31 January 2024
Watkin Jones plc
('Watkin Jones' or the 'Company')
Director/PDMR Shareholding
Watkin Jones plc (AIM:WJG) announces that on 30 January 2024, the following nominal-cost share awards over ordinary shares of 1 penny each in the Company were granted under the Watkin Jones Long Term Incentive Plan 2018 to the following persons discharging managerial responsibilities ('Awards'):
| PDMR | Position | Number of shares granted under the Awards | Total number of shares subject to outstanding LTIP Awards |
| Alex Pease | Chief Executive Officer | 1,859,956 | 2,204,335 |
| Sarah Sergeant | Chief Financial Officer | 887,445 | 1,280,768 |
The Awards have a nominal exercise price of one penny per share and normally become exercisable after three years from the date of grant, subject to continued employment and performance based on total shareholder return ('TSR') measured against absolute growth targets. The absolute TSR targets have been designed to both retain key executives and incentivise a recovery in the Company's share price.
As such, TSR performance will be measured over a three-year performance period beginning on the date of grant of the Awards.
Vesting of Awards will be determined by reference to growth above the 'Base Share Price', being the Watkin Jones average share price from 1 October 2023 to the grant date of the Awards.
0% of Awards will vest if TSR is 0% p.a. or less, increasing pro-rata to 100% vesting for maximum performance if TSR is 43.5% compound growth p.a. or better, using the 3 month average share price to the end of the performance period and adjusted for any dividends during that period (applying standard TSR methodology).
In addition to assessing performance against the TSR targets, the Remuneration Committee retains discretion to reduce the vesting of Awards to ensure that all relevant factors are taken into account, including the consideration of any windfall gains.
The notification below, made in accordance with the requirements of the UK Market Abuse Regulation, provides further detail:
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
| a) | Name | Alex Pease | ||||
| 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 | Watkin Jones plc | ||||
| b) | LEI | 2138009X19O21NU5SG79 | ||||
| 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 Identification code | Ordinary Shares of £0.01 each
ISIN: GB00BD6RF223 | ||||
| b) | Nature of the transaction | Grant of Award under the Watkin Jones Long Term Incentive Plan 2018 | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information - Aggregated volume - Price | Not applicable - single transaction | ||||
| e) | Date of the transaction | 30 January 2024 | ||||
| f) | Place of the transaction | Outside of a trading venue | ||||
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
| a) | Name | Sarah Sergeant | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | 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 | Watkin Jones plc | ||||
| b) | LEI | 2138009X19O21NU5SG79 | ||||
| 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 Identification code | Ordinary Shares of £0.01 each
ISIN: GB00BD6RF223 | ||||
| b) | Nature of the transaction | Grant of Award under the Watkin Jones Long Term Incentive Plan 2018 | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information - Aggregated volume - Price | Not applicable - single transaction | ||||
| e) | Date of the transaction | 30 January 2024 | ||||
| f) | Place of the transaction | Outside of a trading venue | ||||
- Ends -
For further information:
| Watkin Jones plc | | |
| Alex Pease, Chief Executive Officer | Tel: +44 (0) 20 3617 4453 | |
| Sarah Sergeant, Chief Financial Officer | ||
| | | |
|
Peel Hunt LLP (Nominated Adviser & Joint Corporate Broker) |
Tel: +44 (0) 20 7418 8900 | |
| Mike Bell / Ed Allsopp | ||
| | | |
|
Jefferies Hoare Govett (Joint Corporate Broker) |
Tel: +44 (0) 20 7029 8000 | |
| James Umbers/David Sheehan / Paul Bundred
| ||
| | | |
Media enquiries:
| Buchanan | |
| Henry Harrison-Topham / Steph Whitmore | Tel: +44 (0) 20 7466 5000 |
| watkinjones@buchanan.uk.com | www.buchanancomms.co.uk |
Notes to Editors
Watkin Jones is the UK's leading developer and manager of residential for rent, with a focus on the build to rent, student accommodation and affordable housing sectors. The Group has strong relationships with institutional investors, and a reputation for successful, on-time-delivery of high quality developments. Since 1999, Watkin Jones has delivered 48,000 student beds across 143 sites, making it a key player and leader in the UK purpose-built student accommodation market, and is increasingly expanding its operations into the build to rent sector. In addition, Fresh, the Group's specialist accommodation management business, manages over 22,000 student beds and build to rent apartments on behalf of its institutional clients. Watkin Jones has also been responsible for over 80 residential developments, ranging from starter homes to executive housing and apartments.
The Group's competitive advantage lies in its experienced management team and capital-light business model, which enables it to offer an end-to-end solution for investors, delivered entirely in-house with minimal reliance on third parties, across the entire life cycle of an asset.
Watkin Jones was admitted to trading on AIM in March 2016 with the ticker WJG.L. For additional information please visit www.watkinjonesplc.com
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