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Lloyds Banking Group alert service

RNS Number : 4673S
Lloyds Banking Group PLC
17 March 2016
 

17 March 2016

LLOYDS BANKING GROUP PLC ("GROUP") - NOTIFICATION OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES ("PDMRs") IN ORDINARY SHARES OF THE GROUP OF 10 PENCE EACH ("SHARES")

 

This announcement should be read in conjunction with the Summary Remuneration Announcement published on 25 February 2016 and disclosures in the 2015 Annual Report and Accounts published on 08 March 2016. The 2015 Annual Report and Accounts is available through the 'Investors & Performance' section of the Group's website www.lloydsbankinggroup.com.

 

Fixed Share Awards

This announcement details the number of Shares acquired by PDMRs in respect of the first quarter of 2016 under the Group's Fixed Share Award, as described in the Summary Remuneration Announcement. In this respect, the Group was notified on 16 March 2016 that, after the settlement of income tax liabilities and national insurance contributions, Shares were acquired yesterday on behalf of the PDMRs as listed in the table below. The acquisition price was 68.65 pence per Share. 

 

The Shares will be held on behalf of the PDMRs and will be released over five years, with 20 per cent being released each year on the anniversary of the award.

 

Group Chief Executive and Executive Directors

Name

Shares

Awarded

António Horta-Osório

173,707

Juan Colombás

95,924

George Culmer

97,276

 

Other Members of the Group Executive Committee

Name

Shares Awarded

Andrew Bester

94,573

Karin Cook

78,361

Simon Davies

94,573

António Lorenzo

88,629

Vim Maru

78,361

David Oldfield

87,818

Miguel-Ángel Rodríguez-Sola

79,036

Matt Young

67,552

 

 

Group Chief Executive Acquisition of Shares

As described in the Summary Remuneration Announcement, for the first time since 2011 a base salary increase was proposed for the Group Chief Executive, António Horta-Osório. For 2016 this will consist of an increase in base salary of 2 per cent, in line with the other Executive Directors, and an additional increase of 4 per cent.  The Group Chief Executive suggested, and the Board approved, that for 2016 the 4 per cent increase be delivered monthly in Shares and held until the Government has sold its shareholding in the Group. In this respect, the Group was notified on 16 March 2016 that, after the settlement of income tax liabilities and national insurance contributions, 8,256 Shares were acquired yesterday on behalf of Mr Horta-Osório in respect of January, February and March 2016. The acquisition price was 68.65 pence per Share. 

 

Exercise of options to acquire Shares 

The Group was notified on 16 March 2016 that Miguel-Ángel Rodríguez-Sola, a PDMR, yesterday acquired 4,928,709 Shares, following the exercise(1) of a share buyout award. The award was granted in September 2011 for the loss of deferred share benefits forfeited as a result of his resignation from the Santander Group.  Mr Rodríguez-Sola has retained all the Shares apart from 2,322,301 Shares which were sold (at 68.81 pence per Share) to meet income tax and national insurance contributions arising from the acquisition.

 

(1) Exercise price £5 in total

 

Share Disposal

The Group was notified on 16 March 2016 that Andrew Bester, a PDMR, sold 151,805 Shares at 68.56 pence per Share and 722,539 Shares at 68.50 pence per Share on the same day.

 

Share Buyout Award

The Group announces that on 17 March 2016 a share buyout award was made to Simon Davies, a PDMR, as detailed below, for the loss of benefits forfeited as a result of his resignation from Linklaters LLP.

 

Number

of Shares awarded (1)

Vesting Date

245,218

31 March 2017

245,218

31 March 2018

245,218

31 March 2019

 

(1) Based on a Share price of 71.365 pence.

 

 

Shareholding Requirement

Following these transactions, all Executive Directors and Members of the Group Executive Committee continue to comply with the Group's shareholding policy requirements.

 

These disclosures are made pursuant to the Financial Conduct Authority's Disclosure and Transparency Rule 3.1.4.  The transactions took place in the UK and the Shares are listed on the London Stock Exchange.

 

ENQUIRIES:

 

Investor Relations

Douglas Radcliffe                                                             +44 (0) 20 7356 1571

Group Investor Relations Director

Email: douglas.radcliffe@finance.lloydsbanking.com

 

Group Corporate Affairs

Matt Smith                                                                         +44 (0) 20 7356 3522

Head of Corporate Media

Email: matt.smith@lloydsbanking.com


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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