TIDMPCA
RNS Number : 6350G
Palace Capital PLC
24 July 2019
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 Share options No. of shares Total Palace % of Palace
prior to exercised sold shares shares
the transactions held 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 Initial notification
/Amendment
-------------------------- -------------------------------------------
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 Exercise of option over Ordinary shares
financial instrument, of 10p
type of instrument
Identification code 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 153,259
- Price 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 Initial notification
/Amendment
--------------------------- ------------------------------------------------
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 Sale of Ordinary shares of 10p
financial instrument,
type of instrument Identification code (ISIN) for Palace
Identification code 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 95,891
- Price 276p
-------------------------------- ------------------------------------------------
e) Date of the transaction 23 July 2019
--------------------------- ------------------------------------------------
f) Place of the transaction London Stock Exchange, (XLON)
--------------------------- ------------------------------------------------
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London Stock Exchange. RNS is approved by the Financial Conduct
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END
DSHLLFSRDEISFIA
(END) Dow Jones Newswires
July 24, 2019 12:47 ET (16:47 GMT)
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