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 
     -----------------------------------------  --------------------------- 
 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 
     -----------------------------------------  --------------------------- 
 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) Dow Jones Newswires

August 27, 2020 10:11 ET (14:11 GMT)