Grant of performance share awards
CEO and CFO granted performance share awards vesting in three years subject to earnings and gearing targets.
- Shares granted to CEO 427,995
- Shares granted to CFO 225,849
- Vesting period 3 years
- EPS weighting 75%
- Net debt/total assets gearing weighting 25%
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Springfield Properties plc (AIM: SPR), a leading housebuilder in Scotland focused on delivering private and affordable housing, announces that, on 30 October 2023, 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 | 427,995 |
| Iain Logan | Chief Financial Officer | 225,849 |
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 end of the financial year to 31 May 2026) 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.
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |
| a) | Name | 1. Innes Smith 2. Iain Logan |
| 2 | Reason for the notification | |
| a) | Position/status | 1. Chief Executive Officer 2. Chief Financial Officer |
| b) | Initial notification/ Amendment | Initial Notification |
| a) | Name | Springfield Properties plc |
| b) | LEI | 21380026UDE3LKFSDP68 |
| a) | Description of the financial instrument, type of instrument | Ordinary shares of 0.125 pence each (" Shares ") |
| Identification code | GB00BF1QPG26 | |
| b) | Nature of the transaction | 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. 0.125 pence (exercise price) 427,995 2. 0.125 pence (exercise price) 225,849 |
| d) | Aggregated information - Aggregated volume - Price | 1. N/A single transaction 2. N/A single transaction |
| e) | Date of the transaction | 2023-10-30 |
| f) | Place of the transaction | Off market |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.