Springfield Properties PLC Grant of performance share awards (5167Z)

TIDMSPR

RNS Number : 5167Z

Springfield Properties PLC

13 January 2020

13 January 2020

Springfield Properties plc

("Springfield" or the "Company")

Grant of performance share awards

Springfield Properties plc (AIM: SPR), a leading housebuilder in Scotland offering private and affordable housing, announces that, on 9 January 2020, the Company granted options over ordinary shares of 0.125 pence each in the capital of the Company ("Awards") to certain PDMRs, pursuant to the Company's newly established Performance Share Plan (the "PSP"), the details of which are set out below:

 
 Name               Role               No. of Shares over which 
                                            Awards granted 
                    Chief Executive 
 Innes Smith         Officer                   127,828 
                   -----------------  ------------------------- 
                    Chief Financial 
 Michelle Motion     Officer                    68,176 
                   -----------------  ------------------------- 
 

The PSP has been established to incentivise Directors and senior management to deliver long term value for shareholders and align their interest with shareholders whilst minimising dilution to shareholders. Further details of the PSP will be included in the Company's next annual report and financial statements (the "Annual Report").

No consideration was paid for the grant of the Awards, which have been structured as "nominal cost" options. The Awards will normally vest on the third anniversary of grant but only if, and to the extent that, certain performance conditions are satisfied. These conditions (which have been set by the Remuneration Committee of the Company and will be assessed over a total of three financial years) relate to the achievement of specified targets applicable to earnings per share and net debt / EBITDA. Vesting will also normally be dependent on the continued employment of the participant within the Company's group.

Once the Awards have vested, they will generally be available to be exercised until the tenth anniversary of their original grant. On any such exercise, additional "dividend equivalent" entitlements may also be paid to the relevant individuals.

Further details of the performance conditions for the above Awards will be included in the Company's Annual Report.

Enquiries

 
  Springfield Properties 
  Sandy Adam, Executive Chairman 
   Innes Smith, Chief Executive Officer                       [phone] 
 
  N+1 Singer 
  Shaun Dobson, James Moat (Corporate Finance) 
   Rachel Hayes (Corporate Broking)                           [phone] 
 
  Luther Pendragon 
  Harry Chathli, Claire Norbury, Alexis Gore, Joe Quinlan     [phone] 
 

The following notifications are intended to satisfy the Company's obligations under Article 19(3) of EU Regulation No 596/2014 (the Market Abuse Regulation).

 
  1    Details of the person discharging managerial responsibilities/person 
        closely associated 
      ------------------------------------------------------------------------------ 
  a)   Name                         1. Innes Smith 
                                     2. Michelle Motion 
----  --------------------------  -------------------------------------------------- 
  2    Reason for the notification 
----  ------------------------------------------------------------------------------ 
  a)   Position/status              1. Chief Executive Officer 
                                     2. Chief Financial Officer 
----  --------------------------  -------------------------------------------------- 
  b)   Initial notification/        Initial Notification 
        Amendment 
----  --------------------------  -------------------------------------------------- 
  3    Details of the issuer, emission allowance market participant, 
        auction platform, auctioneer or auction monitor 
----  ------------------------------------------------------------------------------ 
  a)   Name                         Springfield Properties plc 
----  --------------------------  -------------------------------------------------- 
  b)   LEI                          21380026UDE3LKFSDP68 
----  --------------------------  -------------------------------------------------- 
  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               Ordinary shares of 0.125 pence each ("Shares") 
        the financial 
        instrument, type 
        of instrument 
---- 
       Identification               GB00BF1QPG26 
        code 
----  --------------------------  -------------------------------------------------- 
  b)   Nature of the               Grant of awards (in the form of nominal cost 
        transaction                 options) over Shares pursuant to the Springfield 
                                    Properties plc Performance Share Plan 
----  --------------------------  -------------------------------------------------- 
  c)   Price(s) and volume(s)                   Price(s)          Volume(s) 
                                                                  ---------- 
                                           0.125 pence (exercise 
                                      1.           price)           127,828 
                                     ---  ----------------------  ---------- 
                                           0.125 pence (exercise 
                                      2.           price)           68,176 
                                     ---  ----------------------  ---------- 
----  --------------------------  -------------------------------------------------- 
  d)    Aggregated information 
          *    Aggregated volume     1. N/A single transaction 
                                     2. N/A single transaction 
 
          *    Price 
----  --------------------------  -------------------------------------------------- 
  e)   Date of the transaction     2020-01-09 
----  --------------------------  -------------------------------------------------- 
  f)   Place of the transaction    Off market 
----  --------------------------  -------------------------------------------------- 
 

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January 13, 2020 02:00 ET (07:00 GMT)