9th Apr 2008 10:00
Old Mutual PLC09 April 2008 Ref 85/08 9 April 2008 Share interests of persons discharging managerial responsibilities (PDMRs) 1. Grant of share options to Executive Directors The following options over shares in Old Mutual plc (the Company) were grantedon 3 April 2008 under the Company's Share Option and Deferred Delivery Plan (theSOP) to the following directors of the Company: Director Number of shares Exercise Price------------- ---------------- -----------J C Nicholls 426,137 £1.232J V F Roberts 426,137 £1.232J H Sutcliffe 1,298,702 £1.232 The above options are for a period of six years, but may not generally, underthe rules of the SOP, be exercised until the third anniversary of grant and thenonly subject to the fulfilment of performance targets set by the RemunerationCommittee of the Company. No consideration was payable for these grants. The total number of shares now held under option under the SOP by the abovedirectors (following the above grants) is as follows: Executive Total No. of shares No. of unvested No. of vestedDirector under option option shares option shares------------- ------------------- --------------- -------------J C Nicholls 1,610,025 1,610,025 -J V F Roberts 2,584,108 1,277,284 1,306,824J H Sutcliffe 5,059,711 2,990,190 2,069,521 2. Grant of Restricted Share Awards to Executive Directors The following deferred short-term incentive awards over shares in the Companywere granted on 3 April 2008 under the Company's Restricted Share Plan (the RSP)to the following directors of the Company: Director Number of shares------------- ----------------J C Nicholls 91,978J V F Roberts 93,104J H Sutcliffe 134,738 The shares will generally only be released three years after the date of theaward if the director remains in employment with the Group until then. Mr Nicholls, Mr Roberts and Mr Sutcliffe have elected to participate in thebonus matching scheme pursuant to the RSP for the year ended 31 December 2007.Mr Nicholls and Mr Sutcliffe have elected to use all of their net annual cashincentives for the year ended 31 December 2007 to purchase Old Mutual plcshares, whilst Mr Roberts has elected to pledge existing shares, equal in valueto 100% of his net annual cash incentive for the year ended 31 December 2007.The following shares in the Company were purchased (or pledged) with that partof their net of tax cash awards for which they made such elections and thefollowing related matching awards were granted under the RSP on 3 April 2008: Director Gross Net No. of Price per No. of shares incentive incentive shares share under the RSP bought or (including matching award pledged costs)------------- --------- --------- --------- ---------- --------------J C Nicholls £226,631 £133,703 107,802 £1.240 184,404J V F Roberts - - 110,131* £1.229 186,661J H Sutcliffe £331,991 £195,861 157,920 £1.240 270,133 *based on a net incentive equivalent of £135,350 The matching awards will generally only be released three years after the dateof the award if the director remains in employment with the Group until then andthe performance conditions applicable thereto have been fulfilled. The personalshares bought or pledged are held in the director's name until the date ofvesting or lapse (whichever first occurs) of the matching award. The SOP awards (up to 100% of salary) and the matching awards are subject to aSterling-denominated IFRS Earnings per Share (IFRS EPS) performance targetlinked to UK RPI, under which growth in IFRS EPS must exceed the accumulatedgrowth in UK RPI over the three-year vesting period by 9%. For SOP awards ofbetween 100% and 200% of salary IFRS EPS must exceed the accumulated growth inUK RPI over the three-year vesting period by 12%. The total numbers of shares in the Company contingently held under the RSP bythe directors concerned (including the above awards) are now as follows: Executive No. of Restricted Shares No. of Restricted Shares in respectDirector under the bonus matching of deferred short-term incentives / arrangement welcome awards------------- ------------------------ -----------------------------------J C Nicholls 366,946 968,362J V F Roberts 622,941 369,014J H Sutcliffe 1,018,441 513,353 The total numbers of shares in the Company in which the directors concerned(together with their connected persons for the purposes of section 252 of the UKCompanies Act 2006) are beneficially interested (excluding the RSP awards whichhave not yet vested and all unexercised share option shares) are as follows: Executive Director Old Mutual plc shares------------------ ---------------------J C Nicholls 214,566J V F Roberts 806,546J H Sutcliffe 1,850,689 3. Grant of share options to other PDMRs The following options over shares in the Company with an exercise price of£1.232 per share (R19.10 for Mr Hanratty) were granted on 3 April 2008 under theSOP (and for Mr Hanratty under the OMSA Management Incentive Share Plan (MISP))to the following PDMRs: PDMR Role of PDMR Number of shares-------------- ------------------------------------------ ----------------R Harris Group Risk Director 44,588P Hanratty Managing Director, Old Mutual South Africa 359,599R Head Group Director, Southern Africa 140,443B Hult Head of Nordic, Skandia 36,559R Galdon Head of Europe & Latin America, Skandia 200,678N Poyntz-Wright Head of UK & Offshore, Skandia 234,958 The above options are for a period of six years, but may not generally, underthe rules of the SOP and the MISP, be exercised until the third anniversary ofgrant and then only subject to the fulfilment of performance