Director/PDMR Shareholding
Derwent London plc announced that on September 2, 2026, the Chief Executive, Jonathan S Murphy, was granted share-based awards under the Derwent London Performance Share Plan 2023. This includes 24,393 Performance Share Awards and 4,065 Restricted Share Awards, totaling 28,458 nil cost options. These awards will vest from September 2, 2029, with vesting contingent on specific performance conditions related to total shareholder return, property return, embodied carbon intensity, financial covenants, and reputational standing. The performance period for these awards is from January 1, 2026, to December 31, 2028.
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The Group announces the following changes to the interests of Directors in the Group's ordinary shares of 5p each (the 'Shares').
Grant of Awards
On 2 September 2026, the Group granted share-based awards (the 'Awards') under the Derwent London Performance Share Plan 2023 (the 'Plan') to certain Directors of the Group (who are Persons Discharging Managerial Responsibilities), as follows:
| Name | Role | Type of Award | Number of shares |
|---|---|---|---|
| Jonathan S Murphy | Chief Executive | Performance Share Award | 24,393 |
| Restricted Share Award | 4,065 |
Awards granted under the Plan are structured as nil cost options and will vest from 2 September 2029. The number of shares subject to each Award is determined by reference to a percentage of salary. Following Jonathan Murphy's appointment as Chief Executive on 1 September 2026, the number of shares subject to his Awards has been pro-rated to reflect his appointment part way through the 2026 award year.
Vesting of Performance Share Awards depends on the extent to which the performance conditions are satisfied, being performance metrics and targets related to total shareholder return, total property return and embodied carbon intensity.
Vesting of Restricted Share Awards depends on the performance underpins being achieved, namely no breach of financial covenants, satisfactory underlying performance and no material failure resulting in significant reputational damage and/or financial loss.
The performance period for the Awards commenced on 1 January 2026 and will end on 31 December 2028.
Following vesting and subject to the Group's share dealing procedures, Awards under the Plan can be exercised in accordance with the rules of the Plan. Jonathan Murphy is required to retain his net of tax liability number of vested Shares (if any) delivered under his Award for at least two years from the point of vesting (the 'Holding Period') and is entitled to additional vesting shares for dividend equivalents in respect of dividends paid on vested shares between the grant date and the date of vesting.
The Awards remain subject to the malus and clawback provisions of the Plan.
1 of the Disclosure Guidance and Transparency Rules.
Notification of the transactions set out below was made to the Group on 2 September 2026.
| 1. | Details the person discharging managerial responsibilities / person closely associated | |
| a) | Name | Jonathan S Murphy |
| 2. | Reason for the notification | |
| a) | Position / status | Chief Executive |
| b) | Initial notification / Amendment | Initial notification |
| a) | Name | Derwent London plc |
| b) | LEI | 213800BXKQ9KZNUR1M61 |
| a) | Description of the financial instrument, type of instrument Identification code | 5p Ordinary shares in Derwent London plc GB0002652740 |
| b) | Nature of the transaction | Grant of nil cost option awards under the Derwent London Performance Share Plan 2023. |
| c) | Price(s) and volume(s) | Price(s) Volume(s) Nil 28,458 |
| d) | Aggregated information - Aggregated volume - Price | Not applicable - single transaction |
| e) | Date of the transaction | 2 September 2026 |
| f) | Place of the transaction | Outside a trading venue |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.