REG - Legal & General Grp - Director/PDMR Shareholding

Legal & GeneralAnnouncement

20/04/2020 17:30

RNS Number : 2580K
  
Legal & General Group Plc
  
20 April 2020
  
 

Legal & general group plc
Notification of Transactions of Directors, Persons Discharging Managerial Responsibilities ("PDMRs") and persons closely associated with them
 
The following notification made under article 19.1 and 19.3 of the Market Abuse Regulation ("MAR") relates to:
·      to the exercise of an award granted on 11 June 2014 under the terms of the Legal & General Group Performance Share Plan 2014 (PSP 2014);
·      the exercise of an award granted on 14 April 2015 under the terms of the Legal & General Group Performance Share Plan 2015 (PSP 2015); 
·      the exercise of an award granted on 21 April 2016 under the terms of the Legal & General Group Performance Share Plan 2016 (PSP 2016); and
·      the exercise of an award granted on 18 April 2017 under the terms of the Legal & General Group Performance Share Plan 2017 (PSP 2017).
The performance conditions attached to the PSP 2014 award provide that the award vests, subject to satisfaction of the performance conditions, after the announcement of the 2016 results. One third of the vested options will be exercisable immediately with the second third becoming available after the announcement of the 2017 results and the remaining third after the announcement of the 2018 results. Options must be exercised by the seventh anniversary of the date of grant.
The performance conditions attached to the PSP 2015 award provide that the award vests, subject to satisfaction of the performance conditions, after the announcement of the results for 2017 with one third of vested options becoming exercisable immediately, the second third becoming exercisable after the announcement of the 2018 results and the remaining third after the announcement of the 2019 results.  PSP awards must be exercised by the seventh anniversary of the date of grant.
The performance conditions attached to the PSP 2016 award provide that the award vests, subject to satisfaction of the performance conditions, after the announcement of the 2018 results. One third of the vested options will be exercisable immediately with the second third becoming available after the announcement of the 2019 results and the remaining third after the announcement of the 2020 results. Options must be exercised by the seventh anniversary of the date of grant.
The performance conditions attached to the PSP 2017 award provide that the award vests, subject to satisfaction of the performance conditions, after the announcement of the 2019 results. One third of the vested options will be exercisable immediately with the second third becoming available after the announcement of the 2020 results and the remaining third after the announcement of the 2021 results. Options must be exercised by the seventh anniversary of the date of grant.
Sufficient shares have been sold to cover tax liabilities, with the remaining shares transferred to the participants.
This notification also relates to the vesting of conditional and restricted shares awarded on 18 April 2017. These shares had vested on 18 April 2020 and had been released under the terms of the Legal & General Group 2010 Share Bonus Plan (SBP), in respect of the Directors and PDMRs named below. Under the plan provisions, the default of selling sufficient shares to cover tax liabilities and retention of the remaining shares is applied if no election is received from participants
 
 
 
PSP 
 




Name


Director/
PDMR


Number of shares awarded on 11 June 2014


Number of shares awarded on 14 April
 2015


Number of shares awarded on 21 April 
2016


Number of shares awarded on 18 April 2017


Number of shares exercised on 19 April 2020


Shares sold to cover tax 
 (price £2.054)


Shares retained by individual




Nigel Wilson


Director


N/A


170,045


158,009


265,173


593,227


278,819


314,408




Geoffrey Timms


PDMR


42,081


62,549


66,375


57,466


228,471


107,385


121,086




 
SBP
 




Name


Director/ PDMR


Number of shares awarded on 18 April 2017


Number of shares vested on 18 April 2020


Shares sold to cover tax (price  £2.054)
 


Shares retained by individual




Simon Gadd


PDMR


34,068


34,068


16,012


18,056




Bernard Hickman


PDMR


15,932


15,932


7,489


0




Christopher Knight


PDMR


24,549


24,549


11,539


13,010




Stephen Licence


PDMR


22,044


22,044


10,361


11,683




Laura Mason


PDMR


15,531


15,531


7,300


8,231




Geoffrey Timms


PDMR


25,551


25,551


12,009


13,542




Kerrigan Proctor


Director


143,409


143,409


67,403


76,006




Nigel Wilson


Director


279,053


279,053


131,156


147,897




 
 
