Director/PDMR Shareholding
NewRiver REIT plc announced that Chief Executive Officer Allan Lockhart exercised 454,123 nil cost options, increasing his beneficial interest to 1,261,629 ordinary shares after selling 214,511 shares to cover tax liabilities. Concurrently, Chief Financial Officer Will Hobman exercised 198,072 nil cost options, raising his beneficial interest to 674,381 ordinary shares after selling 93,562 shares for tax purposes. These transactions followed the vesting of performance share plan awards, which achieved 50% of the maximum performance conditions, and a subsequent two-year holding period. No new shares were issued as the exercises were satisfied by existing shares from an employee benefit trust.
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The Company announces that on 7 September 2026, Allan Lockhart, Chief Executive Officer of the Company, exercised 454,123 nil cost options which were granted in September 2021 under the Company's Performance Share Plan 2016 ('PSP') and subsequently vested on 7 September 2024. 214,511 Ordinary shares were sold in order to cover the associated tax liability. Following this exercise, Allan Lockhart has a beneficial interest in 1,261,629 Ordinary Shares, increased by 239,612 Ordinary Shares from 1,022,017 Ordinary Shares prior to the exercise.
In addition, Will Hobman, Chief Financial Officer of the Company, exercised 198,072 nil cost options which were granted in September 2021 under the Company's Performance Share Plan 2016 ('PSP') and subsequently vested on 7 September 2024. 93,562 Ordinary shares were sold in order to cover the associated tax liability. Following this exercise, Will Hobman has a beneficial interest in 674,381 Ordinary Shares, increased by 104,510 Ordinary Shares from 569,871 Ordinary Shares prior to the exercise.
Vesting of the awards were 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 holding period from vesting, which ended on 7 September 2026.
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.
| 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 454,123 nil cost share options granted under the NewRiver REIT plc Performance Share Plan 2016 . Sale of 214,511 shares to cover the associated tax liabilities | ||||
| c) | Price(s) and volume(s) | Price(s) Volume(s) u 78.85 pence 214,511 | ||||
| d) | Aggregated information - Aggregated volume - Price | N/a single transaction | ||||
| e) | Date of the transaction | 7 September 2026 | ||||
| f) | Place of the transaction | London Stock Exchange | ||||
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
| a) | Name | Will Hobman | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | PDMR - Chief Financial Officer | ||||
| b) | Initial notification /Amendment | Initial Notification | ||||
| a) | Name | NewRiver REIT plc | ||||
| b) | LEI | 2138004GX1VAUMH66L31 | ||||
| b) | Nature of the transaction | Exercise of 198,072 nil cost share options granted under the NewRiver REIT plc Performance Share Plan 2016 . Sale of 93,562 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 | 7 September 2026 | ||||
| f) | Place of the transaction | London Stock Exchange |
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