17 March 2016
KENNEDY WILSON EUROPE REAL ESTATE PLC
(KWE, or the Company)
CORRECTION: DIRECTOR/PDMR DEALING
The following amendments have been made to the DIRECTOR/PDMR DEALING announcement released today, 17 March 2016, at 09:15 under RNS No 4190S.
The number of RSUs awarded to William McMorrow and Mary Ricks, and the corresponding Ordinary Shares that may be delivered to them on vesting of the RSUs, were wrongly stated in the announcement released this morning and have now been corrected. All other details remain unchanged.
The full amended text is shown below.
KENNEDY WILSON EUROPE REAL ESTATE PLC
(KWE, or the Company)
DIRECTOR/PDMR DEALING
Kennedy Wilson Europe Real Estate Plc (LSE: KWE) announces that it was notified today, that William McMorrow and Mary Ricks, directors of the Company, were each granted an award of restricted share units (RSUs) with respect to ordinary shares in the capital of the Company (Ordinary Shares).
The RSUs have been granted to Mr McMorrow and Ms Ricks, along with certain other employees of the Kennedy Wilson group, by their respective employing Kennedy Wilson group companies and are in respect of existing issued Ordinary Shares that were awarded to KW Investment Management Ltd. (the Investment Manager) in satisfaction of the performance fee for the year ended 31 December 2015, as announced by the Company on 2 March 2016. The RSUs will vest, subject to continued service, in equal tranches over a period of three years, with the first vesting to occur in March 2017 and thereafter in March 2018 and March 2019.
Each of Mr McMorrow and Ms Ricks have been awarded 119,233 RSUs, where each RSU that vests shall represent the right to receive payment of one Ordinary Share. Following this grant, the interests of Mr McMorrow and Ms Ricks in the Ordinary Share capital of the Company are set out below:
|
Name of PDMR |
Number of Ordinary Shares currently held |
% of issued Ordinary Share capital of the Company currently held |
Number of RSUs awarded(1) |
% of issued Ordinary Share capital of the Company represented by RSUs awarded
|
Maximum number of Ordinary Shares that may be delivered on vesting of RSUs(2) |
|
William McMorrow
|
80,916 |
0.06 |
119,233 |
0.09 |
119,233 |
|
Mary Ricks |
120,916 |
0.09 |
119,233 |
0.09 |
119,233 |
Notes:
(1) No consideration is due in connection with the award and vesting of these RSUs and delivery of the relevant Ordinary Shares.
(2) Subject to any withholding of Ordinary Shares on vesting in order to satisfy tax liabilities.
For the purposes of DTR 3.1.3R(6) of the Financial Conduct Authority's Disclosure Rules and Transparency Rules (the "DTRs"), the above transactions took place on 16 March 2016, with an effective grant date of 1 March 2016.
This notification is to satisfy the Company's obligations under DTR 3.1.4(R)(1)(a).