Business
Grant of awards under LTIP
Grant of awards under LTIP.
About this update from Palace Capital Plc
[{"type":"text","content":"\n \nRNS Number : 3174V Palace Capital PLC 01 November 2017 \n\nPalace Capital plc\n(\"Palace Capital\" or the \"Company\")\n \nGrant of awards under Palace Capital Long Term Incentive Plan\n \nPalace Capital, the property investment company that focusses on commercial property outside London, announces that it has today granted awards (the \"Awards\") to the executive directors of the Company and other members of the Company's management team under the Palace Capital Long Term Incentive Plan (\"LTIP\"). \n \nThe Awards give rights to the beneficiaries to acquire a total of 215,456 ordinary shares of 10p each in the Company (the \"Ordinary Shares\") for nil consideration. 176,456 of these Awards are being made to directors of the Company and a PDMR as detailed below. The vesting of 50 per cent. of the Awards is subject to a performance condition based on total shareholder return including dividends paid, with 50 per cent. subject to a performance condition based on net asset value growth above 389 pence per Ordinary Share compared with that of a peer group of companies. The performance conditions will be measured over three years. \n \nFurther, the Remuneration Committee of the Company has determined, in accordance with the rules of the LTIP, that the performance conditions applicable to the awards under the 2015 and 2016 LTIP awards should be varied to take account of the recent placing and open offer.\n \nThe following Awards are being made to the executive directors and a PDMR of the Company:\n \n\n\n\n\nDirector/PDMR\n\n\nNumber of Ordinary Shares under Award\n\n\nExpected Vesting Date\n\n\n\n\nNeil Sinclair\n\n\n72,754\n\n\n1st November 2020\n\n\n\n\nRichard Starr\n\n\n54,492\n\n\n1st November 2020\n\n\n\n\nStephen Silvester\nDavid Kaye, Company Secretary (PDMR) \n\n\n42,710\n6,500\n\n\n1st November 2020\n1st November 2020\n\n\n\n\n \n-ends-\nDate: 1 November 2017\n \nFor further information, contact:\n \nPalace Capital plc\nNeil Sinclair, Chief Executive\nStephen Silvester, Finance Director\nTel. +44 (0)20 3301 8331\n ...