The British Land Company PLC (the 'Company')
Annual Incentive Plan
In accordance with the Remuneration Policy approved by shareholders on 12 July 2022 ("the Policy"), on 28 June 2023, one third of the cash bonus awarded to Executive Directors (after the deduction of income tax and employee NIC) was used to purchase Ordinary Shares of 25 pence each in the Company at a price of 297.23p per share. These shares must be held for a minimum of three years in accordance with the Policy.
The Annual Incentive Plan payments for the year ended 31 March 2023 were only able to be finally calculated and approved by the Remuneration Committee after the element relating to Total Property Return compared to MSCI benchmark was known. As this year's Directors' Remuneration Report was finalised before this information was available from MSCI it contains an estimated amount for each director. The Company outperformed the benchmark by 30bps as opposed to the 60bps included in the estimated amount in the Annual Report, therefore reducing the Annual Incentive Plan outcomes for the Directors. Full details will be included in next year's Annual Report.
Details of the purchases referenced above are included below in accordance with the UK Market Abuse Regulation.
| Enquiries: | |
| Company Secretariat, British Land | 020 7486 4466 |
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name
| 1. Simon Carter 2. Bhavesh Mistry
| ||||
| 2 | Reason for the notification | |||||
| a) | Position/status
| 1. PDMR - Chief Executive Officer 2. PDMR - Chief Financial Officer
| ||||
| 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
| Acquisition of Annual Incentive Shares under the Annual Incentive Plan. | ||||
| c) | Price(s) and volume(s)
|
| ||||
| d) | Aggregated information - Aggregated volume - Price
|
n/a | ||||
| e) | Date of the transaction
| 28 June 2023 | ||||
| f) | Place of the transaction
| London Stock Exchange (XLON) | ||||
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