28 April 2021
Real Estate Investors Plc
("REI" or the "Company")
Grant and Vesting of LTIP Awards
Real Estate Investors Plc (AIM:RLE), the UK's only Midlands-focused Real Estate Investment Trust (REIT) with a portfolio of 1.59 million sq ft of investment property across all sectors, announces that on 27 March 2021 it granted annual awards to two Directors and other employees under the Real Estate Investors Plc Senior Executives Long Term Incentive Plan adopted in 2010 (the "Plan"). The remuneration committee extended the plan for one further year but given the current climate have reduced the awards entitlement by one third and agreed that remuneration consultants be appointed to advise them on an appropriate new incentive plan for the future. The awards under the Plan give rights to certain Directors to acquire a total of 1,288,288 ordinary shares of 10p each in the Company ("Ordinary Shares") as detailed below at a price of 1p per share (in the case of an issue of new Ordinary Shares) or nil (in the case of a transfer of existing Ordinary Shares). The vesting of 50% of the award is subject to a performance condition based on total shareholder return, with 50% subject to a performance condition based on net asset value per share growth including dividends paid. The performance conditions will be measured over the three years up to the vesting date with full vesting if 14% levels of annual return/growth are achieved.
| Award Holder | Number of Ordinary Shares under Award | Expected Vesting Date |
| Paul Bassi | 792,793 | April 2024 |
| Marcus Daly | 495,495 | April 2024 |
The notifications below, made in accordance with the requirements of the UK Market Abuse Regulation, provides further detail.
Enquiries:
|
Real Estate Investors Plc Paul Bassi/Marcus Daly |
+44 (0)121 212 3446 |
|
Cenkos Securities Katy Birkin/Ben Jeynes |
+44 (0)20 7397 8900 |
|
Liberum Jamie Richards/William Hall |
+44 (0)20 3100 2000 |
|
Allenby Capital Nick Naylor/Asha Chotai |
+44 (0)20 3328 5656 |
|
Novella Communications Tim Robertson/Fergus Young |
+44 (0)20 3151 7008
|
About Real Estate Investors Plc
Real Estate Investors Plc is a publicly quoted, internally managed property investment company and REIT with a portfolio of 1.59 million sq ft of mixed-use commercial property, managed by a highly-experienced property team with over 100 years of combined experience of operating in the Midlands property market across all sectors. The Company's strategy is to invest in well located, real estate assets in the established and proven markets across the Midlands, with income and capital growth potential, realisable through active portfolio management, refurbishment, change of use and lettings. The portfolio has no material reliance on a single asset or occupier.
On 1st January 2015, the Company converted to a REIT. Real Estate Investment Trusts are listed property investment companies or groups not liable to corporation tax on their rental income or capital gains from their qualifying activities. The Company aims to deliver capital growth and income enhancement from its assets, supporting its progressive dividend policy. Further information on the Company can be found at www.reiplc.com.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | Paul Bassi | |
| 2 | Reason for the notification | ||
| a) | Position/status | PDMR (Director) | |
| b) | Initial notification/Amendment | Initial notification | |
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
| a) | Name | Real Estate Investors Plc | |
| b) | LEI | 21380015X5JMEGUHPD83 | |
| 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 | Share award, constituting a right to acquire ordinary shares of 10p each | |
| | Identification code | GB00B45XLP34 | |
| b) | Nature of the transaction | Grant of annual award under the Real Estate Investors Plc Senior Executives Long Term Incentive Plan. The award gives rights to acquire ordinary shares in the Company ("Ordinary Shares") at a price of 1p per share (in the case of an issue of new Ordinary Shares) or nil (in the case of a transfer of existing Ordinary Shares). The vesting of 50% of the award is subject to a performance condition based on total shareholder return with 50% subject to a performance condition based on net asset value per share growth including dividends paid. The performance conditions will be measured over the three years up to the vesting date (April 2024) with full vesting if 14% levels of annual return/growth are achieved | |
| c) | Price(s) and volumes(s) | Price(s) | Volume(s) |
| nil | 792,793 | ||
| d) | Aggregated information | ||
| | Aggregated volume | N/A - single transaction | |
| | Price | N/A - single transaction | |
| e) | Date of the transaction | 27 March 2021 | |
| f) | Place of the transaction | Outside of a trading venue | |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | Marcus Daly | |
| 2 | Reason for the notification | ||
| a) | Position/status | PDMR (Director) | |
| b) | Initial notification/Amendment | Initial notification | |
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
| a) | Name | Real Estate Investors Plc | |
| b) | LEI | 21380015X5JMEGUHPD83 | |
| 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 | Share award, constituting a right to acquire ordinary shares of 10p each | |
| | Identification code | GB00B45XLP34 | |
| b) | Nature of the transaction | Grant of annual award under the Real Estate Investors Plc Senior Executives Long Term Incentive Plan. The award gives rights to acquire ordinary shares in the Company ("Ordinary Shares") at a price of 1p per share (in the case of an issue of new Ordinary Shares) or nil (in the case of a transfer of existing Ordinary Shares). The vesting of 50% of the award is subject to a performance condition based on total shareholder return with 50% subject to a performance condition based on net asset value per share growth including dividends paid. The performance conditions will be measured over the three years up to the vesting date (April 2024) with full vesting if 14% levels of annual return/growth are achieved | |
| c) | Price(s) and volumes(s) | Price(s) | Volume(s) |
| nil | 495,495 | ||
| d) | Aggregated information | ||
| | Aggregated volume | N/A - single transaction | |
| | Price | N/A - single transaction | |
| e) | Date of the transaction | 27 March 2021 | |
| f) | Place of the transaction | Outside of a trading venue | |
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