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Company Intu Properties PLC
TIDM INTU
Headline Director/PDMR Shareholding
Released 15:00 09-Apr-2019
Number 6585V15

RNS Number : 6585V
Intu Properties PLC
09 April 2019
 

 

 

LEI: 213800JSNTERD5CJZO95

 

intu properties plc ("intu" or "the Company")

                                   

Director/PDMR Awards under the Performance Share Plan ("PSP")

 

Under the Company's PSP, conditional awards of Ordinary Shares have been made to certain employees including Executive Directors and PDMRs based on a market value of 106.17 pence per share on 8 April 2019. The awards comprise restricted shares which will vest, subject to the satisfaction of performance conditions, in three equal tranches over three, four and five years. The performance periods for the awards stretch from 1 January 2019 to 31 December 2021, 31 December 2022 and 31 December 2023 respectively.

 

Details of the PSP awards are as follows:

 

Executive Directors:

PSP

Matthew Roberts

918,739

PDMRs:

 

Martin Breeden

273,410

Hugh Ford

428,189

Barbara Gibbes

177,639

Susan Marsden

159,103

Gordon McKinnon

111,217

Trevor Pereira

282,678

Dushyant Sangar

198,926

Julian Wilkinson

275,728

 

The Company noted in its 2018 Directors' Remuneration Report that details of the PSP performance conditions would be included in this announcement. They are as follows:

 

·      50% of the PSP award will vest subject to the satisfaction of an absolute "Share Return" measure;

·      The remaining 50% of the award will vest subject to the satisfaction of a Relative TSR performance measure.

 

Share Return measure

 

Under the Share Return measure:

 

·      Vesting shall be dependent upon absolute share price growth and dividends over the applicable Performance Period

·      This shall be calculated with reference to the average share price over the last three months of the relevant Performance Period calculated by Bloomberg for each Dealing Day, with the value of any dividends declared over the vesting period added to the end share price to calculate the final Share Return.

·      Shares subject to the Share Return measure shall vest as follows:

 

a)   Performance Period ending 31 December 2021

 

Share Return

Percentage of Shares subject to the Share Return Condition which shall vest

Equal to or higher than 180p

100%

Between 150p and 180p

Pro-rata between 25% and 100% based on absolute share price of Company

Equal to 150p

25%

Below 150p

0%

 

b)   Performance Period ending 31 December 2022

 

Share Return

Percentage of Shares subject to the Share Return Condition which shall vest

Equal to or higher than 210p

100%

Between 160p and 210p

Pro-rata between 25% and 100% based on absolute share price of Company

Equal to 160p

25%

Below 160p

0%

 

c)   Performance Period ending 31 December 2023

 

Share Return

Percentage of Shares subject to the Share Return Condition which shall vest

Equal to or higher than 240p

100%

Between 175p and 240p

Pro-rata between 25% and 100% based on absolute share price of Company

Equal to 175p

25%

Below 175p

0%

 

Relative TSR measure 

 

This measure compares the TSR of the Company's Ordinary Shares over the relevant three, four and five year Performance Periods relative to the TSR over the same periods of the five largest FTSE-listed REITs by market capitalisation on 1 January 2013 (British Land Company PLC, Derwent London plc, Hammerson plc, Land Securities Group plc and SEGRO plc).

 

Shares subject to the Relative TSR Condition shall vest as follows:

 

Company TSR compared to the Comparator Group

Percentage of Shares subject to the Relative TSR Condition which shall vest

Equal to or higher than the first ranked company

100%

Equal to the second ranked company

60%

Equal to the third ranked company

25%

Below the third ranked company

0%

 

The percentage of Shares which shall vest if the Company's TSR is between the first and second ranked companies or the second and third ranked companies shall be determined on a straight-line basis between the relevant percentages.

 

Holding periods

 

As noted in the 2018 Directors' Remuneration Report, a two-year holding period will apply to the portion of the PSP award vesting after three years, and a one-year holding period would apply for the portion vesting after four years. This extends the time horizon for the entire award to five years, aligning Executive Directors to the long-term success of the business. The holding period will apply for awards granted in 2019 and onwards.