 
 
 
 
 
PSP 
 
 




1


Details of the person discharging managerial responsibilities/person closely associated




a)


Name


Nigel Wilson




2


Reason for the notification




a)


Position/status


Group Chief Executive/Director 




b)


Initial notification/Amendment


Initial Notification




3


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




a)


Name


Legal & General Group Plc




b)


LEI


213800JH9QQWHLO99821




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 £0.025 each, with voting rights attached
 GB0005603997




b)


Nature of transaction


1.   Exercise of PSP 2015, PSP 2016 and PSP 2017 awards of nil cost options over 593,227 shares.
2.   Sale of 278,819 shares to cover tax and dealing costs. The balance of 314,408 shares retained. 




c)
 


Price(s) and volume(s)
 


Price(s)


Volume




1.   Nil cost


1.   593,227




2.   £2.054


2.   278,819




d)


Aggregated information
-      Aggregated volume
-      Price


1.   Price


1.   Volume


1.   Total




1.   £0.00


1.   593,227


1.   £0.00




 


 


 




2.   Price


2.   Volume


2.   Total




2.   £2.054


2.   278,819


2.   £572,694.23




e)


Date of the transaction


19 April 2020




f)


Place of the transaction


London Stock Exchange, XLON




 
 
 




1


Details of the person discharging managerial responsibilities/person closely associated




a)


Name


Geoffrey Timms




2


Reason for the notification




a)


Position/status


Group General Counsel and Company Secretary/PDMR




b)


Initial notification/Amendment


Initial Notification




3


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




a)


Name


Legal & General Group Plc




b)


LEI


213800JH9QQWHLO99821




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 £0.025 each, with voting rights attached
 GB0005603997




b)


Nature of transaction


1.   Exercise of PSP 2014, PSP 2015, PSP 2016 and PSP 2017 awards of nil cost options over 228,471 shares.
2.   Sale of 107,385 shares to cover tax and dealing costs. The balance of 121,086 shares retained. 




c)
 


Price(s) and volume(s)
 


Price(s)


Volume




1.   Nil cost


1.   228,471




2. £2.054


2.   107,385




d)


Aggregated information
-      Aggregated volume
-      Price


1.   Price


1.   Volume


1.   Total




1.   £0.00


1.   228,471


1.   £0.00




 


 


 




2.   Price


2.   Volume


2.   Total




2.   £2.054


2.   107,385


2.   £220,568.79




e)


Date of the transaction


19 April 2020




f)


Place of the transaction


London Stock Exchange, XLON




 
 
SBP
 




1


Details of the person discharging managerial responsibilities/person closely associated




a)


Name


Simon Gadd




2


Reason for the notification




a)


Position/status


Group Chief Risk Officer/PDMR
 




b)


Initial notification/Amendment


Initial Notification




3


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




a)


Name


Legal & General Group Plc




b)


LEI


213800JH9QQWHLO99821




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 £0.025 each, with voting rights attached
 GB0005603997




b)


Nature of transaction


1.   Exercise of SBP Award of options over 34,068 shares
2.   Sale of 16,012 shares to cover tax and social security. The balance of 18,056 shares retained.




c)
 


Price(s) and volume(s)
 


Price(s)


Volume(s)




1.   £0.00


1.   34,068




2.   £2.054


2.   16,012




d)


Aggregated information
-      Aggregated volume
-      Price


1    Price


1 Volume


1.  Total




1    £0.00


1  34,068


1   0.00




 


 


 




2    Price


2  Volume


2.  Total




2    £2.054


2    16,012


2    £32,888.65




e)


Date of the transaction


18 April 2020




f)


Place of the transaction


London Stock Exchange, XLON




 
 




1


Details of the person discharging managerial responsibilities/person closely associated




a)


Name


Bernard Hickman




2


Reason for the notification




a)


