29 October
2024
Springfield Properties
plc
("Springfield" or the
"Company")
Grant of SAYE options &
performance share awards
Springfield Properties plc (AIM:
SPR), a leading housebuilder in Scotland focused on delivering
private and affordable housing, announces that, on 28 October
2024, it granted options (the "Options") over ordinary shares of
0.125 pence each in the Company ("Ordinary Shares") to employees,
including certain PDMRs, under its Save As You Earn ("SAYE") scheme
and granted awards over Ordinary Shares ("Awards") to certain PDMRs
pursuant to the Company's Performance Share Plan
("PSP").
Grant of annual performance share awards
The Company also made its annual
grant of Awards to certain PDMRs pursuant to the PSP, details of
which are set out below:
|
Name
|
Role
|
No. of shares over which
Awards granted
|
|
Innes
Smith
|
Chief
Executive Officer
|
239,633
|
|
Iain
Logan
|
Chief
Financial Officer
|
150,769
|
No consideration was paid for the
grant of the Awards, which have been structured as "nominal cost"
options.
The Awards will normally vest on the
third anniversary of grant but only if, and to the extent that,
certain performance conditions are satisfied. These conditions
(which have been set by the Remuneration Committee of the Company
and will be assessed following the end of the financial year to 31
May 2027) relate to the achievement of specified targets applicable
to earnings per share (75% weighting) and the Company's net bank
debt / total assets gearing (25% weighting). Vesting will also
normally be dependent on the continued employment of the
participant within the Group.
Once the Awards have vested, they
will generally be available to be exercised until the tenth
anniversary of their original grant. On any such exercise,
additional "dividend equivalent" entitlements may also be paid to
the relevant individuals.
Further information about the overall
structure of the PSP can be found in the Company's annual report
and financial statements.
Grant of options under the Company's all-employee SAYE
scheme
Innes Smith, Chief Executive Officer,
and Iain Logan, Chief Financial Officer, have each been granted
Options over 19,084 Ordinary Shares. These Options have an exercise
price of £0.972, representing a 10% discount to the closing price
of the Company's Ordinary Shares on AIM on 30 September 2024, being
the day preceding the issue of the invitation to employees to
participate in the SAYE scheme.
In total, 191 employees accepted the
invitation to participate in the SAYE scheme, representing nearly
31% of the Company's workforce. Pursuant to these acceptances,
Options over an aggregate of 1,489,050 Ordinary Shares were granted
on 28 October 2024, equating to approximately 1.25% of the current
issued share capital. The Options have a contract start date of 1
December 2024 and are exercisable between 1 December 2027 and 31
May 2028.
The Group has a skilled and
hardworking workforce that makes an invaluable contribution to what
the Springfield Group achieves. In-keeping with Springfield's
inherent ethos of taking care of its employees, the Board wants to
provide all employees across the Group's workforce with an
opportunity to be directly invested in, and benefit from, the
future success of the business. Accordingly, and in
order to facilitate the grant of the above
Options, Springfield has amended the rules of the SAYE scheme (and
its other share-based incentive
arrangements) so as to increase the overall limit on the number of
Ordinary Shares over which Options and other awards can be granted
during any ten-year period. When these arrangements were
first adopted at the time of the Company's admission to AIM in
2017, this limit was set at 10% of the Company's issued share
capital; it has now been increased to 15%. Prior to making this
change, Springfield consulted with a number of the Company's
largest institutional investors, each of whom was supportive of the
proposed course of action.
Enquiries
|
Springfield Properties
|
|
|
Sandy Adam, Chairman
Innes Smith, Chief Executive
Officer
Iain Logan, Chief Financial
Officer
|
+44 1343 552550
|
|
|
|
|
Singer Capital Markets
|
|
|
Shaun Dobson, James Moat, Oliver
Platts (Investment Banking)
|
+44 20 7496 3000
|
|
|
|
|
Gracechurch Group
|
|
|
Harry Chathli, Claire Norbury, Henry
Gamble
|
+44 20 4582 3500
|
Analyst Research
Equity Development and Progressive
Equity produce freely available research on Springfield Properties
plc, including financial forecasts. This is available to view and
download here:
https://www.thespringfieldgroup.co.uk/news/updates-and-analyst-reports
The
following notifications are intended to satisfy the Company's
obligations under Article 19(3) of EU Regulation No 596/2014 as it
forms part of domestic law by virtue of the European Union
(Withdrawal) Act 2018.
|
1
|
Details of the person
discharging managerial responsibilities/person closely
associated
|
|
a)
|
Name
|
Innes
Smith
|
|
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
|
Springfield
Properties plc
|
|
b)
|
LEI
|
21380026UDE3LKFSDP68
|
|
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
|
Options
over Ordinary Shares of 0.125 pence each
|
|
|
|
|
Identification code
|
GB00BF1QPG26
|
|
|
|
|
b)
|
Nature of
the transaction
|
1. Grant of options over Ordinary Shares
pursuant to the Springfield Properties plc SAYE Option
Plan
2. Grant of awards (in the
form of nominal cost options) over Ordinary Shares pursuant to the
Springfield Properties plc Performance Share Plan
|
|
c)
|
Price(s)
and volume(s)
|
|
|
|
|
|
|
|
Price(s)
|
Volume(s)
|
|
|
|
|
1. 97.2 pence (exercise price)
|
1. 19,084
|
|
|
|
|
2. 0.125 pence (exercise price)
|
2. 239,633
|
|
|
|
|
|
|
|
|
d)
|
Aggregated
information
|
|
|
|
|
|
-
Aggregated volume
|
N/A
|
|
|
|
|
-
Price
|
|
|
|
|
|
e)
|
Date of the
transaction
|
28 October
2024
|
|
f)
|
Place of
the transaction
|
Off
market
|
|
|
|
|
|
|
| |
|
1
|
Details of the person
discharging managerial responsibilities/person closely
associated
|
|
a)
|
Name
|
Iain
Logan
|
|
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
|
Springfield
Properties plc
|
|
b)
|
LEI
|
21380026UDE3LKFSDP68
|
|
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
|
Options
over Ordinary Shares of 0.125 pence each
|
|
|
|
|
Identification code
|
GB00BF1QPG26
|
|
|
|
|
b)
|
Nature of
the transaction
|
1. Grant of options over Ordinary Shares pursuant
to the Springfield Properties plc SAYE Option Plan
2. Grant of awards (in the form of nominal cost
options) over Ordinary Shares pursuant to the Springfield
Properties plc Performance Share Plan
|
|
c)
|
Price(s)
and volume(s)
|
|
|
|
|
|
|
|
Price(s)
|
Volume(s)
|
|
|
|
|
1. 97.2 pence (exercise price)
|
1. 19,084
|
|
|
|
|
2. 0.125 pence (exercise price)
|
2. 150,769
|
|
|
|
|
|
|
|
|
d)
|
Aggregated
information
|
|
|
|
|
|
-
Aggregated volume
|
N/A
|
|
|
|
|
-
Price
|
|
|
|
|
|
e)
|
Date of the
transaction
|
28 October
2024
|
|
f)
|
Place of
the transaction
|
Off
market
|
|
|
|
|
|
|
| |
