Unite Group PLC — Remuneration Information 2024

Apr 10, 2024

National Storage Mechanism | Additional information

RNS Number : 0387K

Unite Group PLC (The)

10 April 2024

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 (25% of element)	Maximum vesting (100% of element)
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)

Price(s)	Volume(s)
949.5p	127,737
949.5p	631

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)

Price(s)	Volume(s)
949.5p	82,840
949.5p	631

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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