Director Dealing
Updated : 17:48
24 July 2019
Palace Capital PLC
("Palace Capital", the "Company" or the "Group")
Director Dealing
Palace Capital, the property investment company that focusses on commercial property outside London, announces the following transactions by certain Directors and PDMRs of the Company pursuant to the awards granted on 13 July 2018 under the Palace Capital Deferred Bonus Plan (2018 DBP) and 4 July 2016 under the Palace Capital Long Term Incentive Plan (2016 LTIP).
DBP
On 13 July 2019 the awards granted under the 2018 DBP became exercisable following satisfaction of the one-year service period. In accordance with the rules of the plan, as part of the exercise additional shares were added to each award, equivalent to the dividends payable during the service period.
LTIP
On 4 July 2019 50% of the awards granted under the 2016 LTIP became exercisable following satisfaction of the performance conditions (relating to Net Asset Growth and Total Shareholder Return).
Exercise
On 23 July 2019 Directors and PDMRs exercised their awards. Some sold all the shares awarded to them, others sold sufficient Shares to meet income tax and national insurance liabilities, retaining the balance, and in the case of Neil Sinclair, selling additional shares to fund tax liabilities. Awards were satisfied using shares from the Palace Capital PLC Employee Benefit Trust. As part of this transaction 150,000 shares were transferred from Treasury to the EBT to settle the awards.
Directors shareholdings
Following these transactions, the Director's and PDMR's, including persons closely associated with them, have the following interests in the Ordinary Shares of 10 pence of the Company:
Director/PDMR | Shares held prior to the transactions | Share options exercised | No. of shares sold | Total Palace shares held | % of Palace shares in issue |
Neil Sinclair | 229,279 | 66,211 | 52,424 | 243,066 | 0.52% |
Richard Starr | 149,921 | 42,797 | 20,115 | 172,603 | 0.37% |
Stephen Silvester | 12,184 | 33,373 | 15,686 | 29,871 | 0.06% |
David Kaye | - | 5,340 | 5,340 | - | 0% |
Matthew Simpson | - | 5,538 | 2,326 | 3,212 | 0.01% |
Total Voting Rights
The Company's issued and outstanding share capital is 46,388,515 of which 299,587 Ordinary Shares are held in treasury. The net figure of 46,088,928 Ordinary Shares may be used as the denominator for shareholder calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
For further information, contact:
PALACE CAPITAL PLC
Neil Sinclair, Chief Executive
Stephen Silvester, Finance Director
Tel. +44 (0)20 3301 8331
Broker
Numis Securities
Heraclis Economides / Oliver Hardy
Tel: +44 (0)20 7260 1000
Broker
Arden Partners plc
Corporate Finance: Paul Shackleton / Ciaran Walsh / Daniel Gee-Summons
Corporate Broking: James Reed-Daunter
Tel: +44 (0)207 614 5900
Financial PR
FTI Consulting
Claire Turvey / Methuselah Tanyanyiwa
Tel: +44 (0)20 3727 1000
palacecapital@fticonsulting.com
About Palace Capital plc (www.palacecapitalplc.com)
Palace Capital is a property investment company with a premium listing on the Main Market of the London Stock Exchange (Stock Code: PCA). The Company owns a diversified regional portfolio across the UK and has a reputation for being entrepreneurial and opportunistic. Palace Capital acquires properties where it can enhance the long-term income and capital value through asset management and strategic capital development in locations outside London.
1 | Details of the person discharging managerial responsibilities / person closely associated | |
a) | Name | a. Neil Sinclair (Chief Executive) b. Richard Starr (Executive Director) c. Stephen Silvester (Finance Director) d. David Kaye (Company Secretary) e. Matthew Simpson (Financial Controller) |
2 | Reason for the notification | |
a) | Position/status | See 1 a) above |
b)
| Initial notification /Amendment | Initial notification |
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name | Palace Capital plc |
b) | LEI | 2138009JDFQOXJFCJQ05 |
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 Identification code | Exercise of option over Ordinary shares of 10p
Identification code (ISIN) for Palace Capital plc ordinary shares: GB00BF5SGF06 |
b) | Nature of the transaction | Exercise of options |
c) | Price(s) and volume(s) | Price: nil a. 66,211 b. 42,797 c. 33,373 d. 5,340 e. 5,538
|
d) | Aggregated information - Aggregated volume - Price |
153,259 Nil |
e) | Date of the transaction | 23 July 2019 |
f) | Place of the transaction | Outside a trading venue |
1 | Details of the person discharging managerial responsibilities / person closely associated | |
a) | Name | a. Neil Sinclair (Chief Executive) b. Richard Starr (Executive Director) c. Stephen Silvester (Finance Director) d. David Kaye (Company Secretary) e. Matthew Simpson (Financial Controller) |
2 | Reason for the notification | |
a) | Position/status | See 1 a) above |
b)
| Initial notification /Amendment | Initial notification |
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name | Palace Capital plc |
b) | LEI | 2138009JDFQOXJFCJQ05 |
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 Identification code | Sale of Ordinary shares of 10p
Identification code (ISIN) for Palace Capital plc ordinary shares: GB00BF5SGF06 |
b) | Nature of the transaction | Sale of Shares |
c) | Price(s) and volume(s) | Price: 276p a. 52,424 b. 20,115 c. 15,686 d. 5,340 e. 2,326
|
d) | Aggregated information - Aggregated volume - Price |
95,891 276p |
e) | Date of the transaction | 23 July 2019 |
f) | Place of the transaction | London Stock Exchange, (XLON) |
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