1st Apr 2016 11:33
Prudential plc (the Company)
Notification of interests of Persons Discharging Managerial Responsibility (PDMRs) and connected persons
Prudential plc (the Company) announces that in line with its normal timetable it has released to PDMRs shares under its various group wide incentive arrangements. Disposals have also been made to cover the cost of taxes and sales fees, together with other requested sales. Further awards under current incentive arrangements have been made to PDMRs.
This announcement is made in accordance with the requirements of DTR 3.1.4R(1)(a).
Notifications of disposal of interests and awards under the Annual Incentive Plan (AIP) and other Deferred Bonus Plans
The Company advises that on 31 March 2016 the Prudential plc Employee Share Trust (the Trust) released ordinary shares of 5p and American Depositary Receipts (ADRs) for the benefit of PDMRs in the Company. Details are shown in table 1 and 2 below.
On 1 April 2016, the Company made awards to PDMRs under its AIP arrangement. Under the AIP a percentage of an executive's annual bonus award must be deferred in shares for a period of three years. As a result of bonus awards approved by the Remuneration Committee for the 2015 financial year, the awards shown in the table below have been made at a market price of £12.99. A further award in ADRs has been made at a market price of $37.29. AIP deferred share awards will be released to participants in March 2019. Shares and ADRs acquired to meet these awards will be registered in the name of the Trust and carry an entitlement to dividends which will be used to purchase additional shares on behalf of the recipient to be held in the Trust until the release date. Details of the deferred awards released and made are shown in table 1 and 2 below.
Prudential has published its Annual Report on the Company's website www.prudential.co.uk which contains the Directors' Remuneration Report for 2015. The report summarises Prudential's Remuneration policy and provides more details of share awards made to the executive directors of the Company.
Table 1
The Company was notified on 31 March 2016 that sales were made in New York on 31 March 2016 at $37.63 per ADR on behalf of PDMRs, as follows:
Name | Beneficial interest before release of award | Number of ADRs released1 | Number of ADRs sold | Number of shares awarded under the 2016 AIP | Number of ADRs awarded under the 2016 AIP | Total beneficial interest following award |
M Wells (ADRs) | 232,594 | 43,293 | 18,180 | - | - | 214,414 |
M Wells (shares) | 141 | - | - | 103,210 | - | 103,351 |
B Stowe (ADRs) | 123,328 | 20,323 | 3,530 | - | 53,783 | 173,581 |
Following the transactions detailed above the percentage of the issued capital beneficially held by the following PDMRs are:
M Wells 0.0207%
B Stowe 0.0135%
Table 2
The Company was notified on 31 March 2016 that sales were made in London on 31 March 2016 at £13.05 per share on behalf of PDMRs, as follows:
Name | Beneficial interest in shares before release of award | Number of shares released | Number of shares sold | Number of deferred shares awarded | Total beneficial interest following award | % of issued share capital beneficially held following transaction |
J Foley | 218,688 | 37,396 | 17,594 | 63,320 | 264,414 | 0.0103 |
P James | 15,358 | 5,677 | 2,671 | 13,290 | 25,977 | 0.0010 |
M McLintock | 210,928 | 38,664 | 81,214 | 65,515 | 195,229 | 0.0076 |
N Nicandrou | 265,261 | 41,821 | 19,676 | 37,683 | 283,268 | 0.0110 |
T Wilkey | 189,592 | 70,831 | 70,831 | 34,625 | 153,386 | 0.0060 |
J Adams | 117 | - | - | 25,365 | 25,482 | 0.0010 |
R Hariharan | 8,862 | - | - | 5,697 | 14,559 | 0.0006 |
J Oliver | 14,252 | 2,026 | 954 | 4,201 | 17,499 | 0.0007 |
A Porter | 11,996 | 2,771 | 1,304 | 13,841 | 24,533 | 0.0010 |
T Rolfe | 14,230 | 4,781 | 2,250 | 19,705 | 31,685 | 0.0012 |
Awards under the Prudential Long Term Incentive Plan
On 1 April 2016, the Company made the following awards to PDMRs under the Prudential Long Term Incentive Plan (PLTIP).
Under the PLTIP the Remuneration Committee can make conditional share awards over both ordinary shares of 5p and ADRs to executives. The awards made in 2016 are in line with Prudential's Directors' remuneration policy and will only be released in March 2019 subject to the achievement of performance criteria. As set out in detail in the 2015 Directors' Remuneration Report, awards will only be released in full if stretching performance targets in respect of Total Shareholder Return and IFRS Operating Profit are met. Details of the PLTIP awards made are shown in tables 3 and 4 below.
Table 3
The following awards of ordinary shares of 5p in the Company have been made at a market price of £12.99:
Name | Number of conditional shares awarded | Total number of conditional shares held following award | % of issued share capital held as conditional share awards following transaction |
M Wells | 332,870 | 1,084,648 | 0.0422 |
J Foley | 144,340 | 554,328 | 0.0215 |
P James | 116,628 | 196,436 | 0.0076 |
N Nicandrou | 136,836 | 495,882 | 0.0193 |
T Wilkey | 153,742 | 511,766 | 0.0199 |
J Adams | 85,604 | 144,845 | 0.0056 |
R Hariharan | 57,736 | 119,059 | 0.0046 |
J Oliver | 28,020 | 62,644 | 0.0024 |
A Porter | 68,514 | 158,458 | 0.0062 |
A Ramji | 76,982 | 76,982 | 0.0030 |
T Rolfe | 71,592 | 171,209 | 0.0067 |
Table 4
The following award of ADRs has been made at a market price of US$ 37.29:
Name | Number of conditional ADRs awarded | Total number of conditional ADRs held following award | % of issued share capital held as conditional share awards following transactions |
B Stowe | 137,050 | 342,399 | 0.0266 |
Additional Information
Mr Wells' beneficial interest in shares is made up of 214,414 ADRs (representing 428,828 ordinary shares) and 103,351 ordinary shares. Mr Wells' conditional share awards are over 332,870 ordinary shares and 375,889 ADRs (representing 751,778 ordinary shares).
Mr Stowe's beneficial interest in shares is made up of 173,581 ADRs (representing 347,162 ordinary shares).
Prudential plc ADRs are issued at a ratio of 1 ADR being equal to 2 Prudential plc ordinary shares of 5p each.
Prudential plc is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America.
Date of Notification 1 April 2016
Contact
Jennie Webb, Share Plans Manager, + 44 (0)20 7548 2027
Stefan Bort, Deputy Group Secretary, + 44 (0) 20 7548 2115
Related Shares:
Prudential