 

Susan Marsden

Company Secretary

9 April 2019

The information set out below is provided in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation No 596/2014 and provides further detail.

 

 

1.

Details of PDMR/person closely associated with them ('PCA')

a)

Name

Matthew Roberts

b)

Position/status

CFO

c)

Initial notification/

amendment

Initial Notification

2.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

intu properties plc

b)

LEI

213800JSNTERD5CJZO95

3.

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 transaction(s) has been conducted

a)

Description of the financial  instrument

ORDINARY SHARES OF 50P

ISIN: GB0006834344

b)

Nature of the transaction

Shares awarded for no consideration under the intu properties plc performance share plan.

c)

Price(s) and

volume(s)

Price(s)

Volume(s)

GBP pence 106.17

918,739

 

 

 

 

 

d)

Aggregated information

 

Aggregated volume

Price

 

 

Not applicable

e)

Date of the transaction

8 April 2019

f)

Place of the transaction

London Stock Exchange Main Market (XLON)

 

  

 

1.

Details of PDMR/person closely associated with them ('PCA')

a)

Name

Martin Breeden

b)

Position/status

PDMR

c)

Initial notification/

amendment

Initial Notification

2.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

intu properties plc

b)

LEI

213800JSNTERD5CJZO95

3.

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 transaction(s) has been conducted

a)

Description of the financial  instrument

ORDINARY SHARES OF 50P

ISIN: GB0006834344

b)

Nature of the transaction

Shares awarded for no consideration under the intu properties plc performance share plan.

c)

Price(s) and

volume(s)

Price(s)

Volume(s)

GBP pence 106.17

273,410

 

 

 

 

 

d)

Aggregated information

 

Aggregated volume

Price

 

Not applicable

e)

Date of the transaction

8 April 2019

f)

Place of the transaction

London Stock Exchange Main Market (XLON)

 

  

 

1.

Details of PDMR/person closely associated with them ('PCA')

a)

Name

Hugh Ford

b)

Position/status

PDMR

c)

Initial notification/

amendment

Initial Notification

2.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

intu properties plc

b)

LEI

213800JSNTERD5CJZO95

3.

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 transaction(s) has been conducted

a)

Description of the financial  instrument

ORDINARY SHARES OF 50P

ISIN: GB0006834344

b)

Nature of the transaction

Shares awarded for no consideration under the intu properties plc performance share plan.

c)

Price(s) and

volume(s)

Price(s)

Volume(s)

GBP pence 106.17

428,189

 

 

 

 

 

d)

Aggregated information

 

Aggregated volume

Price

 

 

Not applicable

e)

Date of the transaction

8 April 2019

f)

Place of the transaction

London Stock Exchange Main Market (XLON)

 

 

  

1.

Details of PDMR/person closely associated with them ('PCA')

a)

Name

Barbara Gibbes

b)

Position/status

PDMR

c)

Initial notification/

amendment

Initial Notification

2.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

intu properties plc

b)

LEI

213800JSNTERD5CJZO95

3.

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 transaction(s) has been conducted

a)

Description of the financial  instrument

ORDINARY SHARES OF 50P

ISIN: GB0006834344

b)

Nature of the transaction

Shares awarded for no consideration under the intu properties plc performance share plan.

c)

Price(s) and

volume(s)

Price(s)

Volume(s)

GBP pence 106.17

177,639

 

 

 

 

 

d)

Aggregated information

 

Aggregated volume

Price

 

 

Not applicable

e)

Date of the transaction

8 April 2019

f)

Place of the transaction

London Stock Exchange Main Market (XLON)

 

  

 

1.

Details of PDMR/person closely associated with them ('PCA')

a)

Name

Susan Marsden

b)

Position/status

PDMR

c)

Initial notification/

amendment

Initial Notification

2.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

intu properties plc

b)

LEI

213800JSNTERD5CJZO95

3.

