REG - NatWest Group plc - Director/PDMR Shareholding

NatwestAnnouncement

12/11/2020 15:30

RNS Number : 1775F
  
NatWest Group plc
  
12 November 2020
  
 

12 November 2020 
 
NatWest Group plc
 
 
INITIAL NOTIFICATION OF TRANSACTIONS OF PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY (PDMRs) in accordance with Article 19 of the EU Market Abuse Regulation 596/2014
 
1.   NatWest Group plc (the Company) announces that ordinary shares of £1 each in the Company (Shares) (ISIN: GB00B7T77214) were delivered to PDMRs on 10 November 2020, under the NatWest Group 2014 Employee Share Plan (the Plan) as set out below.  
 
Unless otherwise stated, the Shares delivered represent payment of a fixed share allowance (FSA) for the three month period ending 31 December 2020 and have been calculated using a Share price of £1.2499.
 
The number of Shares delivered, the number of Shares withheld to meet associated tax liabilities and the number of Shares retained by each PDMR is as follows:-
 
 



Name of PDMR


Position of PDMR


No. of Shares delivered


No. of Shares withheld to satisfy associated tax liability


No. of Shares retained 




Robert Begbie


CEO, NatWest Markets


65,006


31,250


33,756




Helen Cook


Chief HR Officer


24,502


11,534


12,968




Bruce Fletcher


Chief Risk Officer, NatWest Group


60,005


28,245


31,760




Peter Flavel 


CEO, Wealth Businesses


45,032


21,197


23,835




David Lindberg1


CEO, Retail Banking


75,841


35,700


40,141




Andrew McLaughlin2


CEO, RBS International


30,003


-


30,003




Simon McNamara


Chief Administrative Officer


65,006


31,250


33,756




Katie Murray


Chief Financial Officer


150,013


70,613


79,400




Alison Rose3


Chief Executive Officer


220,018


103,564


116,454




John Paul Thwaite


CEO, Commercial Banking


45,004


21,184


23,820




Jen Tippin4


Chief Transformation Officer 


125,725


59,180


66,545




1. David Lindberg received a FSA for the period 16 September to 31 December 2020. 
2. The FSA was delivered when Andrew McLaughlin was resident in Jersey and therefore is taxable in Jersey only and not in the UK. No employer tax withholding is required under Jersey law. The Jersey income tax payable in respect of the vesting of the award will be paid by the PDMR directly to the Jersey tax authority.
3. Alison Rose has waived her entitlement to 25% of her total fixed pay for the period 9 April 2020 to 31 December 2020 and this is being effected through a reduction in the number of Shares she receives by way of FSA. 
4. Jen Tippin received a FSA for the period 14 August to 31 December 2020.



 
 
The market price used to determine the number of Shares withheld to meet associated tax liabilities was £1.4019.  Shares retained after payment of associated tax liabilities will be held on behalf of PDMRs in the Computershare Retained Share Nominee account and will be released in instalments over a three year period.
 
2.    The Company also announces that on 10 November 2020, conditional Buy-out awards (Awards) were granted under the Plan to the PDMRs set out below in order to replace awards forfeited by such individuals on leaving their previous employer. 
 



Name of PDMR


Position of PDMR


Award price 


No. of Shares granted




David Lindberg


CEO, Retail Banking


1.02841


1,085,9572




129,830




Jen Tippin


Chief Transformation Officer


1.15633


1,133,682 




1.37754


28,119




1.     The Award price has been calculated using a 5 day average Share price taken immediately prior to the PDMR joining the Group.
2.     The vesting level will mirror the final performance outcome applicable to the PDMR's original Westpac awards, as disclosed in the future annual report and accounts of Westpac, subject to a maximum of 1,085,957 Shares.
3.     The Award price has been calculated using a 5 day average Share price taken immediately prior to the PDMR joining the Group. 
4.     The Award price has been calculated using the closing Share price on 9 November 2020 and was granted in respect of a forfeited cash award. 



 
Mr Lindberg's Awards are eligible to vest between 2020 and 2023 and Ms Tippin's Awards are eligible to vest between 2020 and 2027. The Awards are subject to malus and clawback provisions, where applicable.
 
3.   The Company announces that on 10 November 2020, buy-outs over Shares vested to the PDMR set out below. The number of Shares withheld to meet associated tax liabilities arising on vesting and the number of vested Shares retained by the PDMR is set out below:-
 



Name of PDMR


Position of PDMR


Award


No. of Shares vested


No. of Shares withheld to satisfy associated tax liability


No. of vested Shares retained 




Jen Tippin


Chief Transformation Officer


Buy-out 


213,612


100,550


113,062




Buy-out  


28,119


13,236


14,883



 
The market price used to determine the number of Shares withheld to meet associated tax liabilities was £1.4019. 
 
Vested Shares retained after payment of associated tax liabilities will, where applicable, be subject to retention periods which mirror the retention periods applicable to the PDMR's original Lloyds Banking Group awards.   
 
 
The above transactions took place on the London Stock Exchange (XLON).
 
Legal Entity Identifier: 2138005O9XJIJN4JPN90
 
 
For further information contact:- 
 
NatWest Group Investor Relations

Alexander Holcroft
Head of Investor Relations

+44(0)20 7672 1758
 
NatWest Group Media Relations  
+44(0)131 523 4205

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
  END
 
 
DSHFFIFIEESSEEF