Unite Group PLC (The) Director/PDMR Shareholding (6939V)
April 06 2023 - 12:02PM
UK Regulatory
TIDMUTG
RNS Number : 6939V
Unite Group PLC (The)
06 April 2023
THE UNITE GROUP PLC (THE "COMPANY")
6 April 2023
GRANT OF OPTIONS AND DIRECTORS' INTERESTS
Pursuant to the long term incentive plan of the Company, awards
have been granted to the Company's Executive Directors, namely Mr
Richard Smith (Chief Executive Officer) and Mr Joe Lister (Chief
Financial Officer) on 6 April 2023 as follows:
Director Nil cost options HMRC approved options
Richard Smith 113,946 635
----------------- ----------------------
Joe Lister 89,656 635
----------------- ----------------------
The HMRC approved options were awarded at an option price of
943.5p per share, being the closing middle market price of the
shares on the day prior to the date on which the options were
granted.
The number of shares in respect of which Messrs Smith and Lister
may exercise these options will be determined following the
three-year measurement period ending 31 December 2025. The number
of awards vesting will be determined by reference to performance
conditions comprising: EPRA adjusted earnings per share ('EPS'),
relative total accounting return, relative total shareholder
return, operational energy intensity and energy performance
certificate ('EPC'), the latter two being sustainability metrics
introduced in 2022. A two-year holding period applies to these
options, such that options vesting may only be exercised from 6
April 2028, the fifth anniversary of the date of grant.
Performance targets applying to the total accounting return,
relative total shareholder return and operational energy intensity
elements were disclosed prospectively in the 2022 Directors'
Remuneration Report ('DRR').
As noted in the 2022 DRR, the Remuneration Committee (the
'Committee') took the decision to delay target setting for the EPS
and EPC elements of the awards and committed to disclose these no
later than the time of award. The Committee has now agreed and can
confirm the performance targets for the EPS and EPC elements as
follows:
Threshold vesting Maximum vesting
Measure (25% of element) (100% of element)
2025 EPRA EPS 46.7 pence 48.5 pence
------------------ -------------------
EPC ratings: % of floorspace
rated A-C as at 31 December
2025 91.0% 97.0%
------------------ -------------------
In both cases, the Committee considers that these targets are
appropriate and stretching, taking into account the Company's
strategic priorities and the broader macroeconomic environment.
With regards to each measure:
-- EPRA EPS targets were set by the Committee having reviewed a
range of relevant internal and external reference points, including
an updated 5-year plan, market consensus estimates for the Company
and the outlook for the broader UK real estate sector. In
finalising the performance range, the Committee considered the
Company's development outlook, projections around the shape of a
market recovery, the rising cost of funding and the net impact of
price inflation on rental growth and the Company's cost base;
and
-- Revisions to the EPC methodology took effect in 2022, with
85% of the Company's properties in England and Wales achieving a
minimum of EPC C by the end of 2022. The 2025 EPC targets reflect
the Company's unchanged ambition that 100% of floorspace will be
rated A-C by the end of 2027, and the trajectory now required to
achieve this.
This notification is made in accordance with the requirements of
the Market Abuse Regulation.
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Richard Smith
-------------------------------- ----------------------------------
2 Reason for the notification
--------------------------------------------------------------------
a) Position/status Chief Executive Officer
-------------------------------- ----------------------------------
b) Initial notification Initial notification
/Amendment
-------------------------------- ----------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------
a) Name The Unite Group plc
-------------------------------- ----------------------------------
b) LEI 213800BBUUWVDH9YI827
-------------------------------- ----------------------------------
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 25p each
type of instrument
Identification code GB0006928617
-------------------------------- ----------------------------------
b) Nature of the transaction Grant of LTIP options
-------------------------------- ----------------------------------
Price(s) Volume(s)
c) Price(s) and volume(s) 943.5p 113,946
----------
943.5p 635
----------
-------------------------------- ----------------------------------
Aggregated information
- Aggregated volume 114,581
d) - Price 943.5p
-------------------------------- ----------------------------------
e) Date of the transaction 6 April 2023
-------------------------------- ----------------------------------
f) Place of the transaction London Stock Exchange
-------------------------------- ----------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
--------------------------------------------------------------------
a) Name Joe Lister
-------------------------------- ----------------------------------
2 Reason for the notification
--------------------------------------------------------------------
a) Position/status Chief Financial Officer
-------------------------------- ----------------------------------
b) Initial notification Initial notification
/Amendment
-------------------------------- ----------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------
a) Name The Unite Group plc
-------------------------------- ----------------------------------
b) LEI 213800BBUUWVDH9YI827
-------------------------------- ----------------------------------
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 25p each
type of instrument
Identification code GB0006928617
-------------------------------- ----------------------------------
b) Nature of the transaction Grant of LTIP options
-------------------------------- ----------------------------------
Price(s) Volume(s)
c) Price(s) and volume(s) 943.5p 89,656
----------
943.5p 635
----------
-------------------------------- ----------------------------------
Aggregated information
- Aggregated volume 90,291
d) - Price 943.5p
-------------------------------- ----------------------------------
e) Date of the transaction 6 April 2023
-------------------------------- ----------------------------------
f) Place of the transaction London Stock Exchange
-------------------------------- ----------------------------------
For further information, please contact:
Unite Students
Christopher Szpojnarowicz, Company Secretary Tel: +44 117 302 7120
, the news service of the London Stock Exchange. RNS is approved by
the Financial Conduct Authority to act as a Primary Information
Provider in the United Kingdom. Terms and conditions relating to
the use and distribution of this information may apply. For further
information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DSHNKABPPBKDFQK
(END) Dow Jones Newswires
April 06, 2023 12:02 ET (16:02 GMT)
Unite (LSE:UTG)
Historical Stock Chart
From Jul 2024 to Aug 2024
Unite (LSE:UTG)
Historical Stock Chart
From Aug 2023 to Aug 2024
