Empiric Student Property PLC Director/PDMR Shareholding (1750W)

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                     [e-mail] 
  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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April 14, 2023 02:00 ET (06:00 GMT)