8th May 2013 16:36
RSA Insurance Group plc
(“the Company”)
Transactions in shares by Persons Discharging Managerial Responsibility (“PDMRs”)
Ordinary Shares of 27.5p each
8 May 2013
The Company announces the following changes to the interests of PDMRs in the Company’s Ordinary Shares of 27.5p each (“Ordinary Shares”).
The Company received notification on 7 May 2013 that on 3 May 2013, the following Ordinary Shares were purchased under The Royal & Sun Alliance 2006 Long-Term Incentive Plan (“Plan”) for the following PDMRs:
| Name | No. of Voluntarily Invested Deferred Shares | ||
| Mike Holliday-Williams | 16,501 | ||
| Rowan Saunders | 41,149 |
Annually, PDMRs are given the opportunity to voluntarily invest a proportion of their annual cash bonus award into the LTIP. The Ordinary Shares acquired with this investment, Voluntarily Invested Deferred Shares (“deferred shares”), are held in trust by Capita Trustees Limited (“Capita”). These deferred shares are released on the third anniversary of the grant date. They can be removed from the trust before this date, but the individual will then forfeit any associated performance-related matching award. Deferred shares are not subject to performance conditions.
The deferred shares noted in the table above were purchased by Capita on behalf of the participants on 3 May 2013 at a price of £1.110085 per Ordinary Share.
On 7 May 2013 the Company granted the following awards over Ordinary Shares under The Royal & Sun Alliance 2006 Long-Term Incentive Plan (LTIP) to PDMRs at nil cost:
| Name | Maximum No. of Voluntarily Invested Deferred Matching Shares Receivable | Maximum No. of Voluntary Deferred Matching Shares Receivable | |||
| Mike Holliday-Williams | 62,267 | 158,708 | |||
| Rowan Saunders | 153,569 | - |
Voluntarily Invested Deferred Matching Shares (VIDMS) are awarded where a participant has chosen to purchase Voluntarily Invested Deferred Shares with a proportion of his annual cash bonus. Voluntary Deferred Matching Shares (vDMS) are awarded where a participant has agreed for a proportion of their annual cash bonus to be settled in share-related units, calculated with reference to a share price of £1.110085 per unit, which are deferred for a period of three years from the anniversary of his deferral date of 7 May 2013. The VIDMS and vDMS are subject to Performance Conditions and the retention of the related Voluntarily Invested Deferred Shares and the share-related units respectively. The number of VIDMS and vDMS shown above are the maximum number of shares receivable if the Performance Conditions are met in full and the related Voluntarily Invested Deferred Shares and share-related units are retained until the release date of 7 May 2016. Under normal circumstances the VIDMS and vDMS will vest on 7 May 2016 subject to the satisfaction of the Performance Conditions.
This announcement is made following notifications made in accordance with Disclosure and Transparency Rule 3.1.2R.
Enquiries to:
John Mills, Deputy Group Company Secretary
RSA Insurance Group plc
Tel: +44 (0) 20 7111 7000
Copyright Business Wire 2013
Related Shares:
RSA.L