7th Aug 2018 11:00
7 August 2018
VIRGIN MONEY HOLDINGS (UK) PLC (the Company)
ISIN: GB00BQ8P0644
NOTIFICATION OF TRANSACTIONS BY DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS
VESTING OF AWARDS UNDER THE DEFERRED BONUS SHARE PLAN (DBSP) AND LONG TERM INCENTIVE PLAN (LTIP)
On 6 August 2018, certain DBSP and LTIP awards (the Awards) granted by the Company to Peter Bole (a PDMR of the Company) under the terms of his appointment to compensate him for awards forfeited from previous employment vested in accordance with their terms in respect of 236,075 ordinary shares in the Company (Shares), and Shares were transferred from the Company's Employee Benefit Trust in satisfaction of these Awards.
Details of the Shares to which Peter Bole became entitled on the vesting of the Awards, and of the Shares sold on his behalf to cover the employee income tax and NICs liability arising on the vesting of the Awards, are included in the disclosures below in respect of Peter Bole.
FIXED SHARE AWARDS
On 6 August 2018, 9,799 Shares were transferred from the Company's Employee Benefit Trust in satisfaction of fixed share awards (the FSAs) awarded to Peter Bole and Hugh Chater (who are PDMRs of the Company) as part of their contractual remuneration arrangements.
The FSAs were awarded on 1 January 2018 to Peter Bole and on 1 April 2018 to Hugh Chater, to be delivered on a quarterly basis. The Shares delivered to Peter Bole were in respect of the first two financial quarters of 2018, and to Hugh Chater were in respect of the second financial quarter of 2018, the delivery of such Shares having been delayed due to the recommended all-share offer by CYBG plc for the entire issued and to be issued share capital of the Company. The FSA arrangements will continue on a quarterly basis.
The FSAs were satisfied on a "net-settlement" basis, such that the number of Shares Peter Bole and Hugh Chater received was calculated net of an amount equal to their income tax and National Insurance contributions liability. Details of the Shares received are included in the disclosures below.
The Shares will be subject to a twelve month holding period, which will run from the originally scheduled payment dates for the FSAs.
All transactions took place in the UK and the Shares are listed on the London Stock Exchange.
This notification is made in accordance with the Market Abuse Regulation, Article 19(3). Further details of the transactions are set out below.
1. Details of the person discharging managerial responsibilities/person closely associated | |||||||||||
Name: | Peter Bole | ||||||||||
2. Reason for the notification | |||||||||||
Position/status | Chief Financial Officer | ||||||||||
Initial notification/amendments | Initial notification | ||||||||||
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||||
Name of legal entity | Virgin Money Holdings (UK) plc | ||||||||||
Legal Entity Identifier code | 213800TAU9ZX2WZNCO64 | ||||||||||
4. Details of the transaction(s) | |||||||||||
Description of financial instrument, type of instrument | Ordinary shares of 0.01p each | ||||||||||
Identification code | GB00BQ8P0644 | ||||||||||
Nature of transaction | Vesting of shares and subsequent sale of shares to cover tax liabilities on vesting of share awards made under the Deferred Bonus Share Plan (DBSP) and Long Term Incentive Plan (LTIP). | ||||||||||
Currency | GBP | ||||||||||
Price and volume |
| ||||||||||
Aggregated information | See above | ||||||||||
Date of transaction | 6 August 2018 | ||||||||||
Place of transaction | London Stock Exchange (XLON) | ||||||||||
1. Details of the person discharging managerial responsibilities/person closely associated | ||
Name: | Peter Bole | |
2. Reason for the notification | ||
Position/status | Chief Financial Officer | |
Initial notification/amendments | Initial notification | |
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
Name of legal entity | Virgin Money Holdings (UK) plc | |
Legal Entity Identifier code | 213800TAU9ZX2WZNCO64 | |
4. Details of the transaction(s) | ||
Description of financial instrument, type of instrument | Ordinary shares of 0.01p each | |
Identification code | GB00BQ8P0644 | |
Nature of transaction | Receipt of shares as part of fixed remuneration under a contractual arrangement on a net of income tax and national insurance contributions (NICs) basis. | |
Currency | GBP | |
Price and volume | 6,491 shares at £4.005 per share | |
Aggregated information | See above | |
Date of transaction | 6 August 2018 | |
Place of transaction | London Stock Exchange (XLON) | |
1. Details of the person discharging managerial responsibilities/person closely associated | ||
Name: | Hugh Chater | |
2. Reason for the notification | ||
Position/status | Managing Director - Core Bank | |
Initial notification/amendments | Initial notification | |
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
Name of legal entity | Virgin Money Holdings (UK) plc | |
Legal Entity Identifier code | 213800TAU9ZX2WZNCO64 | |
4. Details of the transaction(s) | ||
Description of financial instrument, type of instrument | Ordinary shares of 0.01p each | |
Identification code | GB00BQ8P0644 | |
Nature of transaction | Receipt of shares as part of fixed remuneration under a contractual arrangement on a net of income tax and national insurance contributions (NICs) basis. | |
Currency | GBP | |
Price and volume | 3,308 shares at £4.005 per share | |
Aggregated information | See above | |
Date of transaction | 6 August 2018 | |
Place of transaction | London Stock Exchange (XLON) | |
Enquiries:
Virgin Money Investor RelationsAdam Key020 7111 1311 or adam.key@virginmoney.com
Virgin Money Company SecretaryKatie Marshall0191 279 6482 or katie.marshall@virginmoney.com
Related Shares:
Virgin Money Holdings