LTIP, Issue of Equity, Director/PDMR Holdings
Updated : 12:40
Duke Royalty Limited
("Duke Royalty", "Duke" or the "Company")
Long Term Incentive Plan ("LTIP") Awards
Issue of Equity
Director/PDMR Dealings
New grant under LTIP
Duke Royalty Limited (AIM: DUKE), a provider of alternative capital solutions to a diversified range of profitable and long-established businesses in Europe and abroad, announces that the Company's Remuneration Committee has approved the grant of a total of 6,665,000 conditional rights to acquire ordinary shares of no par value ("Performance Share Awards" or "PSA's") under the Company's Long-Term Incentive Plan ("LTIP"). The LTIP framework was detailed within the Company's admission document which was published on 20 March 2017 and was put into place post Admission.
PSA's for the financial year to 31 March 2020 have been granted are as follows:
Neil Johnson | 1,500,000 |
Charlie Cannon Brookes | 1,450,000 |
Jim Webster | 375,000 |
Other employees | 3,340,000 |
Total | 6,665,000 |
The PSA's vest after a period of three years and are subject to various performance conditions outlined in the Company's admission document (and available on the Company's website) and set by the Remuneration Committee, all in accordance with the LTIP rules. The LTIP Awards will be subject to performance conditions, (50 per cent. based on growth in total shareholder return ("TSR") and 50 per cent. on growth in total cash available for distribution per share ("TCAD per Share")). TSR can be defined as the returns generated by shareholders based on the combined value of the dividends paid out by the Company and the share price performance over the period in question.
Vesting of 2017 PSAs, transfer from EBT & Director/PDMR interests
The Company also announces that a total of 512,500 PSAs previously granted under the Company's 2017 LTIP award have vested, representing 50% of the PSA's granted at that time. Accordingly, 512,500 existing ordinary shares held by the EBT have been transferred to beneficiaries in the following amounts:
Neil Johnson | 250,000 |
Charlie Cannon Brookes | 175,000 |
Other vested PSAs | 87,500 |
Total | 512,500 |
Following today's grant of PSAs and the transfer of ordinary shares from the EBT under the vested 2017 PSAs, the following Directors / PDMRs have the following total interest in ordinary shares and options:
Director/PDMR | Total ordinary shares held | Total shares under option (3) |
Neil Johnson (1) | 3,968,997 | 3,200,000 |
Charlie Cannon Brookes (2) | 5,836,734 | 2,650,000 |
Jim Webster | - | 805,000 |
(1) Mr Johnson is Abingdon Capital Corporation's sole voting shareholder which legally owns 1,834,223 ordinary shares included within this figure.
(2) Mr Cannon Brookes is the investment director and shareholder of Arlington Asset Management Limited ("Arlington"). This figure includes 2,706,914 ordinary shares legally owned by Arlington.
(3) Includes PSAs under the Company's LTIP.
Total voting rights and EBT shares
The Company has issued 6,152,500 new ordinary shares (representing the 6,665,000 new PSAs less 512,000 unvested PSAs granted in 2017) into the Duke Royalty Employee Benefit Trust ("EBT"), ownership of which shall be transferred, in part or in full, to individual beneficiaries, subject to achievement of the performance criteria following the vesting period. Application has been made for these 6,152,500 shares to be admitted to trading on AIM, which is expected to occur on 7 October 2020.
Following Admission and transfer of the 512,500 shares to LTIP beneficiaries, the Company will have 252,783,644 ordinary shares in issue admitted to trading on AIM, of which 10,855,000 will be held by the EBT. This figure (252,783,644) may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to, their interest in the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
For further information, please contact www.dukeroyalty.com, or contact:
Duke Royalty Limited | Neil Johnson / Charlie Cannon Brookes / Hugo Evans
| +44 (0) 1481 741 240 |
Cenkos Securities plc (Nominated Adviser and Broker)
| Stephen Keys / Callum Davidson / Julian Morse / Michael Johnson
| +44 (0) 207 397 8900 |
Newgate Communications (PR) | Elisabeth Cowell/ Ian Silvera/ Megan Kovach | + +44 (0) 20 3757 6880 dukeroyalty@newgatecomms.com
|
Notifications of dealings by PDMRs:
1. | Details of the person discharging managerial responsibilities/persons closely associated | |||||
a) | Name | Neil Johnson | ||||
2. | Reason for notification | |||||
a) | Position/Status | Chief Executive Officer | ||||
b) | Initial notification/amendment | Initial | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Duke Royalty Limited | ||||
b) | LEI | 213800GUTKPSJ39SER44 | ||||
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 and identification code | Ordinary shares of nil par value GG00BYZSSY63 | ||||
b) | Nature of transaction | Grant of conditional performance share awards under LTIP | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated Information | n/a | ||||
e) | Date of transaction | Award date 1 October 2020 | ||||
f) | Place of transaction | Outside a trading venue | ||||
1. | Details of the person discharging managerial responsibilities/persons closely associated | |||||
a) | Name | Neil Johnson | ||||
2. | Reason for notification | |||||
a) | Position/Status | Chief Executive Officer | ||||
b) | Initial notification/amendment | Initial | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Duke Royalty Limited | ||||
b) | LEI | 213800GUTKPSJ39SER44 | ||||
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 and identification code | Ordinary shares of nil par value GG00BYZSSY63 | ||||
b) | Nature of transaction | Acquisition of ordinary shares following vesting of conditional performance share awards under LTIP | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated Information | n/a | ||||
e) | Date of transaction | 2 October 2020 | ||||
f) | Place of transaction | Outside a trading venue | ||||
1. | Details of the person discharging managerial responsibilities/persons closely associated | |||||
a) | Name | Charlie Cannon Brookes | ||||
2. | Reason for notification | |||||
a) | Position/Status | Executive Director | ||||
b) | Initial notification/amendment | Initial | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Duke Royalty Limited | ||||
b) | LEI | 213800GUTKPSJ39SER44 | ||||
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 and identification code | Ordinary shares of nil par value GG00BYZSSY63 | ||||
b) | Nature of transaction | Grant of conditional performance share awards under LTIP | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated Information | n/a | ||||
e) | Date of transaction | Award date 1 October 2020 | ||||
f) | Place of transaction | Outside a trading venue | ||||
1. | Details of the person discharging managerial responsibilities/persons closely associated | |||||
a) | Name | Charlie Cannon Brookes | ||||
2. | Reason for notification | |||||
a) | Position/Status | Executive Director | ||||
b) | Initial notification/amendment | Initial | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Duke Royalty Limited | ||||
b) | LEI | 213800GUTKPSJ39SER44 | ||||
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 and identification code | Ordinary shares of nil par value GG00BYZSSY63 | ||||
b) | Nature of transaction | Acquisition of ordinary shares following vesting of conditional performance share awards under LTIP | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated Information | n/a | ||||
e) | Date of transaction | 2 October 2020 | ||||
f) | Place of transaction | Outside a trading venue | ||||
1. | Details of the person discharging managerial responsibilities/persons closely associated | |||||
a) | Name | Jim Webster | ||||
2. | Reason for notification | |||||
a) | Position/Status | Chief Investment Officer | ||||
b) | Initial notification/amendment | Initial | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Duke Royalty Limited | ||||
b) | LEI | 213800GUTKPSJ39SER44 | ||||
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 and identification code | Ordinary shares of nil par value GG00BYZSSY63 | ||||
b) | Nature of transaction | Grant of conditional performance share awards under LTIP | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated Information | n/a | ||||
e) | Date of transaction | Award date 1 October 2020 | ||||
f) | Place of transaction | Outside a trading venue | ||||
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