Business
Grant of awards under LTIP and Deferred Bonus Plan
Grant of awards under LTIP and Deferred Bonus Plan.
About this update from Palace Capital Plc
[{"type":"text","content":"\n \nRNS Number : 3793D Palace Capital PLC 25 June 2019 \n\nPalace Capital plc\n(\"Palace Capital\" or the \"Company\")\nGrant of awards under Palace Capital Long Term Incentive Plan and Deferred Bonus 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\") and Deferred Bonus Plan.\nThe LTIP Awards give rights to the beneficiaries to acquire a total of 329,848 ordinary shares of 10p each in the Company (the \"Ordinary Shares\") for nil consideration. 245,531 of these Awards are being made to PDMRs as detailed below. Vesting of Shares awarded under the 2019 LTIP is subject to total shareholder return and return of the property portfolio as calculated by IPD measured over a three-year period. Following the vesting of any shares there is a further two-year holding period.\n\n\n\nPDMR\n\n\nNumber of Ordinary Shares under Award\n\n\nExpected Vesting Date\n\n\n\n\nNeil Sinclair\n\n\n99,494\n\n\n23rd June 2022\n\n\n\n\nRichard Starr\n\n\n75,211\n\n\n23rd June 2022\n\n\n\n\nStephen Silvester\n\n\n70,826\n\n\n23rd June 2022\n\n\n\n \nIn accordance with the terms of the Deferred Bonus Plan, 35% of the bonus due to the Company's Executives for the year ended 31st March 2019 has been allocated to Share Options based on the ruling price of £2.97, as follows:\n\n\n\nDirector\n\n\nShare Options Allocated\n\n\n\n\n\n\n\nNeil Sinclair\n\n\n13,457\n\n\n\n\n\n\n\nStephen Silvester \n\n\n8,499\n\n\n\n\n\n\n\nRichard Starr \n\n\n10,152\n\n\n\n\n\n\n \nFurther information on remuneration and the LTIP is contained in the Company's 2019 Annual Report.\n \nFor further information, contact:\nFor further information please contact:\n \nPALACE CAPITAL PLC\nNeil Sinclair, Chief Executive \nStephen Silvester, Finance Director\nTel. +44 (0)20 3301 8331\n \nBroker\nNumis Securities\nHeraclis Economides / Oliver Hardy\nTel: +44 (0)20 7260 1000\n \nBroker\nArden Partners plc\nCorporate Finance: Paul Shackleton / Ciaran Walsh / Daniel Gee-Summons\nCorporate Broking: James Reed-D...