Position/status


Chief Executive Officer, Legal & General Insurance/PDMR




b)


Initial notification/Amendment


Initial Notification




3


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




a)


Name


Legal & General Group Plc




b)


LEI


213800JH9QQWHLO99821




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 £0.025 each, with voting rights attached
 GB0005603997




b)


Nature of transaction


1.   Exercise of SBP Award of options over 15,932 shares
2.   Sale of 15,932 shares (7,489 shares to cover tax and social security).The balance of 0 shares retained.




c)
 


Price(s) and volume(s)
 


Price(s)


Volume




1.   £0.00


1.   15,932




2.   £2.054


2.   15,932




d)


Aggregated information
-      Aggregated volume
-      Price


1    Price


1    Volume


1    Total




1    £0.00


1    15,932


1    0.00




 


 


 




2    Price


2    Volume


2    Total




2    £2.054


2    15,932


2.  £32,724.33




e)


Date of the transaction


18 April 2020




f)


Place of the transaction


London Stock Exchange, XLON




 
 
 




1


Details of the person discharging managerial responsibilities/person closely associated




a)


Name


Christopher Knight




2


Reason for the notification




a)


Position/status


Chief Executive Officer, Legal & General Retirement, Retail/PDMR




b)


Initial notification/Amendment


Initial Notification




3


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




a)


Name


Legal & General Group Plc




b)


LEI


213800JH9QQWHLO99821




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 £0.025 each, with voting rights attached
 GB0005603997




b)


Nature of transaction


1.   Exercise of SBP Award of options over 24,549 shares
2.   Sale of 11,539 shares to cover tax and social security. The balance of 13,010 shares retained.




c)
 


Price(s) and volume(s)
 


Price(s)


Volume(s)




1.   £0.00


1.   24,549




2.   £2.054


2.   11,539




d)


Aggregated information
-      Aggregated volume
-      Price


1    Price


1 Volume


1        Total




1    £0.00


1 24,549


1   £0.00




2    Price


2 Volume


2   Total




2    £2.054


2 11,539


   2 £23,701.11




e)


Date of the transaction


18 April 2020




f)


Place of the transaction


London Stock Exchange, XLON




 
 
 




1


Details of the person discharging managerial responsibilities/person closely associated




a)


Name


Stephen Licence




2


Reason for the notification




a)


Position/status


Group Chief Internal Auditor/PDMR




b)


Initial notification/Amendment


Initial Notification




3


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




a)


Name


Legal & General Group Plc




b)


LEI


213800JH9QQWHLO99821




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 £0.025 each, with voting rights attached
 GB0005603997




b)


Nature of transaction


1.   Exercise of SBP Award of options over 22,044 shares
2.   Sale of 10,361 shares to cover tax and social security. The balance of 11,683 shares retained.




c)
 


Price(s) and volume(s)
 


Price(s)


Volume(s)




1.   £0.00


1.   22,044




2.   £2.054


2.   10,361




d)


Aggregated information
-      Aggregated volume
-      Price


1    Price


1 Volume


1        Total




1    £0.00


1 22,044


1   £0.00




2    Price


2 Volume


2   Total




2    £2.054


2 10,361


  2 £21,281.49




e)


Date of the transaction


18 April 2020




f)


Place of the transaction


London Stock Exchange, XLON




 
 
 
 




1


Details of the person discharging managerial responsibilities/person closely associated




a)


Name


Laura Mason




2


Reason for the notification




a)


Position/status


Chief Executive Officer, Legal & General Retirement, Institutional/PDMR




b)


Initial notification/Amendment


Initial Notification




3


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




a)


Name


Legal & General Group Plc




b)


LEI


213800JH9QQWHLO99821




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 £0.025 each, with voting rights attached
 GB0005603997




b)


Nature of transaction


1.   Exercise of SBP Award of options over 15,531 shares.
2.   Sale of 7,300 shares to cover tax and social security. The balance of 8,231 shares retained.




c)
 


Price(s) and volume(s)
 


Price(s)


Volume




1.   £0.00


1.   15,531




2.   £2.054


2.   7,300




d)


