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Lloyds Banking Group alert service

RNS Number : 2675H
Lloyds Banking Group PLC
09 March 2018
 

9 March 2018

 

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')

On 21 February 2018, the Group published details of upcoming remuneration disclosures for the Group, including salary, Long-Term Incentive Plan (LTIP) vesting, Group Performance Share (bonus), Group Ownership Share (LTIP) awards and Fixed Share Awards for PDMRs ('Summary Remuneration Announcement').  Where awards had not yet been made, estimates were provided. The Group announces that the following awards were made on 6 March 2018.

This announcement should be read in conjunction with the Summary Remuneration Announcement and disclosures in the 2017 Annual Report and Accounts published on 21 February 2018. The 2017 Annual Report and Accounts is available on the 'Annual Reports' page in the 'Investors & Performance' section of the Group's website www.lloydsbankinggroup.com.

 2017 Group Performance Share Awards

In line with requirements of the PRA Rulebook and FCA Remuneration Code (SYSC 19D), a maximum of 40 per cent of any variable remuneration awarded to Executive Directors and other members of the Group Executive Committee will be paid in 2018 (subject to applicable holding requirements). The remaining 60 per cent must be deferred.

                                                                                                                      

For the 2017 Group Performance Share awards, £2,000 is paid in cash in March 2018 with the balance of the upfront 40 per cent delivered in Shares. 50 per cent of the upfront Shares will be delivered immediately and will be subject to a holding period ending in March 2019. The remaining 50 per cent will be delivered in June 2018 at the prevailing share price with the number of shares notified to the market at that time.  The remaining 60 per cent of the 2017 Group Performance Share Award is deferred into Shares with 40 per cent vesting in 2019 and 20 per cent in 2020.

 

Name

Number of Shares 

Awarded in March 2018(1)

 

 

António Horta-Osório

1,555,288

 

 

George Culmer

704,426

 

 

Juan Colombás

704,426

 

 

Karin Cook

382,234

 

 

Antonio Lorenzo

598,468

 

 

Vim Maru

593,881

 

 

Zak Mian

752,996

 

 

David Oldfield

656,320

 

 

Janet Pope

317,406

 

 

Stephen Shelley

604,673

 

 



1

Based on a Share price of 68.027 pence being the average of the closing Share price of the five trading days prior to the date of award. This is the maximum number of Shares under award which will be subject to income tax and national insurance contributions on vesting.

 

 

 

Group Ownership Share Plan - 2018 awards

Awards for the 2017 performance period were made on 6 March under the rules of the 2016 Long-Term Incentive Plan. The 2018 awards are subject to a three-year performance period with vesting between the third and seventh anniversary of award, on a pro-rata basis. 

 

Name

Maximum number of Shares awarded(1)(2)

Expected 

value(3)

António Horta-Osório

6,725,221

£2,287,483

George Culmer

3,860,925

£1,317,927

Juan Colombás

3,807,302

£1,294,997

Karin Cook

2,772,003

£942,855

Antonio Lorenzo

3,753,678

£1,276,757

Vim Maru

3,587,703

£1,220,303

Zak Mian

3,224,453

£1,096,749

David Oldfield

3,753,678

£1,276,760

Janet Pope

1,708,180

£581,012

Stephen Shelley

2,308,867

£785,327

 

1

Based on a Share price of 68.027 pence being the average of the closing Share price of the five trading days prior to the date of award. As regulations prohibit the payment of dividend equivalents on awards in 2018 and subsequent years, the number of Shares subject to award has been determined by applying a discount factor to the Share price on award, as previously disclosed.  The Remuneration Committee has approved an adjustment of 25 per cent for colleagues who are senior managers, including the Executive Directors.

 

2

Vesting determined in 2021 subject to the satisfaction of stretching performance targets over the performance period ending 31 December 2020.

 

3

The values for the Group Ownership Shares awards are shown at an expected value of 50 per cent of maximum value and before deduction of income tax and NIC. The actual vesting value will depend on the achievement of performance conditions and the Share price at the date of vesting. These awards are subject to clawback for at least seven years from the date of award.

 

ENQUIRIES:

Investor Relations

Douglas Radcliffe

Group Investor Relations Director

Email: douglas.radcliffe@finance.lloydsbanking.com

 

Group Corporate Affairs

Fiona Laffan

Director of Corporate Communications

Email: fiona.laffan@lloydsbanking.com

 

+44 (0) 20 7356 1571

 

 

 

 

 

+44 (0) 20 7356 2081

 

 

 

 

 

 

 

 

 

 

 

9 March 2018

 

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

 

1

Details of the person discharging managerial responsibilities / person closely associated

 

a)

Name

 

António Horta-Osório

2

Reason for the notification

 

a)

Position/status

 

Group Chief Executive

b)

Initial notification / Amendment

 

Initial Notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

Name

 

Lloyds Banking Group plc

b)

LEI

 

549300PPXHEU2JF0AM85

 

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 10p each

 

 

 

GB0008706128

b)

Nature of the transaction

 

 

