RDI REIT PLC Grant of Contingent Awards Under Share Plans (3061V)

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RNS Number : 3061V

RDI REIT PLC

02 December 2019

RDI REIT P.L.C.

("RDI" or the "Company")

(Registered number 010534V)

LSE share code: RDI

JSE share code: RPL

ISIN: IM00BH3JLY32

LEI: 2138006NHZUMMRYQ1745

GRANT OF CONTINGENT AWARDS UNDER SHARE PLANS

RDI, the income focused UK Real Estate Investment Trust ("UK-REIT"), announces in accordance with Article 19(3) of the Market Abuse Regulation, the following share awards to executive directors.

Awards under the long term performance share plan

Contingent share awards have been granted to the executive directors under the RDI Long Term Performance Share Plan which was approved by shareholders in November 2013 and forms part of the Company's Remuneration Policy, which was approved by shareholders at the Annual General Meeting held on 23 January 2017 (the "PSP").

Each of the following executive directors and persons discharging managerial responsibility ("PDMR") has, on 2 December 2019, been granted contingent share awards under the terms of the PSP over the number of ordinary shares in RDI set out below:

 
 Director/PDMR        Number of shares   Total number of shares held 
                       granted under      as awards under the PSP following 
                       the PSP            grant 
 Mike Watters         601,154            1,474,570 
                     -----------------  ----------------------------------- 
 Stephen Oakenfull    427,500            1,048,725 
                     -----------------  ----------------------------------- 
 Adrian Horsburgh     389,135            954,513 
                     -----------------  ----------------------------------- 
 Donald Grant         361,586            886,994 
                     -----------------  ----------------------------------- 
 

The awards will vest three years from date of grant, subject to continued employment and the satisfaction of performance targets as set out in the Company's Annual Report. The figures above reflect the maximum number of ordinary shares which could vest. The actual number which will vest will depend on the extent to which the performance targets are satisfied over the performance period. No consideration was paid for any of the awards and no consideration is due on vesting.

Awards under the Short-Term Incentive Plan

Deferred bonus share awards have been granted to the executive directors and certain PDMRs under the short-term incentive plan, which was approved by shareholders at the Annual General Meeting held on 23 January 2017 ("STIP").

Each of the following executive directors has, on 2 December 2019, been awarded deferred bonus shares in the Company under the terms of the STIP, as set out below:

 
 Director/PDMR        Number of deferred      Total number of shares held 
                       shares granted under    as awards under the STIP following 
                       the STIP                grant 
 Mike Watters         50,644                  166,471 
                     ----------------------  ------------------------------------ 
 Stephen Oakenfull    39,551                  121,934 
                     ----------------------  ------------------------------------ 
 Adrian Horsburgh     36,764                  111,741 
                     ----------------------  ------------------------------------ 
 Donald Grant         31,249                  100,927 
                     ----------------------  ------------------------------------ 
 

Under the STIP, executives may receive a bonus of up to 150% of their salary, subject to the achievement of certain performance targets. 40 per cent of such award is made in shares, deferred for two years. The awards will vest two years from date of grant, subject only to continuous employment.

For further information:

 
RDI REIT P.L.C. 
Mike Watters, Donald Grant      Tel: [phone] 
FTI Consulting 
UK Public Relations Adviser 
Dido Laurimore, Claire Turvey,  Tel: [phone] 
 Ellie Sweeney 
 [e-mail] 
Instinctif Partners 
SA Public Relations Adviser 
Frederic Cornet                  Tel: [phone] 
 [e-mail] 
JSE Sponsor 
Java Capital                    Tel: + 27 (0) 11 722 3050 
 

Note to editors:

About RDI

RDI is an income focused UK-REIT with a diversified portfolio invested principally in the UK. The investment approach is driven by an in depth understanding of occupational demand including the impact of technology, transport and infrastructure investment. The portfolio has been repositioned in recent years to increase its weighting to London and the South East and to provide greater exposure to our leading hotel and serviced office operating platforms.

RDI is committed to delivering attractive income led total returns across the real estate cycle. The current strategic objectives of a lower leverage capital structure and more focused allocation of capital are targeted at delivering an industry leading and sustainable income return.

RDI is a UK Real Estate Investment Trust (UK-REIT) and holds a primary listing on the London Stock Exchange and a secondary listing on the JSE. The Company is included within the EPRA, GPR, JSE All Property and JSE Tradeable Property indices.

For more information on RDI, please refer to the Company's website www.rdireit.com

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December 02, 2019 05:00 ET (10:00 GMT)