for the notification
---------------------------------------------------------------------------
a) Position / status CEO
------------------------- ------------------------------------------------
b) Initial notification Initial Notification
/ amendment
------------------------- ------------------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
---------------------------------------------------------------------------
a) Name Foxtons Group plc
------------------------- ------------------------------------------------
b) LEI 5493001HCMG6R1MYKC59
------------------------- ------------------------------------------------
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 Ordinary Shares of Foxtons Group plc of GBP0.01
the financial each
instrument GB00BCKFY513
Identification
code
------------------------- ------------------------------------------------
b) Nature of transaction Grant of nil cost option under the Foxtons
Group plc 2022 Salary Substitute Restricted
Share award
------------------------- ------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
nil 70,015
----------
------------------------- ------------------------------------------------
d) Aggregated information
* Aggregated volume N/A single transaction
* Price
------------------------- ------------------------------------------------
e) Date of the transaction 5 September 2022
------------------------- ------------------------------------------------
f) Place of the transaction Outside of a trading venue
------------------------- ------------------------------------------------
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