Director/PDMR Shareholding
Updated : 16:01
For immediate release
Derwent London plc
("Derwent London"/"the Company")
Notification of interests of Directors and Persons Discharging
Managerial Responsibility ("PDMR")
The Company announces the following changes to the interests of Directors in the Company's ordinary shares of 5p each ('Shares').
Grant of Award
Paul Williams was granted a share-based Award under the Derwent London Performance Share Plan 2014 (PSP) in March 2019 which reflected his 2019 pro rata salary as a Property Director. As disclosed in our 2018 Annual Report (page 121), the Remuneration Committee had agreed a further Award would be made in August to reflect Paul's new pro rata salary as Chief Executive. Accordingly, on 14 August 2019, the Company granted the following share-based Award under the PSP.
Name | Role | PSP Award (Number) |
Paul M Williams | Chief Executive | 6,713 |
The Award, granted under the PSP (structured as nil cost options), will vest on 14 August 2022 but only to the extent that certain performance conditions based on total shareholder return and total property return are satisfied over a three-year performance period which ends on 31 December 2021. No consideration is payable on the grant or vesting of an Award.
Following vesting and subject to the Company's share dealing procedures, PSP Awards can be exercised at any time up until the tenth anniversary of grant.
Paul Williams is required to retain the net of tax liability number of vested Shares (if any) delivered under his Award for at least two years from the point of vesting (the 'Holding Period') and is entitled to additional vesting shares for dividend equivalents in respect of dividends paid on vested shares between the grant date and the earlier of the date of exercise or the expiry of the Holding Period.
This announcement is made in accordance with Article 19 of the Market Abuse Regulation and Rule 3.1 of the Disclosure and Transparency Rules.
The Company was notified of the grant of all Awards on 14 August 2019.
Enquiries:
D A Lawler
Company Secretary
14 August 2019
020 7659 3000
The information set out below is provided in accordance with the requirements of the EU Market Abuse Regulation.
1. | Details the person discharging managerial responsibilities / person closely associated | |||||||
a) | Name | Paul M Williams | ||||||
2. | Reason for the notification | |||||||
a) | Position / status | Chief Executive | ||||||
b) | Initial notification / Amendment | Initial notification
| ||||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Derwent London plc | ||||||
b) | LEI | 213800BXKQ9KZNUR1M61 | ||||||
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 |
5p Ordinary shares in Derwent London plc
GB0002652740 | ||||||
b) | Nature of the transaction | Grant of a nil cost option award under the Derwent London Performance Share Plan 2014. | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information - Aggregated volume - Price |
Not applicable - single transaction | ||||||
e) | Date of the transaction | 14 August 2019 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
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