16 October 2020
Circle Property Plc
("Circle" or the "Company")
LTIP Grant of Options
Circle Property Plc (AIM: CRC), which invests in, develops and actively manages well-located regional office assets, announces the following awards made under the Circle Property Plc 2016 Long Term Incentive Plan ("LTIP").
John Arnold, Chief Executive Officer and Edward Olins, Chief Operating Officer, have been granted 234,107 and 210,697 nil cost options to acquire ordinary shares of no par value in the capital of the Company (the "2020 LTIP Options"), respectively.
Under the terms of the LTIP, the quantum of the 2020 LTIP Options awarded was 200% of the equivalent salary of each executive director and the 2020 LTIP Options were granted at an award price of £1.84 (being the 30 day VWAP as at 31 March 2019).
The 2020 LTIP Options will vest at the end of a three-year period subject to targets which measure the performance of the group over that period such that (i) 50% of the award will vest by reference to total shareholder return measured by reference to members of a bespoke comparator group, and (ii) the remaining 50% of the award will vest by reference to the growth in the net asset value of the group (taking into account dividends paid during the relevant period).
The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provide further details.
| Circle Property Plc | +44 (0)207 930 8503 |
| John Arnold, CEO Edward Olins, COO |
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| Cenkos Securities | +44 (0)207 397 8900 |
| Katy Birkin Mark Connelly |
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| Radnor Capital | +44 (0)203 897 1830 |
| Joshua Cryer Iain Daly |
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| Camarco | +44 (0)203 757 4992 |
| Ginny Pulbrook Oliver Head |
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About Circle Property Plc
Circle is amongst the best performing quoted UK real estate companies by NAV total return (NAV growth and dividend) having delivered consistent returns with 101% NAV growth since IPO in 2016 in absolute terms.
Circle focusses on acquiring assets in regional cities, many of which have significant office supply constraints, and on office assets with active management potential (refurbishment opportunities, under-rented or vacant properties or short leases), rather than just maximising initial rental yields.
Circle is not a Real Estate Investment Trust (REIT) and can actively recycle proceeds from asset sales into its refurbishment and redevelopment pipeline, as well as future investment opportunities, therefore targeting a broader range of returns for shareholders, which are primarily driven by NAV growth.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM
The information set out below is provided in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation No 596/2014.
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | John Arnold | |
| 2 | Reason for the notification | ||
| a) | Position/status | Chief Executive Officer | |
| b) | Initial notification/Amendment | Initial Notification | |
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
| a) | Name | Circle Property plc | |
| b) | LEI | 213800THDWL3FB11M760 | |
| 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 | Ordinary shares of no par value | |
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| Identification code | JE00BYP0CK63 | |
| b) | Nature of the transaction | Grant of options to acquire ordinary shares for the performance period commencing 1 April 2020 under the LTIP | |
| c) | Price(s) and volumes(s) | Price(s) | Volume(s) |
| £0.00 | 234,107 | ||
| d) | Aggregated information | N/A single transaction | |
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| Aggregated volume | N/A single transaction | |
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| Price | N/A single transaction | |
| e) | Date of the transaction | 16 October 2020 | |
| f) | Place of the transaction | Outside a trading venue | |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | Edward Olins | |
| 2 | Reason for the notification | ||
| a) | Position/status | Chief Operating Officer | |
| b) | Initial notification/Amendment | Initial Notification | |
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
| a) | Name | Circle Property plc | |
| b) | LEI | 213800THDWL3FB11M760 | |
| 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 | Ordinary shares of no par value | |
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| Identification code | JE00BYP0CK63 | |
| b) | Nature of the transaction | Grant of options to acquire ordinary shares for the performance period commencing 1 April 2020 under the LTIP | |
| c) | Price(s) and volumes(s) | Price(s) | Volume(s) |
| £0.00 | 210,697 | ||
| d) | Aggregated information | N/A single transaction | |
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| Aggregated volume | N/A single transaction | |
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| Price | N/A single transaction | |
| e) | Date of the transaction | 16 October 2020 | |
| f) | Place of the transaction | Outside a trading venue | |
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