21 June 2024
Great Portland Estates plc (the "Company")
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
The Company announces that, on 20 June 2024, to reflect the impact of the Company's 2024 rights issue, adjustments were made to the share awards and options granted to Directors under the Company's discretionary share plans by way of an increase in the number of Ordinary Shares of 15 5/19 pence each in the Company ("Shares") subject to the awards or options as set out below:
Adjustments to awards granted under the Company's Long Term Incentive Plan (LTIP), Restricted Share Plan (RSP) and Deferred Share Bonus Plan (DSBP) Awards
| Director | Position/Status | Award/Option | Price(s) | Number of additional Shares |
| Toby Courtauld | Chief Executive | 2019 LTIP (vested but unexercised option) | £Nil | 3,850 |
| | | 2022 LTIP Award | £Nil | 61,900 |
| | | 2023 RSP Award | £Nil | 49,666 |
| | | 2022 DSBP Award | £Nil | 6,728 |
| | | 2023 DSBP Award | £Nil | 10,609 |
| Nick Sanderson | Chief Financial & Operating Officer | 2019 LTIP (vested but unexercised option) | £Nil | 2,649 |
| | | 2022 LTIP Award | £Nil | 42,587 |
| | | 2023 RSP Award | £Nil | 34,171 |
| | | 2022 DSBP Award | £Nil | 4,629 |
| | | 2023 DSBP Award | £Nil | 7,383 |
| Dan Nicholson | Executive Director | 2022 LTIP Award | £Nil | 34,692 |
| | | 2023 RSP Award | £Nil | 27,836 |
| | | 2022 DSBP Award | £Nil | 1,726 |
| | | 2023 DSBP Award | £Nil | 5,809 |
The Company further announces that, on 21 June 2024, to reflect the impact of the Company's 2024 rights issue, the following Directors received additional Shares by way of an adjustment to their 2021 DSBP Awards that they exercised at the time of the rights issue (and which they were unable to exercise before the record date for participation in the 2024 rights issue), as set out below. The Directors also sold the following number of Shares to meet income tax and National Insurance contributions liabilities arising on the receipt of the additional Shares at a price of 335.2515p per share:
| Director | Position/Status | Number of additional Shares | Number of Shares sold for tax/NIC purposes |
| Toby Courtauld | Chief Executive | 2,557 | 1,210 |
| Nick Sanderson
| Chief Financial & Operating Officer | 1,870 | 887 |
The Notification of Dealing Forms for each Director can be found below. This announcement is made in accordance with the UK Market Abuse Regulation (Regulation (EU) 596/2014, as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018).
DSBP
| 1. | Details of PDMR/person closely associated with them ("PCA") | ||
| a) | Name | Toby Courtauld | |
| 2. | Reason for the notification | ||
| a) | Position/status | Chief Executive | |
| b) | Initial notification/amendment | Initial notification | |
| 3. | Details of the issuer, emission allowance market participant, action platform, auctioneer or auction monitor | ||
| a) | Name | Great Portland Estates plc
| |
| b) | Legal Entity Identifier | 213800JMEDD2Q4N1MC42 | |
| 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 | Ordinary shares of 15 5/19p ISIN: GB00BF5H9P87 | |
| b) | Nature of the transaction | Award of further shares in respect of an option granted and exercised pursuant to The Great Portland Estates Deferred Share Bonus Plan to reflect the impact of the 2024 rights issue
| |
| c) | Price(s) and volume(s) | Price | Volume(s) |
| Ordinary shares | Nil consideration | 2,557 | |
| d) | Aggregated information Aggregated volume Aggregated price Aggregated total | Aggregated volume: 2,557 Aggregated price: Nil Aggregated total: 2,557 ordinary shares | |
| e) | Date of transaction | 21 June 2024 | |
| f) | Place of the transaction | Outside of trading venue | |
| 1. | Details of PDMR/person closely associated with them ("PCA") | ||
| a) | Name | Nick Sanderson | |
