Director/PDMR Shareholding

RNS Number : 1710C
Lok'nStore Group PLC
14 June 2019
 

 Lok'nStore Group plc

('Lok'nStore' or the 'Company')

 

Director/PDMR Shareholding

 

 

The Company announces that the Remuneration Committee has agreed to extend the exercise period in relation to options over 65,000 ordinary shares of 1p each ("Options") granted to Ray Davies under the Company's unapproved share option scheme which originally ran until July 2017 and July 2018.  This agreement formalises undertakings of the Remuneration Committee given to Mr Davies prior to the lapse date of the Options, of which 15,000 were due to lapse in July 2017 and 50,000 in July 2018.  The new lapse date for the Options is 31 July 2022 and 31 July 2023 respectively.  The Options formed part of Mr. Davies' usual remuneration package.  At the date of the lapse of these Options the performance criteria had been met and the Options were exercisable in full and held intrinsic value.

 

At the same time, the Remuneration Committee has further agreed to extend the exercise dates in relation to additional options over 46,470 ordinary shares currently held by Ray Davies under the terms of the unapproved share option scheme ("Unlapsed Options").  These options were due to lapse in July 2019 (20,000 shares) and July 2020 (26,470 shares) though are now due to lapse on 31 July 2024 and 2025 respectively.  The Unlapsed Options were also granted as part of Mr Davies' usual remuneration package, are currently exercisable in full with all performance criteria met and also hold intrinsic value.

 

Edward Luker, Senior Non-Executive Director and Chairman of the Lok'nStore Remuneration Committee said:

 

 "The Board of Lok'nStore see this as an important and positive outcome for the business and its shareholders in demonstrating a forward commitment on Ray Davies' part to continue to play an important role in the growth and development of the business  and the long term value of the Company by remaining invested in the equity of the Company via the options."

 

 

-Ends-

 

Enquiries:

 

  Lok'nStore

  Sophia Fowler, Assistant Company Secretary

 

01252 521 010

  finnCap Ltd

  Julian Blunt/Giles Rolls, Corporate Finance

  Alice Lane, Corporate Broking

 

020 7220 0500

  Camarco

  Billy Clegg/Tom Huddart

 

0203 757 4980

 

 

1.               

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Ray Davies

2.               

Reason for the Notification

a)

Position/status

FD

b)

Initial notification/Amendment

Initial notification

3.    

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

a)

Name

Lok'nStore Group plc

b)

LEI

213800MXVAMG3CA42A19

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

Options over Ordinary Shares

Identification code

GB0007276115

 

b)

Nature of the transaction

Extension of exercise periods

c)

Price(s) and volume(s)

Number of Options

Exercise Price

£

Extension of exercise period

15,000

50,000

20,000

26,470

2.135

1.305

0.565

0.850

to 31 July 2022

to 31 July 2023

to 31 July 2024

to 31 July 2025

 

d)

Aggregated information:

·      Aggregated volume

·      Price

See above

e)

Date of the transaction

13 June 2019

f)

Place of the transaction

Outside of trading venue

 

The information communicated in this announcement is inside information for the purposes of

Article 7 of Regulation 596/2014.

 

This information is provided by RNS - The company news service from the London Stock Exchange.


This information is provided by RNS, 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.
 
END
 
 
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