REG - Legal & General Grp - Director/PDMR Shareholding
21/03/2024 09:00
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RNS Number : 6933H Legal & General Group Plc 21 March 2024
Legal & General Group Plc
Notification of Transactions of Directors, Persons Discharging Managerial
Responsibilities ("PDMRs") and persons closely associated with them
In line with the announcement made on 15 June 2023, as part of the
remuneration terms relating to the appointment of António Simões as Group
Chief Executive Officer and as an Executive Director of Legal & General
Group Plc (the "Company"), and as set out in the Directors Remuneration Report
published on Wednesday 13 March 2024, the Company agreed to
compensate António Simões for incentive awards forfeited by him on leaving
his former employer.
In accordance with such remuneration terms, on 20 March 2024, the Company
granted António Simões the following conditional awards of a total of
1,229,642 ordinary shares of 2.5p each (the "Shares") in the Company under a
one-off recruitment arrangement (the "Plan"), the terms of which are
substantively equivalent to the Company's Share Bonus Plan, which will
normally vest (subject to those terms) as set out below:
a. a conditional award of 172,617 Shares with a vesting date of 20 March 2024;
b. a conditional award of 170,512 Shares with a vesting date of 31 December
2024;
c. a conditional award of 216,096 Shares with a vesting date of 20 March 2025;
d. a conditional award of 85,256 Shares with a vesting date of 31 December
2025;
e. a conditional award of 216,096 Shares with a vesting date of 20 March 2026;
f. a conditional award of 85,256 Shares with a vesting date of 31 December
2026;
g. a conditional award of 171,359 Shares with a vesting date of 20 March 2027;
and
h. a conditional award of 112,450 Shares with a vesting date of 20 March 2028.
The Awards will vest subject to continued employment with the Company. The
shareholding requirements applicable to executive directors of the Company
will apply in accordance with the Company's Directors' Remuneration Policy.
The Awards were granted on the basis of an average closing share price on the
London Stock Exchange between 5 June 2023 and 7 June 2023 of £2.3767. No
consideration was paid for the grant of the Awards. No price is payable on
the vesting of the Awards.
In accordance with the remuneration terms agreed with António Simões, the
vesting date of certain Awards correspond to the original vesting timeframe
attached to the forfeited awards. Accordingly, an Award of 172,617 shares
vested on 20 March 2024 upon grant and was released under the terms of the
Plan to António Simões, subject to the sale of sufficient shares to cover
tax liabilities.
Following this notification, António Simões has a total interest under all
share plans of the Company of 1,148,512 shares, representing 0.0192% of the
total voting rights of the Company as at 20 March 2024.
This announcement, including the notifications below, is made in accordance
with the requirements of Article 19 of the UK Market Abuse Regulation.
Awards (grant)
1 Details of the person discharging managerial responsibilities/person closely
associated
a) Name António Simões
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 Ordinary shares of £0.025 each.
Identification code GB0005603997
b) Nature of transaction Grant of conditional share awards in accordance with agreed buy-out
arrangements entered into in connection with António Simões' recruitment.
c) Price(s) and volume(s) Price(s) Volume(s)
1. Nil 1.
17
2,
61
7
2. Nil 2.
17
0,
51
2
3. Nil 3.
21
6,
09
6
4. Nil 4.
85
,2
56
5. Nil 5.
21
6,
09
6
6. Nil 6.
85
,2
56
7. Nil 7.
17
1,
35
9
8. Nil 8.
11
2,
45
0
d) Aggregated information 1. Price 1. Volume 1. Total
- Aggregated volume
- Price
1. Nil 1. 1,229,642 1. Nil
e) Date of the transaction 20 March 2024
f) Place of the transaction London Stock Exchange, XLON
Awards (vesting)
1 Details of the person discharging managerial responsibilities/person closely
associated
a) Name António Simões
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 Ordinary shares of £0.025 each, with voting rights attached.
Identification code GB0005603997
b) Nature of transaction 1. Vesting of recruitment award over 172,617 shares.
2. Sale of 81,130 shares to cover tax liabilities. The balance of 91,487
shares retained.
c) Price(s) and volume(s) Price(s) Volume(s)
1. Nil 1.
17
2,
61
7
2. £2.4820 2.
81
,1
30
d) Aggregated information 1. Price 1. Volume 1. Total
- Aggregated volume
- Price
1. Nil 1. 172,617 1. Nil
2. Price 2. Volume 2. Total
2. £2.4820 2. 81,130 2. £201,364.64
e) Date of the transaction 20 March 2024
f) Place of the transaction London Stock Exchange, XLON
21 March 2024
Leanne Cornish
Head of Group Secretariat
Legal & General Group Plc
Tel: 020 3124 4111
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