Palace Capital PLC Grant of awards under LTIP and Deferred Bonus Plan (8042U)

TIDMPCA

RNS Number : 8042U

Palace Capital PLC

17 July 2018

17 July 2018

Palace Capital PLC

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

Grant of awards under Palace Capital Long Term Incentive Plan and Deferred Bonus Plan

Palace 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.

The LTIP Awards give rights to the beneficiaries to acquire a total of 265,773 ordinary shares of 10p each in the Company (the "Ordinary Shares") for nil consideration. 202,112 of these Awards are being made to PDMRs as detailed below. Vesting of Shares awarded under the 2018 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.

 
PDMR                            Number of Ordinary    Expected Vesting 
                                 Shares under Award    Date 
Neil Sinclair                   80,282               13(th) July 2021 
Richard Starr                   60,563               13(th) July 2021 
Stephen Silvester               50,704               13(th) July 2021 
David Kaye, Company Secretary   10,563               13(th) July 2021 
 

In accordance with the terms of the Deferred Bonus Plan, 35% of the bonus due to the Company's Executive Directors for the year ended 31st March 2018 has been allocated to Share Options based on the ruling price of GBP3.55, as follows:

 
Director             Share Options Allocated 
Neil Sinclair        26,694 
Richard Starr        20,137 
Stephen Silvester    16,859 
 

Further information on remuneration and the LTIP is contained in the Company's 2018 Annual Report.

For further information, contact:

Palace Capital plc

Neil Sinclair, Chief Executive

Stephen Silvester, Finance Director

Tel. [phone]

Arden Partners plc (Joint Broker)

Chris Hardie / Ciaran Walsh

Tel. [phone]

Allenby Capital Limited (Joint Broker)

Nick Naylor / James Reeve / Asha Chotai

Tel. [phone]

Capital Access Group (Financial PR)

Scott Fulton

Tel. [phone]

About Palace Capital plc (www.palacecapitalplc.com):

Palace Capital is a UK property investment company admitted to trading on the London Stock Exchange plc's main market (LSE: PCA). The Company is not sector specific and looks for opportunities where it can enhance the long-term income and capital value through asset management and strategic capital development in locations outside London. In its last reported financial year, Palace Capital produced a 27% increase in adjusted profit before tax, a 7% uplift in EPRA NAV per share from a post fundraise proforma base and a 3% increase in dividends for the year ending 31 March 2018.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

DSHGGUBWMUPRGQQ

(END) Dow Jones Newswires

July 17, 2018 02:00 ET (06:00 GMT)