New Long Term Incentive Plan

RNS Number : 6139M
Belvoir Lettings PLC
01 August 2017
 

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 

 

1 August 2017

BELVOIR!
             

BELVOIR LETTINGS PLC

(the "Company", the "Group" or "Belvoir")

 

New Long Term Incentive Plan

 

Belvoir Lettings plc, the UK's largest property franchisor, today announces that it has granted options over new ordinary shares in the Company to its Chief Executive Officer, Dorian Gonsalves, and Chief Financial Officer, Louise George, under a new Belvoir Lettings Performance Share Plan.  The awards reflect their respective roles in determining and executing the Group strategic growth plans and are intended to incentivise them accordingly.

 

The awards will be subject to two Performance Conditions: adjusted EBITDA and adjusted basic earnings per share ("EPS"), both adjusted to exclude exceptional income, exceptional costs and share based payments over the four years to 31 December 2020.  Each Performance Condition will apply to 50% of the award being made.

 

The target adjusted EBITDA is £6.5m and target adjusted EPS is 12.0p for the 2020 Financial Year which represent growth of 84% and 56% respectively. 

 

A floor of £5.85m and a cap of £6.825m applies to the EBITDA Performance Condition.  A floor of 10.8p per share and a cap of 12.6p per share applies to the EPS Performance Condition.  For each Performance Condition, no options will vest where performance is at or below the floor and 50% will vest where performance is at or above the cap.  Straight-line vesting applies between the floor and the cap.

 

The maximum awards are stated below:

 

Name                             Position                                   Number of shares

                                                                                     subject to awards

Dorian Gonsalves             Chief Executive Officer               540,000

Louise George                  Chief Finance Officer                  432,000

 

Immediately prior to these awards the Company's issued share capital was 34,938,606 ordinary shares and there were outstanding EMI options of 695,000 and unapproved options of 163,399.

 

Further detail is provided below in accordance with Article 19.3 of the EU Market Abuse Regulation.

 

Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014

1

Details of the person discharging managerial responsibilities/person closely associated

a.

Name

Dorian Gonsalves

Louise George

2

Reason for notification

 

 

 

a.

Position/Status

Chief Executive Officer

Chief Financial Officer

b.

Initial notification/

Amendment

Initial Notification

Initial Notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a.

Name

Belvoir Lettings PLC

Belvoir Lettings PLC

b.

LEI

N/A

N/A

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

Identification Code

Ordinary Shares of  1 pence each

 

 

 

ISIN: GB00B4QY1P51

 

Ordinary Shares of  1 pence each

 

 

 

 

ISIN: GB00B4QY1P51

 

b.

Nature of the transaction

Grant of nil cost options

Grant of nil cost options

c.

Price(s) and volume(s)

Over Company's shares 

Over Company's shares 

Price

1 pence each

Volume

540,000

Price

1 pence each

Volume

432,000

d.

Aggregated information

- Aggregated Volume

 

- Price



n/a

 

n/a

 

 

n/a

 

n/a

e.

Date of the transaction

31 July 2017

31 July 2017

f.

Place of the transaction

London Stock Exchange

London Stock Exchange

           

 

 

For further details:

 

Belvoir Lettings PLC

Mike Goddard, Chairman

Dorian Gonsalves, Chief Executive Officer

Louise George, Chief Financial Officer

 

 

01476 584900

investorrelations@belvoirlettings.com

Cantor Fitzgerald Europe

Rick Thompson, Phil Davies, Michael Reynolds
Corporate Finance

 

020 7894 7000

 

Buchanan

Charles Ryland, Victoria Hayns, Madeleine Seacombe

 

0207 466 5000

 

 

 

 

About Belvoir Lettings PLC

 

Founded in 1995 and listed on AIM in 2012 (BLV.L), Belvoir operates a nationwide property franchise group with over 300 offices across four brands offering a range of specialist services in property rental, property management, residential lettings, buy to let and property sales. With its Central Office in Grantham, Lincolnshire, the Group manages 56,000 properties and reported revenue of £9.9m in 2016 making Belvoir the largest property franchise group in the UK.


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
DSHWGURGMUPMGWG
UK 100

Latest directors dealings