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Springfield Props. (SPR)

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Thursday 23 December, 2021

Springfield Props.

Grant of performance share awards

RNS Number : 5566W
Springfield Properties PLC
23 December 2021
 

23 December 2021

 

Springfield Properties plc

("Springfield" or the "Company")

 

Grant of performance share awards

 

Springfield Properties plc (AIM: SPR), a leading housebuilder in Scotland delivering private and affordable housing, announces that, on 22 December 2021, the Company granted awards over ordinary shares of 0.125 pence each in the capital of the Company ("Awards") to certain PDMRs, pursuant to the Company's Performance Share Plan (the "PSP") that was originally established in January 2020. Details of these Awards are set out below:

 

Name

Role

No. of Shares over which Awards granted

Innes Smith

Chief Executive Officer

401,408

Michelle Motion

Chief Financial Officer

227,112

 

No consideration was paid for the grant of the Awards, which have been structured as "nominal cost" options.

 

The Awards will normally vest on the third anniversary of grant but only if, and to the extent that, certain performance conditions are satisfied. These conditions (which have been set by the Remuneration Committee of the Company and will be assessed following the expiry of the financial year to 31 May 2024) relate to the achievement of specified targets applicable to earnings per share (75% weighting) and the Company's net debt / total assets gearing (25% weighting). Vesting will also normally be dependent on the continued employment of the participant within the Company's group.

 

Once the Awards have vested, they will generally be available to be exercised until the tenth anniversary of their original grant. On any such exercise, additional "dividend equivalent" entitlements may also be paid to the relevant individuals.

 

Further information about the overall structure of the PSP can be found in the Company's annual report and financial statements.

 

 

Enquiries

 

Springfield Properties


Sandy Adam, Chairman

Innes Smith, Chief Executive Officer

+44 1343 552550



Singer Capital Markets


Shaun Dobson, Rachel Hayes, James Moat

(Investment Banking)

+44 20 7496 3000



Luther Pendragon


Harry Chathli, Claire Norbury

+44 20 7618 9100

 

 

The following notifications are intended to satisfy the Company's obligations under Article 19(3) of EU Regulation No 596/2014 (the Market Abuse Regulation).

 

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

1.  Innes Smith

2.  Michelle Motion

2

Reason for the notification

a)

Position/status

1.  Chief Executive Officer

2.  Chief Financial Officer

b)

Initialnotification/ Amendment

Initial Notification

3

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

a)

Name

Springfield Properties plc

b)

LEI

21380026UDE3LKFSDP68

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

Ordinary shares of 0.125 pence each ("Shares")

Identificationcode

GB00BF1QPG26

b)

Nature of thetransaction

Grant of awards (in the form of nominal cost options) over Shares pursuant to the Springfield Properties plc Performance Share Plan

c)

Price(s) and volume(s)


Price(s)

Volume(s)

1.

nil

401,408

2.

nil

227,112

d)

Aggregated information

Aggregated volume

Price

 

 

1.  N/A single transaction

2.  N/A single transaction

e)

Date of the transaction

2021-12-22

f)

Place of the transaction

Off market

 

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