Award of Shares under the Group Performance Share Plan for 2017 and the Group Ownership Share Plan - 2018 awards

c)

Price(s) and volume(s)







Price(s)

 

Volume(s)


Award of Shares - 2017 Group Performance Share Award

 


GBP00.68027

1,555,288


Award of Shares - Group Ownership Share Plan - 2018 awards


GBP00. 68027

6,725,221







d)

Aggregated information

 

- Aggregated volume

 

- Price

 

 

8,280,509

 

GBP00.68027

 

e)

Date of the transaction

 

6 March 2018

f)

Place of the transaction

Outside a trading venue

 

 

1

Details of the person discharging managerial responsibilities / person closely associated

 

a)

Name

 

George Culmer

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

 

Lloyds Banking Group plc

b)

LEI

 

549300PPXHEU2JF0AM85

 

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 10p each

 

 

 

GB0008706128

b)

Nature of the transaction

 

 

Award of Shares under the Group Performance Share Plan for 2017 and the Group Ownership Share Plan - 2018 awards

c)

Price(s) and volume(s)







Price(s)

 

Volume(s)


Award of Shares - 2017 Group Performance Share Award

 


GBP00.68027

704,426


Award of Shares - Group Ownership Share Plan - 2018 awards


GBP00. 68027

3,860,925







d)

Aggregated information

 

- Aggregated volume

 

- Price

 

 

4,565,351

 

GBP00.68027

 

e)

Date of the transaction

 

6 March 2018

f)

Place of the transaction

Outside a trading venue

 

 

 

1

Details of the person discharging managerial responsibilities / person closely associated

 

a)

Name

 

Juan Colombás

 

2

Reason for the notification

 

a)

Position/status

 

Chief Operating Officer

 

b)

Initial notification / Amendment

 

Initial Notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

Name

 

Lloyds Banking Group plc

b)

LEI

 

549300PPXHEU2JF0AM85

 

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 10p each

 

 

 

GB0008706128

b)

Nature of the transaction

 

 

Award of Shares under the Group Performance Share Plan for 2017 and the Group Ownership Share Plan - 2018 awards

c)

Price(s) and volume(s)







Price(s)

 

Volume(s)


Award of Shares - 2017 Group Performance Share Award


GBP00.68027

704,426


Award of Shares - Group Ownership Share Plan - 2018 awards


GBP00. 68027

3,807,302







d)

Aggregated information

 

- Aggregated volume

 

- Price

 

 

4,511,728

 

GBP00.68027

 

e)

Date of the transaction

 

6 March 2018

f)

Place of the transaction

Outside a trading venue

 

 

1

Details of the person discharging managerial responsibilities / person closely associated

 

a)

Name

 

Karin Cook

 

2

Reason for the notification

 

a)

Position/status

 

Group Services Director

 

b)

Initial notification / Amendment

 

Initial Notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

Name

 

Lloyds Banking Group plc

b)

LEI

 

549300PPXHEU2JF0AM85

 

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 10p each

 

 

 

GB0008706128

b)

Nature of the transaction

 

 

Award of Shares under the Group Performance Share Plan for 2017 and the Group Ownership Share Plan - 2018 awards

c)

Price(s) and volume(s)







Price(s)

 

Volume(s)


Award of Shares - 2017 Group Performance Share Award

 


GBP00.68027

382,234


Award of Shares - Group Ownership Share Plan - 2018 awards


GBP00. 68027

2,772,003







d)

Aggregated information

 

- Aggregated volume

 

- Price

 

 

3,154,237

 

GBP00.68027

 

e)

Date of the transaction

 

6 March 2018

f)

Place of the transaction

Outside a trading venue

 

 

1

Details of the person discharging managerial responsibilities / person closely associated

 

a)

Name

 

Antonio Lorenzo

 

2

Reason for the notification

 

a)

Position/status

 

Chief Executive, Scottish Widows and Group Director, Insurance and Wealth

 

b)

Initial notification / Amendment

 

Initial Notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

Name

 

Lloyds Banking Group plc

b)

LEI

 

549300PPXHEU2JF0AM85

 

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 10p each

 

 

 

GB0008706128

b)

Nature of the transaction

 

 

Award of Shares under the Group Performance Share Plan for 2017 and the Group Ownership Share Plan - 2018 awards

c)

Price(s) and volume(s)







Price(s)

 

Volume(s)


Award of Shares - 2017 Group Performance Share Award

 


GBP00.68027

598,468


Award of Shares - Group Ownership Share Plan - 2018 awards


GBP00. 68027

3,753,678







d)

Aggregated information

 

- Aggregated volume

 

- Price

 

 

4,352,146

 

GBP00.68027

 

e)

Date of the transaction

 

6 March 2018

f)

Place of the transaction

Outside a trading venue

 

1

Details of the person discharging managerial responsibilities / person closely associated

 

a)

Name

 

Vim Maru

 

2

Reason for the notification

 

a)

Position/status

 

Group Director, Retail

 

b)

Initial notification / Amendment

 

Initial Notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

Name

 

Lloyds Banking Group plc

b)

LEI

 

549300PPXHEU2JF0AM85

 

