27th Mar 2015 17:26
27 March 2015
Virgin Money Holdings (UK) PLC (the Company)
NOTIFICATION OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES (PDMRs)
This notification is made in accordance with Disclosure and Transparency Rule 3.1.4R(1)(a).
The structure of the Company's Remuneration Policy is set out in detail in the Directors' Remuneration Report on pages 120 to 130 of the annual report and accounts for the financial year ended 31 December 2014 (the "Annual Report & Accounts") which was published on 5 March 2015 and which can be found on the Investor Relations page of Company's website www.virginmoney.com.
Deferred Bonus Share Plan (DBSP)
On 26 March 2015, the following PDMRs of the Company were each awarded a right to receive ordinary shares of £0.0001 in the capital of the Company in accordance with the rules of the DBSP in respect of 2014 financial year performance.
The awards will vest in three tranches. The first tranche vested immediately on grant with the remaining award vesting in two equal tranches on the third and fourth anniversary of grant. After sales for any tax liability arising on vesting, the net shares at each vesting will be subject to a further six-month holding period before they can be sold or transferred by the PDMRs.
PDMR | Total DBSP Award1 | Gross vested shares (before sales to cover tax liability) subject to hold period | Unvested DBSP Award2 |
*Jayne-Anne Gadhia | 295,427 | 73,857 | 221,570 |
*Lee Rochford | 166,552 | 41,638 | 124,914 |
Dave Dyer | 83,006 | 35,574 | 47,432 |
Matt Elliott | 65,891 | 28,239 | 37,652 |
Andrew Emuss | 50,232 | 21,528 | 28,704 |
Michele Greene | 85,316 | 36,564 | 48,752 |
Caroline Marsh | 65,891 | 28,239 | 37,652 |
Marian Watson | 102,493 | 25,623 | 76,870 |
1 Calculated using the middle market quotation as derived from the Daily Official List of the London Stock Exchange on 25 March, being the day before the date of grant of the award.
2 Will vest in two equal tranches in 2018 and 2019 subject to continued employment and any malus adjustment / clawback in line with remuneration policy set out in the Directors Remuneration Report
Award to New Joiner
On 26 March 2015, Richard Hemsley, a PDMR of the Company, was, under the terms of his appointment by the Company, granted the following awards in accordance with the terms of the Deferred Share Bonus Plan and Long Term Incentive Plan to compensate for forfeited awards from previous employment. The vesting dates for these awards replicate those of the forfeited awards:
Share Plan | Number of Shares Granted1 | Vesting on date of Grant (26 March 2015) | Unvested (Vesting 26 September 2015 to 26 March 2017) | Unvested (Vesting between 26 March 2016 and 26 March 2017) |
Deferred Share Bonus Plan | 68,458 | 14,975 | 53,483 | n/a |
Long-Term Incentive Plan | 213,011 | 83,731 | n/a | 129,280 |
1 Calculated using the middle market quotation as derived from the Daily Official List of the London Stock Exchange on 25 March, being the day before the date of grant of the award.
Long Term Incentive Plan
On 26 March 2015, the following PDMRs of the Company were each awarded conditional rights to acquire ordinary shares of £0.0001 in the capital of the Company in accordance with the rules of the Long Term Incentive Plan (LTIP).
The LTIP awards will vest equally on the third, fourth and fifth anniversary of the grant date, subject to performance against agreed performance conditions over the period 1 January 2015 to 31 December 2017.
Once the awards have vested, the PDMRs will be required to hold the ordinary shares for a further six months after any sales for tax arising on the vesting of the shares.
PDMR | Maximum Number of Ordinary Shares under Award1 |
*Jayne-Anne Gadhia | 278,875 |
*Lee Rochford | 139,364 |
Dave Dyer | 88,019 |
Matt Elliott | 73,349 |
Andrew Emuss | 88,019 |
Michele Greene | 92,420 |
Richard Hemsley | 146,699 |
Caroline Marsh | 64,547 |
Marian Watson | 117,359 |
1 Calculated using the middle market quotation as derived from the Daily Official List of the London Stock Exchange on 25 March 2015, being the day before the date of grant of the award.
*Denotes Director of the Company
Enquiries:
Virgin Money Investor RelationsAdam Key020 7111 1311 or [email protected]
Virgin Money Company SecretaryKatie Marshall0191 279 6482 or [email protected]
Related Shares:
Virgin Money Holdings