Long-Term Incentive Plan ('LTIP') Grant
The British Land Company PLC (the 'Company') announces that on 15 June 2023, conditional awards of ordinary shares of 25p each in the Company were granted to Executive Directors and other Persons Discharging Managerial Responsibilities ('PDMRs') under the LTIP as outlined below (the 'Performance Shares').
The Remuneration Committee has considered the fall in share price since the previous LTIP grants were made in 2022. At the time of grant, the Committee was of the view that no windfall circumstances existed. The Committee commits that it will assess whether a windfall gain has occurred between grant and vesting of the 2023 award, in 2026. If the Committee determines that a windfall has occurred upon vesting, then it will consider the extent to which the number of Performance Shares should be scaled back.
| | Performance Shares at nil consideration |
| Executive Directors | |
| Simon Carter | 571,375 |
| Bhavesh Mistry | 373,298 |
| PDMRs | |
| Emma Cariaga | 159,985 |
| Kelly Cleveland | 159,985 |
| David Lockyer | 160,502 |
| Brona McKeown | 164,739 |
| Roger Madelin | 157,155 |
| Darren Richards | 240,739 |
| David Walker | 142,381 |
The above Performance Shares conditionally vest on the third anniversary of grant, subject to performance conditions. Those conditions are based 50% on Total Accounting Return, 25% on Total Property Return, and 25% on Environmental, Social, Governance measures. A two-year post-vesting holding period applies to any shares vesting. A full description of the performance conditions attached to the awards is contained within the 2023 Directors' Remuneration Report.
These transactions took place outside of a trading venue.
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name
| 1. Simon Carter 2. Bhavesh Mistry 3. Emma Cariaga 4. Kelly Cleveland 5. David Lockyer 6. Brona McKeown 7. Roger Madelin 8. Darren Richards 9. David Walker | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status
| 1. PDMR - Chief Executive Officer 2. PDMR - Chief Financial Officer 3. PDMR - Executive Committee member 4. PDMR - Executive Committee member 5. PDMR - Executive Committee member 6. PDMR - Executive Committee member 7. PDMR - Executive Committee member 8. PDMR - Executive Committee member 9. PDMR - Executive Committee member | ||||
| b) | Initial notification/Amendment
| Initial notification | ||||
| 3 | Details of the issuer; emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name
| The British Land Company PLC | ||||
| b) | LEI
| RV5B68J2GV3QGMRPW209 | ||||
| 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 financial instrument, type of financial instrument
Identification code
| Ordinary shares of 25 pence each
GB0001367019
| ||||
| b) | Nature of the transaction
| Grant of conditional Performance Share Award under the Long-Term Incentive Plan scheme
| ||||
| c) | Price(s) and volume(s)
|
| ||||
| d) | Aggregated information - Aggregated volume - Price
|
N/A (single transaction) | ||||
| e) | Date of the transaction
| 2023-06-15 | ||||
| f) | Place of the transaction
| Outside of a trading venue | ||||
This notification is made in accordance with the requirements of the UK Market Abuse Regulation. The Identification Code for ordinary shares of 25 pence each in the Company is GB0001367019.
| Enquiries | |
| Company Secretariat | 0207 486 4466 |
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