LSL Property Services PLC Director/PDMR Shareholding (3705X)
27 Agosto 2020 - 4:11PM
UK Regulatory
TIDMLSL
RNS Number : 3705X
LSL Property Services PLC
27 August 2020
LSL Property Services plc ("LSL" or the "Company")
Directors or Persons Discharging Managerial Responsibility
("PDMR") - Interest in Shares
2010 Joint Share Ownership Plan (the "JSOP")
In 2010 the Company operated a joint share ownership plan
whereof awards under the plan were conditional on the Company's
earnings per share performance meeting an absolute performance
target over a period of three financial years starting with the
financial year in which the award was granted; and a key feature of
the plan was that individuals were required to purchase their
interest in the jointly owned shares.
On the 16(th) June 2010 the Company announced that Simon Embley
was a participant in the plan with effect from 1(st) June 2010. The
announcement explained that Simon had acquired an interest in
167,857 jointly owned LSL shares for a payment of GBP3,357.14
together with a stock appreciate right (SAR). Simon was at the time
an Executive Director (Simon became Non-Executive Chair in
2015).
Part of Simon's interest lapsed in 2013 when the performance
conditions were not fully met (further details are included in
LSL's Annual Report and Accounts 2013). Accordingly, Simon's
interest since 2013 has related to 83,928 jointly owned shares with
an associated cash consideration of GBP1,678.56.
In respect of the jointly owned shares, Simon entered into a
co-ownership agreement with the trustees of the LSL Employee
Benefit Trust in 2010 pursuant to which Simon received a right to a
proportion of the sale proceeds in so far as, the value of the
shares on disposal exceeded GBP3.20 per share and a performance
target were satisfied.
The 2010 interests vested on 1(st) June 2013 and the exercise
period expired on 1(st) June 2020. Now, as a result of the
interests not being exercised and the exercise period lapsing, the
trustees are acquiring the interests acquired by Simon which will
result in the re-payment of part of the original monies paid by
Simon to the trustees at the time he acquired the original interest
(being GBP1,678.56).
With regard to the stock appreciation rights (SARs) which
entitled Simon to the growth in the value of a share from GBP2.80
up to GBP3.20, this has also lapsed and because no amount was paid
by Simon to acquire the SAR no payment will be made by the trustees
in respect of the SARs.
This notification is made in accordance with the Market Abuse
Regulations (Article 19).
The notification below, made in accordance with the requirements
of Article 19 of the EU Market Abuse Regulation 596/2014, gives
further detail.
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them
1 Details of the person discharging
managerial responsibilities/ person
closely associated
a) Name Simon Embley
----------------------------------------- ---------------------------
2 Reason for notification
----------------------------------------- ---------------------------
a) Position/Status Non Executive Chair
----------------------------------------- ---------------------------
b) Initial notification/Amendment Initial notification
----------------------------------------- ---------------------------
3 Details of the issuer, emission
allowance market participation,
auction platform, auctioneer or
auction monitor
----------------------------------------- ---------------------------
a) Name LSL Property Services
plc
----------------------------------------- ---------------------------
b) LEI 213800T4VM5VR3C7S706
----------------------------------------- ---------------------------
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, Ordinary shares of
type of instrument 0.2p each in LSL Property
Identification code Services plc
GB00B1G5HX72
----------------------------------------- ---------------------------
b) Nature of transaction Disposal of initial
interest in 2010 JSOP
scheme shares.
----------------------------------------- ---------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
GBP0.02 83,928
----------
----------------------------------------- ---------------------------
d) Aggregated information 83,928
* Aggregated volume GBP1,678.56
* Price
----------------------------------------- ---------------------------
e) Date of the transaction 27(th) August 2020
----------------------------------------- ---------------------------
f) Place of the transaction Outside a trading venue
----------------------------------------- ---------------------------
For further information, please contact:
Sapna B FitzGerald, Company Secretary
01904 698 850
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END
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