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 transaction(s) has been conducted

a)

Description of the financial  instrument

ORDINARY SHARES OF 50P

ISIN: GB0006834344

b)

Nature of the transaction

Shares awarded for no consideration under the intu properties plc performance share plan.

c)

Price(s) and

volume(s)

Price(s)

Volume(s)

GBP pence 106.17

159,103

 

 

 

 

 

d)

Aggregated information

 

Aggregated volume

Price

 

 

Not applicable

e)

Date of the transaction

8 April 2019

f)

Place of the transaction

London Stock Exchange Main Market (XLON)

 

 

  

1.

Details of PDMR/person closely associated with them ('PCA')

a)

Name

Gordon McKinnon

b)

Position/status

PDMR

c)

Initial notification/

amendment

Initial Notification

2.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

intu properties plc

b)

LEI

213800JSNTERD5CJZO95

3.

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 transaction(s) has been conducted

a)

Description of the financial  instrument

ORDINARY SHARES OF 50P

ISIN: GB0006834344

b)

Nature of the transaction

Shares awarded for no consideration under the intu properties plc performance share plan.

c)

Price(s) and

volume(s)

Price(s)

Volume(s)

GBP pence 106.17

111,217

 

 

 

 

 

d)

Aggregated information

 

Aggregated volume

Price

 

 

Not applicable

e)

Date of the transaction

8 April 2019

f)

Place of the transaction

London Stock Exchange Main Market (XLON)

 

  

 

1.

Details of PDMR/person closely associated with them ('PCA')

a)

Name

Trevor Pereira

b)

Position/status

PDMR

c)

Initial notification/

amendment

Initial Notification

2.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

intu properties plc

b)

LEI

213800JSNTERD5CJZO95

3.

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 transaction(s) has been conducted

a)

Description of the financial  instrument

ORDINARY SHARES OF 50P

ISIN: GB0006834344

b)

Nature of the transaction

Shares awarded for no consideration under the intu properties plc performance share plan.

c)

Price(s) and

volume(s)

Price(s)

Volume(s)

GBP pence 106.17

282,678

 

 

 

 

 

d)

Aggregated information

 

Aggregated volume

Price

 

 

Not applicable

e)

Date of the transaction

8 April 2019

f)

Place of the transaction

London Stock Exchange Main Market (XLON)

 

 

 

1.

Details of PDMR/person closely associated with them ('PCA')

a)

Name

Dushyant Sangar

b)

Position/status

PDMR

c)

Initial notification/

amendment

Initial Notification

2.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

intu properties plc

b)

LEI

213800JSNTERD5CJZO95

3.

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 transaction(s) has been conducted

a)

Description of the financial  instrument

ORDINARY SHARES OF 50P

ISIN: GB0006834344

b)

Nature of the transaction

Shares awarded for no consideration under the intu properties plc performance share plan.

c)

Price(s) and

volume(s)

Price(s)

Volume(s)

GBP pence 106.17

198,926

 

 

 

 

 

d)

Aggregated information

 

Aggregated volume

Price

 

 

Not applicable

e)

Date of the transaction

8 April 2019

f)

Place of the transaction

London Stock Exchange Main Market (XLON)

 

 

 

1.

Details of PDMR/person closely associated with them ('PCA')

a)

Name

Julian Wilkinson

b)

Position/status

PDMR

c)

Initial notification/

amendment

Initial Notification

2.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

intu properties plc

b)

LEI

213800JSNTERD5CJZO95

3.

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 transaction(s) has been conducted

a)

Description of the financial  instrument

ORDINARY SHARES OF 50P

ISIN: GB0006834344

b)

Nature of the transaction

Shares awarded for no consideration under the intu properties plc performance share plan.

c)

Price(s) and

volume(s)

Price(s)

Volume(s)

GBP pence 106.17

275,728

 

 

 

 

 

d)

Aggregated information

 

Aggregated volume

Price

 

 

Not applicable

e)

Date of the transaction

8 April 2019

f)

Place of the transaction

London Stock Exchange Main Market (XLON)

 


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