| 2. | Reason for the notification | ||
| a) | Position/status | Chief Financial & Operating Officer | |
| b) | Initial notification/amendment | Initial notification | |
| 3. | Details of the issuer, emission allowance market participant, action platform, auctioneer or auction monitor | ||
| a) | Name | Great Portland Estates plc
| |
| b) | Legal Entity Identifier | 213800JMEDD2Q4N1MC42 | |
| 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 | Ordinary shares of 15 5/19p ISIN: GB00BF5H9P87 | |
| b) | Nature of the transaction | Award of further shares in respect of an option granted and exercised pursuant to The Great Portland Estates Deferred Share Bonus Plan to reflect the impact of the 2024 rights issue
| |
| c) | Price(s) and volume(s) | Price | Volume(s) |
| Ordinary shares | Nil consideration | 1,870 | |
| d) | Aggregated information Aggregated volume Aggregated price Aggregated total | Aggregated volume: 1,870 Aggregated price: Nil Aggregated total: 1,870 ordinary shares | |
| e) | Date of transaction | 21 June 2024 | |
| f) | Place of the transaction | Outside of trading venue | |
| 1. | Details of PDMR/person closely associated with them ("PCA") | ||
| a) | Name | Toby Courtauld | |
| 2. | Reason for the notification | ||
| a) | Position/status | Chief Executive | |
| b) | Initial notification/amendment | Initial notification | |
| 3. | Details of the issuer, emission allowance market participant, action platform, auctioneer or auction monitor | ||
| a) | Name | Great Portland Estates plc
| |
| b) | Legal Entity Identifier | 213800JMEDD2Q4N1MC42 | |
| 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 | Ordinary shares of 15 5/19p ISIN: GB00BF5H9P87 | |
| b) | Nature of the transaction | Sale of shares to cover income tax and National Insurance contributions liabilities arising on the receipt of further shares in respect of an option granted and exercised pursuant to The Great Portland Estates Deferred Share Bonus Plan
| |
| c) | Price(s) and volume(s) | Price | Volume(s) |
| Ordinary shares | 335.2515p | 1,210 | |
| d) | Aggregated information Aggregated volume Aggregated price Aggregated total | Aggregated volume: 1,210 Aggregated price: £4,056.54 Aggregated total: 1,210 ordinary shares | |
| e) | Date of transaction | 21 June 2024 | |
| f) | Place of the transaction | London Stock Exchange (XLON) | |
| 1. | Details of PDMR/person closely associated with them ("PCA") | ||
| a) | Name | Nick Sanderson | |
| 2. | Reason for the notification | ||
| a) | Position/status | Chief Financial & Operating Officer | |
| b) | Initial notification/amendment | Initial notification | |
| 3. | Details of the issuer, emission allowance market participant, action platform, auctioneer or auction monitor | ||
| a) | Name | Great Portland Estates plc
| |
| b) | Legal Entity Identifier | 213800JMEDD2Q4N1MC42 | |
| 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 | Ordinary shares of 15 5/19p ISIN: GB00BF5H9P87 | |
| b) | Nature of the transaction | Sale of shares to cover income tax and National Insurance contributions liabilities arising on the receipt of further shares in respect of an option granted and exercised pursuant to The Great Portland Estates Deferred Share Bonus Plan
| |
| c) | Price(s) and volume(s) | Price | Volume(s) |
| Ordinary shares | 335.2515p | 887 | |
| d) | Aggregated information Aggregated volume Aggregated price Aggregated total | Aggregated volume: 887 Aggregated price: £2,973.68 Aggregated total: 887 ordinary shares | |
| e) | Date of transaction | 21 June 2024 | |
| f) | Place of the transaction | London Stock Exchange (XLON) | |
| Contact: Great Portland Estates plc | | | | | | |
Darren Lennark
General Counsel & Company Secretary
020 7647 3000
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