THE UNITE GROUP PLC (THE "COMPANY")
10 April 2024
GRANT OF OPTIONS AND DIRECTORS' INTERESTS
Pursuant to the long term incentive plan of the Company, awards have been granted to the Company's Executive Directors, namely Mr Joe Lister (Chief Executive Officer) and Mr Michael Burt (Chief Financial Officer) on 9 April 2024 as follows:
| Director | Nil cost options | HMRC approved options |
| Joe Lister | 127,737 | 631 |
| Michael Burt | 82,840 | 631 |
The HMRC approved options were awarded at an option price of 949.5p per share, being the closing middle market price of the shares on the day prior to the date on which the options were granted.
The number of shares in respect of which Messrs Lister and Burt may exercise these options will be determined following the three-year measurement period ending 31 December 2026. The number of awards vesting will be determined by reference to performance conditions consistent with the prior two years and comprising: EPRA adjusted earnings per share ('EPS'), relative total accounting return, relative total shareholder return, operational energy intensity and energy performance certificate ('EPC') ratings. A two-year holding period applies to these options, such that options vesting may only be exercised from 9 April 2029, the fifth anniversary of the date of grant.
Performance targets applying to the total accounting return, relative total shareholder return, operational energy intensity and EPC rating elements are disclosed prospectively in the 2023 Directors' Remuneration Report ('DRR').
As noted in the 2023 DRR, the Remuneration Committee (the 'Committee') took the decision to delay target setting for the EPS element of the award and committed to disclose this no later than the time of award. The Committee can now confirm the performance targets for the EPS element as follows:
| Measure | Threshold vesting | Maximum vesting |
| 2026 EPRA EPS | 50.0 pence | 53.0 pence |
The Committee considers that these targets are appropriate and stretching, taking into account the Company's strategic priorities and the broader macroeconomic environment, and having reviewed a range of relevant internal and external reference points.
This notification is made in accordance with the requirements of the Market Abuse Regulation.
| 1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||||
| a)
| Name
| Joe Lister | ||||||
| 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
| The Unite Group plc | ||||||
| b)
| LEI
| 213800BBUUWVDH9YI827 | ||||||
| 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 25p each
GB0006928617 | ||||||
| b)
| Nature of the transaction | Grant of LTIP options
| ||||||
|
c)
|
Price(s) and volume(s) |
| ||||||
| d)
| Aggregated information
- Aggregated volume
- Price |
128,368
949.5p
| ||||||
| e)
| Date of the transaction
| 9 April 2024 | ||||||
| f)
| Place of the transaction
| London Stock Exchange | ||||||
|
1
|
Details of the person discharging managerial responsibilities / person closely associated | |||||||
| a)
| Name
| Michael Burt
| ||||||
| 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
| The Unite Group plc | ||||||
| b)
| LEI
| 213800BBUUWVDH9YI827 | ||||||
| 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 25p each
GB0006928617
| ||||||
| b)
| Nature of the transaction | Grant of LTIP options | ||||||
|
c)
|
Price(s) and volume(s) |
| ||||||
| d)
| Aggregated information
- Aggregated volume
- Price
|
83,471
949.5p | ||||||
| e)
| Date of the transaction
| 9 April 2024 | ||||||
| f)
| Place of the transaction
| London Stock Exchange | ||||||
For further information, please contact:
| Unite Students Christopher Szpojnarowicz, Company Secretary
|
Tel: +44 117 302 7120 |
END
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