Palace Capital PLC Director/PDMR Shareholding (7329S)

TIDMPCA

RNS Number : 7329S

Palace Capital PLC

13 July 2020

13 July 2020

Palace Capital PLC

("Palace Capital", the "Company" or the "Group")

Director Dealing

Palace Capital (LSE: PCA), the UK REIT that has a UK regional commercial real estate portfolio with a bias towards the office and industrial sectors in carefully selected locations outside of London, announces the following transactions by certain Directors of the Company pursuant to the awards granted on 24 June 2019 under the Palace Capital Deferred Bonus Plan (2019 DBP).

DBP

On 24 June 2019 the awards granted under the 2019 DBP became exercisable following satisfaction of the one-year service period. In accordance with the rules of the plan, as part of the exercise additional shares were added to each award, equivalent to the dividends payable during the service period.

Exercise

On 9 July 2020 Directors exercised their awards and sold sufficient Shares to meet income tax and national insurance liabilities, retaining the balance. Awards were satisfied using shares from the Palace Capital PLC Employee Benefit Trust.

Directors shareholdings

Following these transactions, the Director's and PDMR's, including persons closely associated with them, have the following interests in the Ordinary Shares of 10 pence of the Company:

 
 Director/PDMR           Shares      Share options  No. of shares   Total Palace   % of Palace 
                        held prior     exercised         sold          shares       shares 
                          to the                                        held        in issue 
                       transactions 
 Neil Sinclair              253,066         13,907          6,258        260,715         0.57% 
                     --------------  -------------  -------------  -------------  ------------ 
 Richard Starr              194,014         10,492          4,931        199,575         0.43% 
                     --------------  -------------  -------------  -------------  ------------ 
 Stephen Silvester           29,915          8,783          4,128         34,570         0.08% 
                     --------------  -------------  -------------  -------------  ------------ 
 

For further information, contact:

PALACE CAPITAL PLC

Neil Sinclair, Chief Executive

Stephen Silvester, Finance Director

Tel. [phone]

Broker

Numis Securities

Heraclis Economides / George Fry

Tel: [phone]

Broker

Arden Partners plc

Corporate Finance: Paul Shackleton / Ciaran Walsh / Daniel Gee-Summons

Corporate Broking: James Reed-Daunter

Tel: [phone]

Financial PR

FTI Consulting

Claire Turvey / Methuselah Tanyanyiwa

Tel: [phone]

[e-mail]

About Palace Capital plc ( www.palacecapitalplc.com )

Palace Capital is a property investment company with a premium listing on the Main Market of the London Stock Exchange (Stock Code: PCA). The Company owns a diversified regional portfolio across the UK and has a reputation for being entrepreneurial and opportunistic. Palace Capital acquires properties where it can enhance the long-term income and capital value through asset management and strategic capital development in locations outside London.

 
 1    Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                        a. Neil Sinclair (Chief Executive) 
                                   b. Richard Starr (Executive Director) 
                                   c. Stephen Silvester (Finance Director) 
     --------------------------  ------------------------------------------- 
 2    Reason for the notification 
     ----------------------------------------------------------------------- 
 a)   Position/status             See 1 a) above 
     --------------------------  ------------------------------------------- 
 b)   Initial notification        Initial notification 
       /Amendment 
     --------------------------  ------------------------------------------- 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ----------------------------------------------------------------------- 
 a)   Name                        Palace Capital plc 
     --------------------------  ------------------------------------------- 
 b)   LEI                         2138009JDFQOXJFCJQ05 
     --------------------------  ------------------------------------------- 
 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          Exercise of option over Ordinary shares 
       financial instrument,       of 10p 
       type of instrument 
       Identification code         Identification code (ISIN) for Palace 
                                   Capital plc ordinary shares: GB00BF5SGF06 
     --------------------------  ------------------------------------------- 
 b)   Nature of the transaction   Exercise of options 
     --------------------------  ------------------------------------------- 
 c)   Price(s) and volume(s)            Price: nil 
                                         a. 13,907 
                                         b. 10,492 
                                         c. 8,783 
     --------------------------  ------------------------------------------- 
 d)   Aggregated information 
       - Aggregated volume          33,182 
       - Price                      Nil 
     --------------------------  ------------------------------------------- 
 e)   Date of the transaction     9 July 2020 
     --------------------------  ------------------------------------------- 
 f)   Place of the transaction    Outside a trading venue 
     --------------------------  ------------------------------------------- 
 
 
 1     Details of the person discharging managerial responsibilities 
        / person closely associated 
 a)    Name                              a. Neil Sinclair (Chief Executive) 
                                          b. Richard Starr (Executive Director) 
                                          c. Stephen Silvester (Finance Director) 
      ---------------------------  ---------------------------------------------- 
 2     Reason for the notification 
      --------------------------------------------------------------------------- 
 a)    Position/status              See 1 a) above 
      ---------------------------  ---------------------------------------------- 
 b)    Initial notification         Initial notification 
        /Amendment 
      ---------------------------  ---------------------------------------------- 
 3     Details of the issuer, emission allowance market participant, 
        auction platform, auctioneer or auction monitor 
      --------------------------------------------------------------------------- 
 a)    Name                         Palace Capital plc 
      ---------------------------  ---------------------------------------------- 
 b)    LEI                          2138009JDFQOXJFCJQ05 
      ---------------------------  ---------------------------------------------- 
 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           Sale of Ordinary shares of 10p 
        financial instrument, 
        type of instrument           Identification code (ISIN) for Palace 
        Identification code          Capital plc ordinary shares: GB00BF5SGF06 
      ---------------------------  ---------------------------------------------- 
 b)    Nature of the transaction    Sale of Shares 
      ---------------------------  ---------------------------------------------- 
 c)    Price(s) and volume(s)             Price: 184p 
                                           a. 6,258 
                                           b. 4,931 
                                           c. 4,128 
      ---------------------------  ---------------------------------------------- 
 d)    Aggregated information 
   - Aggregated volume               15,317 
   - Price                            184p 
 --------------------------------  ---------------------------------------------- 
 e)    Date of the transaction      9 July 2020 
      ---------------------------  ---------------------------------------------- 
 f)    Place of the transaction     London Stock Exchange, (XLON) 
      ---------------------------  ---------------------------------------------- 
 

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July 13, 2020 02:00 ET (06:00 GMT)