31 January
2024
Watkin Jones
plc
('Watkin
Jones' or the 'Company')
Director/PDMR
Shareholding
Watkin Jones plc (AIM:WJG) announces
that on 30 January 2024, the following nominal-cost share awards
over ordinary shares of 1 penny each in the Company were granted
under the Watkin Jones Long Term Incentive Plan 2018 to the
following persons discharging managerial responsibilities
('Awards'):
|
PDMR
|
Position
|
Number of shares granted
under the Awards
|
Total number of shares
subject to outstanding LTIP Awards
|
|
Alex Pease
|
Chief Executive Officer
|
1,859,956
|
2,204,335
|
|
Sarah Sergeant
|
Chief Financial Officer
|
887,445
|
1,280,768
|
The Awards have a nominal exercise
price of one penny per share and normally become exercisable after
three years from the date of grant, subject to continued employment
and performance based on total shareholder return ('TSR') measured
against absolute growth targets. The absolute TSR targets have been
designed to both retain key executives and incentivise a recovery
in the Company's share price.
As such, TSR performance will be
measured over a three-year performance period beginning on the date
of grant of the Awards.
Vesting of Awards will be determined
by reference to growth above the 'Base Share Price', being the
Watkin Jones average share price from 1 October 2023 to the grant
date of the Awards.
0% of Awards will vest if TSR is 0%
p.a. or less, increasing pro-rata to 100% vesting for maximum
performance if TSR is 43.5% compound growth p.a. or better, using
the 3 month average share price to the end of the performance
period and adjusted for any dividends during that period (applying
standard TSR methodology).
In addition to assessing performance
against the TSR targets, the Remuneration Committee retains
discretion to reduce the vesting of Awards to ensure that all
relevant factors are taken into account, including the
consideration of any windfall gains.
The notification below, made in
accordance with the requirements of the UK Market Abuse Regulation,
provides further detail:
|
1
|
Details of the person discharging managerial
responsibilities / person closely associated
|
|
a)
|
Name
|
Alex Pease
|
|
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
|
Watkin Jones plc
|
|
b)
|
LEI
|
2138009X19O21NU5SG79
|
|
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 £0.01 each
ISIN: GB00BD6RF223
|
|
b)
|
Nature of the transaction
|
Grant of Award under the Watkin Jones Long Term
Incentive Plan 2018
|
|
c)
|
Price(s) and volume(s)
|
|
Price(s)
|
Volume(s)
|
|
Nil
|
1,859,956
|
|
|
d)
|
Aggregated information
- Aggregated volume
- Price
|
Not applicable - single transaction
|
|
e)
|
Date of the transaction
|
30 January 2024
|
|
f)
|
Place of the transaction
|
Outside of a trading venue
|
|
1
|
Details of the person discharging managerial
responsibilities / person closely associated
|
|
a)
|
Name
|
Sarah Sergeant
|
|
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
|
Watkin Jones plc
|
|
b)
|
LEI
|
2138009X19O21NU5SG79
|
|
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 £0.01 each
ISIN: GB00BD6RF223
|
|
b)
|
Nature of the transaction
|
Grant of Award under the Watkin Jones Long Term
Incentive Plan 2018
|
|
c)
|
Price(s) and volume(s)
|
|
Price(s)
|
Volume(s)
|
|
Nil
|
887,445
|
|
|
d)
|
Aggregated information
- Aggregated volume
- Price
|
Not applicable - single transaction
|
|
e)
|
Date of the transaction
|
30 January 2024
|
|
f)
|
Place of the transaction
|
Outside of a trading venue
|
- Ends -
For further
information:
|
Watkin Jones plc
|
|
|
Alex Pease, Chief Executive
Officer
|
Tel: +44
(0) 20 3617 4453
|
|
Sarah Sergeant, Chief Financial
Officer
|
www.watkinjonesplc.com
|
|
|
|
|
Peel Hunt LLP (Nominated Adviser & Joint
Corporate Broker)
|
Tel: +44
(0) 20 7418 8900
|
|
Mike Bell / Ed Allsopp
|
www.peelhunt.com
|
|
|
|
|
Jefferies Hoare
Govett (Joint
Corporate Broker)
|
Tel: +44
(0) 20 7029 8000
|
|
James Umbers/David Sheehan / Paul
Bundred
|
www.jefferies.com
|
|
|
|
|
Media enquiries:
|
Buchanan
|
|
|
Henry Harrison-Topham / Steph
Whitmore
|
Tel: +44
(0) 20 7466 5000
|
|
watkinjones@buchanan.uk.com
|
www.buchanancomms.co.uk
|
Notes to Editors
Watkin Jones is the UK's leading
developer and manager of residential for rent, with a focus on the
build to rent, student accommodation and affordable housing
sectors. The Group has strong relationships with institutional
investors, and a reputation for successful, on-time-delivery of
high quality developments. Since 1999, Watkin Jones has
delivered 48,000 student beds across 143 sites, making it a key
player and leader in the UK purpose-built student accommodation
market, and is increasingly expanding its operations into the build
to rent sector. In addition, Fresh, the Group's specialist
accommodation management business, manages over 22,000 student beds
and build to rent apartments on behalf of its institutional
clients. Watkin Jones has also been responsible for over 80
residential developments, ranging from starter homes to executive
housing and apartments.
The Group's competitive advantage
lies in its experienced management team and capital-light business
model, which enables it to offer an end-to-end solution for
investors, delivered entirely in-house with minimal reliance on
third parties, across the entire life cycle of an asset.
Watkin Jones was admitted to trading
on AIM in March 2016 with the ticker WJG.L. For additional
information please visit www.watkinjonesplc.com