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 10p each

 

 

 

GB0008706128

b)

Nature of the transaction

 

 

Award of Shares under the Group Performance Share Plan for 2017 and the Group Ownership Share Plan - 2018 awards

c)

Price(s) and volume(s)







Price(s)

 

Volume(s)


Award of Shares - 2017 Group Performance Share Award

 


GBP00.68027

593,881


Award of Shares - Group Ownership Share Plan - 2018 awards


GBP00. 68027

3,587,703







d)

Aggregated information

 

- Aggregated volume

 

- Price

 

 

4,181,584

 

GBP00.68027

 

e)

Date of the transaction

 

6 March 2018

f)

Place of the transaction

Outside a trading venue

 

 

1

Details of the person discharging managerial responsibilities / person closely associated

 

a)

Name

 

Zak Mian

 

2

Reason for the notification

 

a)

Position/status

 

Group Director, Transformation

 

b)

Initial notification / Amendment

 

Initial Notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

Name

 

Lloyds Banking Group plc

b)

LEI

 

549300PPXHEU2JF0AM85

 

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 10p each

 

 

 

GB0008706128

b)

Nature of the transaction

 

 

Award of Shares under the Group Performance Share Plan for 2017 and the Group Ownership Share Plan - 2018 awards

c)

Price(s) and volume(s)







Price(s)

 

Volume(s)


Award of Shares - 2017 Group Performance Share Award

 


GBP00.68027

752,996


Award of Shares - Group Ownership Share Plan - 2018 awards


GBP00. 68027

3,224,453







d)

Aggregated information

 

- Aggregated volume

 

- Price

 

 

3,977,449

 

GBP00.68027

 

e)

Date of the transaction

 

6 March 2018

f)

Place of the transaction

Outside a trading venue

 

 

1

Details of the person discharging managerial responsibilities / person closely associated

 

a)

Name

 

David Oldfield

 

2

Reason for the notification

 

a)

Position/status

 

Group Director, Commercial Banking

 

b)

Initial notification / Amendment

 

Initial Notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

Name

 

Lloyds Banking Group plc

b)

LEI

 

549300PPXHEU2JF0AM85

 

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 10p each

 

 

 

GB0008706128

b)

Nature of the transaction

 

 

Award of Shares under the Group Performance Share Plan for 2017 and the Group Ownership Share Plan - 2018 awards

c)

Price(s) and volume(s)







Price(s)

 

Volume(s)


Award of Shares - 2017 Group Performance Share Award

 


GBP00.68027

656,320


Award of Shares - Group Ownership Share Plan - 2018 awards


GBP00. 68027

3,753,678







d)

Aggregated information

 

- Aggregated volume

 

- Price

 

 

4,409,998

 

GBP00.68027

 

e)

Date of the transaction

 

6 March 2018

f)

Place of the transaction

Outside a trading venue

 

 

1

Details of the person discharging managerial responsibilities / person closely associated

 

a)

Name

 

Janet Pope

 

2

Reason for the notification

 

a)

Position/status

 

Chief of Staff and Group Director, Corporate Affairs and Responsible Business & Inclusion

b)

Initial notification / Amendment

 

Initial Notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

Name

 

Lloyds Banking Group plc

b)

LEI

 

549300PPXHEU2JF0AM85

 

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 10p each

 

 

 

GB0008706128

b)

Nature of the transaction

 

 

Award of Shares under the Group Performance Share Plan for 2017 and the Group Ownership Share Plan - 2018 awards

c)

Price(s) and volume(s)







Price(s)

 

Volume(s)


Award of Shares - 2017 Group Performance Share Award

 


GBP00.68027

317,406


Award of Shares - Group Ownership Share Plan - 2018 awards


GBP00. 68027

1,708,180







d)

Aggregated information

 

- Aggregated volume

 

- Price

 

 

2,025,586

 

GBP00.68027

 

e)

Date of the transaction

 

6 March 2018

f)

Place of the transaction

Outside a trading venue

 

 

1

Details of the person discharging managerial responsibilities / person closely associated

 

a)

Name

 

Stephen Shelley

 

2

Reason for the notification

 

a)

Position/status

 

Chief Risk Officer

 

b)

Initial notification / Amendment

 

Initial Notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

Name

 

Lloyds Banking Group plc

b)

LEI

 

549300PPXHEU2JF0AM85

 

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 10p each

 

 

 

GB0008706128

b)

Nature of the transaction

 

 

Award of Shares under the Group Performance Share Plan for 2017 and the Group Ownership Share Plan - 2018 awards

c)

Price(s) and volume(s)







Price(s)

 

Volume(s)


Award of Shares - 2017 Group Performance Share Award

 


GBP00.68027

604,673


Award of Shares - Group Ownership Share Plan - 2018 awards


GBP00. 68027

2,308,867







d)

Aggregated information

 

- Aggregated volume

 

- Price

 

 

2,913,540

 

GBP00.68027

 

e)

Date of the transaction

 

6 March 2018

f)

Place of the transaction

Outside a trading venue

 

 


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

---------------------------

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