Director/PDMR Shareholding
Allan Lockhart, Chief Executive Officer of NewRiver REIT plc, exercised 357,542 nil cost options granted under the Performance Share Plan 2016, which vested at 50% of maximum after meeting performance conditions and a subsequent two-year hold period. To cover associated tax liabilities, 168,890 ordinary shares were sold at 68.20 pence each on the London Stock Exchange on 12 December 2025. The exercise was satisfied through shares held by the Employee Benefit Trust, meaning no new shares were issued. Following these transactions, Lockhart's beneficial interest in ordinary shares increased to 1,022,017.
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The Company announces that on 12 December 2025, Allan Lockhart, Chief Executive Officer and Director of the Company, exercised 357,542 nil cost options which were granted in August 2020 under the Company's Performance Share Plan 2016 ('PSP') and subsequently vested on 21 August 2023. Vesting of the awards was subject to the Company's total shareholder return and total accounting return performance conditions measured over a three-year period, which resulted in vesting of 50% of maximum. Executive Directors were then subject to a two year hold period from vesting which ended in August 2025.
168,890 Ordinary shares were sold in order to cover the associated tax liability. The exercise of the nil-cost options has been satisfied through the transfer of existing Shares held by the Employee Benefit Trust and, as such, no new Shares have been issued in connection with the option exercise.
Following this exercise, Allan Lockhart has a beneficial interest in 1,022,017 Ordinary Shares, increased by 188,652 Ordinary Shares from 833,365 Ordinary Shares prior to the exercise.
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
| a) | Name | Allan Lockhart | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | PDMR - Chief Executive Officer | ||||
| b) | Initial notification /Amendment | Initial Notification | ||||
| a) | Name | NewRiver REIT plc | ||||
| b) | LEI | 2138004GX1VAUMH66L31 | ||||
| b) | Nature of the transaction | Exercise of 357,542 nil cost share options granted under the NewRiver REIT plc Performance Share Plan 2016 . Sale of 168,890 shares to cover the associated tax liabilities | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information - Aggregated volume - Price | N/a single transaction | ||||
| e) | Date of the transaction | 12 December 2025 | ||||
| f) | Place of the transaction | London Stock Exchange |
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