Aggregated information
-      Aggregated volume
-      Price


1    Price


1    Volume


1    Total




1    £0.00


1    15,531


1    £0.00




 


 


 




2    Price


2    Volume


2    Total




2    £2.054


2    7,300


2. £14,994.20




e)


Date of the transaction


18 April 2020




f)


Place of the transaction


London Stock Exchange, XLON




 
 
 
 
 
 




1


Details of the person discharging managerial responsibilities/person closely associated




a)


Name


Geoffrey Timms 




2


Reason for the notification




a)


Position/status


Group General Counsel and Company Secretary/PDMR




b)


Initial notification/Amendment


Initial Notification




3


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




a)


Name


Legal & General Group Plc




b)


LEI


213800JH9QQWHLO99821




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 £0.025 each, with voting rights attached
 GB0005603997




b)


Nature of transaction


1.   Exercise of SBP Award of options over 25,551 shares.
2.   Sale of 12,009 shares to cover tax and social security. The balance of 13,542 shares retained.
 




c)
 


Price(s) and volume(s)
 


Price(s)


Volume




1.   £0.00


1.   25,551




2.   £2.054


2.   12,009




d)


Aggregated information
-      Aggregated volume
-      Price


1    Price


1    Volume


1    Total




1    £0.00


1    25,551


1    £0.00




 


 


 




2    Price


2    Volume


2    Total




2    £2.054


2    12,009


2. £24,666.49




e)


Date of the transaction


18 April 2020




f)


Place of the transaction


London Stock Exchange, XLON




 
 
 
 




1


Details of the person discharging managerial responsibilities/person closely associated




a)


Name


 Kerrigan Procter




2


Reason for the notification




a)


Position/status


Chief Executive Officer, Legal & General Capital/Director




b)


Initial notification/Amendment


Initial Notification




3


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




a)


Name


Legal & General Group Plc




b)


LEI


213800JH9QQWHLO99821




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 £0.025 each, with voting rights attached
 GB0005603997




b)


Nature of transaction


1.   Exercise of SBP Award of options over 143,409 shares
2.   Sale of 67,403 shares to cover tax and social security. The balance of 76,006 shares retained.




c)
 


Price(s) and volume(s)
 


Price(s)


Volume




1.   £0.00


1.   143,409




2.   £2.054


2.   67,403




d)


Aggregated information
-      Aggregated volume
 
-      Price


1    Price


1    Volume


1    Total




1    £0.00


1    143,409


1    0.00




 


 


 




2    Price


2    Volume


2    Total




2    £2.054


2    67,403


2    138,445.76




e)


Date of the transaction


18 April 2020




f)


Place of the transaction


London Stock Exchange, XLON




 
 
 
 
 




1


Details of the person discharging managerial responsibilities/person closely associated




a)


Name


Nigel Wilson




2


Reason for the notification




a)


Position/status


Group Chief Executive Officer/ Director




b)


Initial notification/Amendment


Initial Notification




3


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




a)


Name


Legal & General Group Plc




b)


LEI


213800JH9QQWHLO99821




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 £0.025 each, with voting rights attached
 GB0005603997




b)


Nature of transaction


1.   Exercise of SBP Award of options over 279,053 shares
2.   Sale of 131,156 shares to cover tax and social security. The balance of 147,897 shares retained.




c)
 


Price(s) and volume(s)
 


Price(s)


Volume(s)




1.   £0.00


1.   279,053




2.   £2.054


2.   131,156




d)


Aggregated information
-      Aggregated volume
 
-      Price


1    Price


1 Volume


1.   Total




1    £0.00


1 279,053


1   £0.00




 


 


 




2    Price


2 Volume


2.  Total




2    £2.054


2. 131,156


2   £269,394.42




e)


Date of the transaction


18 April 2020




f)


Place of the transaction


London Stock Exchange, XLON




 
 
 
20 April 2020
 
Daniella Newson
Assistant Company Secretary
Legal & General Group Plc
Tel: 0203 124 2107
 


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