Update on 2021 Long Term Incentive Plan AwardSource: RNS
THE UNITE GROUP PLC (THE "COMPANY")
11 October 2021
Update on 2021 Long Term Incentive Plan Award - EPRA EPS
On 12 April 2021, the Company announced that, pursuant to the long term incentive plan of the Company, awards had been granted to the Company's Executive Directors, namely Mr Richard Smith (Chief Executive Officer) and Mr Joe Lister (Chief Financial Officer).
Due to continued Covid-19 uncertainty at that time, the Remuneration Committee (Committee) resolved to delay the setting of performance targets for the EPRA adjusted earnings per share ("EPRA EPS") element of the award for the three-year measurement period ending 31 December 2023 for up to six months from the date of grant.
The Committee has now agreed the performance targets for the EPRA EPS element as follows: a threshold vesting target of 44.0p (equivalent to c.20% p.a. compound growth from closing 2020 EPRA EPS of 25.5p) and a maximum vesting target of 51.5p (equivalent to c.26% p.a. compound growth).
This EPRA EPS element represents one-third of the award, with the remaining two-thirds allocable in equal parts by reference to total accounting return and total shareholder return targets based on the Company's relative performance. Threshold and maximum vesting for each will require performance in line with the median and upper quartile ranked constituent of the FTSE350 Real Estate Supersector Index respectively, in line with market best practice.
Full details of the awards granted and performance targets will be set out in the Directors' Remuneration Report for the year ending 31 December 2021.
A two year holding period applies to these options, such that options vesting may only be exercised from 12 April 2026, the fifth anniversary of the date of grant.
For further information, please contact:
Christopher Szpojnarowicz, Company Secretary
Tel: +44 117 302 7120