Empiric Student Property
plc
("Empiric" or the
"Company" or, together with
its subsidiaries, the "Group")
Annual Deferred Bonus share
awards and Long-Term Incentive Plan option awards
PDMR
Notification
Empiric Student Property plc
(ticker: ESP), the owner and operator of premium, studio-led
student accommodation aligned to top-tier universities,
announces the following awards to persons
discharging managerial responsibilities:
2023 Annual Deferred Bonus Award
On 12 April 2024, the Company
granted the following nil-cost options in ordinary shares in the
Company ("Ordinary Shares")
relating to the deferred shares element of the annual bonus award for the
financial year ended 31 December 2023 (the "Annual Bonus Award 2023").
|
Name
|
Director
|
Number of nil-cost
options
|
|
Duncan Garrood
|
Chief Executive Director
|
136,476
|
|
Donald Grant
|
Chief Financial and Sustainability
Officer
|
96,532
|
The Annual Bonus Award 2023 is not
subject to any further performance conditions but is subject to a
three-year holding period and will be exercisable on or after the
third anniversary of the date of grant.
2024 Long Term Incentive Plan
Options
On 12 April
2024, the following executive Directors
were granted nil-cost options
over Ordinary
Shares pursuant to the Empiric 2014 Long Term Incentive Plan for
the 2024 financial year (the "LTIP").
|
Name
|
Director
|
Number of nil-cost
options
|
|
Duncan Garrood
|
Chief Executive Director
|
728,294
|
|
Donald Grant
|
Chief Financial and Sustainability
Officer
|
515,135
|
The options granted under the LTIP
represent the number of Ordinary Shares based on the maximum 150%
salary permitted that may be granted to Duncan Garrood and Donald
Grant under the LTIP.
The vesting of the LTIP awards are
subject to a three-year performance period and two performance
measures, each being 50% of the award: Total Accounting Return
(target range of 6-10% p.a.) and Total Shareholder Return relative
to a FTSE All Share Real Estate companies peer
group. The Executive Directors' awards
are also subject to an additional holding period of two years
before being released and becoming exercisable.
The LTIP transaction took place in
the United
Kingdom, with a grant date of 12 April 2024 and on this date Duncan
Garrood and Donald Grant were notified.
The price used to calculate the
number of Ordinary Shares under the Annual Bonus Award 2023 and the
LTIP is 90.46 pence per share,
representing the average of the daily closing prices of the
Ordinary Shares on the London Stock Exchange for the 12-month
period ended 31 March 2024.
The total number of Ordinary Shares
over which nil-cost options were granted to the Executives on 12
April 2024 represents approximately 0.24 per cent. of the Company's
issued share capital.
Further
information on the LTIP is contained in the Annual Report which
will be available shortly at www.empiric.co.uk
|
1
|
Details of the person discharging
managerial responsibilities / person closely associated
|
|
a)
|
Name
|
Duncan Garrood
|
|
2
|
Reason for the
notification
|
|
a)
|
Position/status
|
Director/Chief Executive Officer
|
|
b)
|
Initial notification
/Amendment
|
Initial notification
|
|
3
|
Details of the issuer, emission
allowance market participant, auction platform, auctioneer or
auction monitor
|
|
a)
|
Name
|
Empiric Student Property
plc
|
|
b)
|
LEI
|
213800FPF38IBPRFPU87
|
|
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 the financial
instrument, type of instrument
|
Nil cost options over ordinary
shares of 1p each
|
|
|
|
|
Identification code
|
GB00BLWDVR75
|
|
|
|
|
b)
|
Nature of the transaction
|
Nil cost option award
|
|
c)
|
Price(s) and volume(s)
|
|
|
|
|
|
|
|
Price(s)
|
Volume(s)
|
|
|
|
|
Nil-cost option
|
136,476
|
|
|
|
|
Nil-cost option
|
728,294
|
|
|
|
|
|
|
|
|
d)
|
Aggregated information
|
|
|
|
|
|
- Aggregated volume
|
864,770
|
|
|
|
|
- Price
|
Nil-cost
|
|
|
|
|
e)
|
Date of the transaction
|
12 April 2024
|
|
f)
|
Place of the transaction
|
London
|
|
1
|
Details of the person discharging
managerial responsibilities / person closely associated
|
|
a)
|
Name
|
Donald Grant
|
|
2
|
Reason for the
notification
|
|
a)
|
Position/status
|
Director/Chief Financial and Sustainability Officer
|
|
b)
|
Initial notification
/Amendment
|
Initial notification
|
|
3
|
Details of the issuer, emission
allowance market participant, auction platform, auctioneer or
auction monitor
|
|
a)
|
Name
|
Empiric Student Property
plc
|
|
b)
|
LEI
|
213800FPF38IBPRFPU87
|
|
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 the financial
instrument, type of instrument
|
Nil cost options over ordinary
shares of 1p each
|
|
|
|
|
Identification code
|
GB00BLWDVR75
|
|
|
|
|
b)
|
Nature of the transaction
|
Nil cost option award
|
|
c)
|
Price(s) and volume(s)
|
|
|
|
|
|
|
|
Price(s)
|
Volume(s)
|
|
|
|
|
Nil-cost option
|
96,532
|
|
|
|
|
Nil-cost option
|
515,135
|
|
|
|
|
|
|
|
|
d)
|
Aggregated information
|
|
|
|
|
|
- Aggregated volume
|
611,667
|
|
|
|
|
- Price
|
Nil-cost
|
|
|
|
|
e)
|
Date of the transaction
|
12 April 2024
|
|
f)
|
Place of the transaction
|
London
|
FOR
FURTHER INFORMATION, PLEASE CONTACT:
|
|
|
|
Empiric Student Property plc
|
(via FTI Consulting below)
|
|
Duncan Garrood (Chief Executive
Officer)
|
|
|
Donald Grant (Chief Financial &
Sustainability Officer)
|
|
|
|
|
|
FTI
Consulting
Dido Laurimore
Eve Kirmatzis
|
020 3727 1000
empiric@fticonsulting.com
|
|
|
|
The Company's LEI is
213800FPF38IBPRFPU87.
Further information on Empiric can
be found on the Company's website at www.empiric.co.uk.
Notes:
Empiric Student Property plc is a
leading provider and operator of modern, predominantly direct-let,
premium student accommodation serving key UK universities.
Investing in both operating and development assets, Empiric is a
fully integrated operational student property business focused on
premium studio-led accommodation managed through its Hello Student
operating platform, that is attractive to affluent growing student
segments.
The Company, an internally managed
real estate investment trust ("REIT") incorporated in England and
Wales, listed on the premium listing segment of the Official List
of the Financial Conduct Authority and was admitted to trading on
the main market for listed securities of the London Stock Exchange
in June 2014. The Company is classified as a commercial company
listed under chapter 6 of the UK Listing rules and as such is not
an alternative investment fund ("AIF") for the purposes of the
Alternative Investment Fund Managers Directive ("AIFMD") and is not
required to provide investors with a Key information Document
("KID") in accordance with the Packaged Retail and Insurance-based
Investment Products ("PRIIPs") regulations.