Springfield Properties PLC Grant of performance share awards (0097E)

TIDMSPR

RNS Number : 0097E

Springfield Properties PLC

02 November 2020

2 November 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 30 October 2020, the Company granted awards over ordinary shares of 0.125 pence each in the capital of the Company ("Awards") to certain PDMRs, pursuant to the Company's Performance Share Plan (the "PSP") that was originally established in January 2020. Details of these Awards are set out below:

 
 Name               Role                No. of Shares over which 
                                             Awards granted 
                    Chief Executive 
 Innes Smith         Officer                    202,000 
                   ------------------  ------------------------- 
 Michelle Motion    Finance Director            107,650 
                   ------------------  ------------------------- 
 

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 (75% weighting) and the Company's net debt / EBITDA ratio (25% weighting). 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 information about the overall structure of the PSP was included in the Company's annual report and financial statements for the financial year ended 31 May 2020.

Enquiries:

 
 Springfield Properties 
 Sandy Adam, 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. Finance Director 
----  --------------------------  -------------------------------------------------- 
  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)           202,000 
                                     ---  ----------------------  ---------- 
                                           0.125 pence (exercise 
                                      2.           price)           107,650 
                                     ---  ----------------------  ---------- 
----  --------------------------  -------------------------------------------------- 
  d)    Aggregated information 
          *    Aggregated volume     1. N/A single transaction 
                                     2. N/A single transaction 
 
          *    Price 
----  --------------------------  -------------------------------------------------- 
  e)   Date of the transaction     2020-10-30 
----  --------------------------  -------------------------------------------------- 
  f)   Place of the transaction    Off market 
----  --------------------------  -------------------------------------------------- 
 

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

DSHUUUBRRVUARAA

(END) Dow Jones Newswires

November 02, 2020 12:26 ET (17:26 GMT)