targets set by theRemuneration Committee of the Company. No consideration was payable for thesegrants. The SOP and MISP awards are subject to a Sterling-denominated IFRS EPSperformance target linked to UK RPI, under which growth in IFRS EPS must exceedthe accumulated growth in UK RPI over the three-year vesting period by 9% forawards equal in value to a maximum of 100% of basic salary. For awards ofbetween 100% and 200% of salary, IFRS EPS must exceed the accumulated growth inUK RPI over the three-year vesting period by 12%. The total numbers of shares now held under option or as deferred delivery awardsunder the SOP and the MISP by the above PDMRs (including the above grants) areas follows: PDMR Total No. of Option / Deferred No. of No. of vested Delivery shares under award unvested shares shares-------------- ------------------------------ -------- -------------R Harris 44,588 44,588 -P Hanratty 1,028,445 815,849 212,596R Head 1,148,336 437,487 710,849B Hult 36,559 36,559 -R Galdon 358,967 358,967 -N Poyntz-Wright 423,408 423,408 - 4. Grant of restricted shares to other PDMRs The following restricted share awards over shares in the Company were grantedunder the RSP (and for Mr Hanratty under the MISP) to the following PDMRs: PDMR Date of award Number of shares--------------- ------------- ----------------R Harris 3 April 2008 26,753P Hanratty 3 April 2008 323,639R Head 3 April 2008 84,266B Hult 3 April 2008 7,312R Galdon 3 April 2008 40,136N Poyntz-Wright 3 April 2008 46,992T Turpin 3 April 2008 469,657T Turpin 7 April 2008 250,000 Mr Head, Mr Hult, Mr Galdon and Mr Poyntz-Wright have elected to participate inthe bonus matching scheme pursuant to the RSP for the year ended 31 December2007. Mr Hult, Mr Galdon and Mr Poyntz-Wright have elected to use 25% of theirnet annual cash incentives for the year ended 31 December 2007 to purchase OldMutual plc shares, whilst Mr Head has elected to pledge existing shares, equalin value to 50% of his net annual cash incentive for the year ended 31 December2007. The following shares in the Company were purchased (or pledged) with thatpart of their net of tax cash awards for which they made such elections and thefollowing related matching awards were granted under the RSP on 3 April 2008: PDMR Gross Net No. of Price per No. of shares incentive incentive shares share under the RSP used used bought/ (including matching award pledged costs)-------------- ----------- ---------- ------- ---------- --------------R M Head - - 67,577* £1.229 67,577B Hult SEK 106,167 SEK 44,524 2,925 £1.292 7,330R Galdon £49,447 £29,171 23,474 £1.243 40,233N Poyntz-Wright £57,894 £34,154 27,483 £1.243 47,106 *based on a net incentive equivalent of £83,052 The matching awards will generally only be released three years after the dateof the award if the PDMR remains in employment with the Group until then and theperformance condition applicable thereto has been fulfilled. The personal sharesbought or pledged are held in the PDMR's name until the date of vesting or lapse(whichever first occurs) of the matching award. The matching awards are subject to a Sterling-denominated IFRS EPS performancetarget linked to UK RPI, under which growth in IFRS EPS must exceed theaccumulated growth in UK RPI over the three-year vesting period by 9%. The total numbers of restricted shares in the Company contingently held underthe RSP or the MISP by the PDMRs concerned (including the above awards) are nowas follows: PDMR Number of shares Number of vested shares-------------- ---------------- -----------------------R Harris 226,625 -P Hanratty 758,452 84,392R Head 353,619 -B Hult 89,236 -R Galdon 227,884 -N Poyntz-Wright 268,631 -T Turpin 1,619,878 - The total numbers of shares in the Company in which Mr Head, Mr Hult, Mr Galdonand Mr Poyntz-Wright (together with their connected persons for the purposes ofsection 252 of the UK Companies Act 2006) are beneficially interested (excludingthe RSP awards which have not yet vested and all unexercised share optionshares) are as follows: PDMR Old Mutual plc shares--------------- ---------------------R Head 311,307B Hult 2,925R Galdon 41,866N Poyntz-Wright 70,467 5. Grant of share options under the Old Mutual UK Sharesave Plan Following the annual invitation to eligible employees under the Old Mutual UKSharesave Plan (the Sharesave Plan), options were granted on 2 April 2008 over atotal of 7,350,440 shares in the Company to 1,168 employees, at an exerciseprice of £0.90 per share. In accordance with the rules of the Sharesave Plan,this exercise price represented a 20% discount to the average market price atwhich the Company's shares traded on the London Stock Exchange on the referencedates of 11, 12 and 13 March 2008. As part of the grant, both Mr Poyntz-Wright and Mrs Rosie Harris receivedoptions over a total of 10,666 shares at an exercise price of £0.90 per share,exercisable between 1 June 2011 and 30 November 2011. Mr Poyntz-Wright'sprevious option under the Sharesave Plan (granted on 4 April 2007 over 7,213shares at £1.31 per share) has been cancelled by Mr Poyntz-Wright. 6. Dealings in Nedbank Group Ordinary Shares by a PDMR The following Nedbank Group ordinary shares were purchased by Mr Boardman on 4April 2008 and were committed to the Nedbank Group's 2008 Matched Share Schemeon that date: PDMR Number of Nedbank Group Price per Total value shares acquired share------------ ----------------------- --------- -------------T A Boardman 8,740 R117.83 R1,029,821.09 In addition, Mr Boardman committed 11,260 previously acquired Nedbank Groupordinary shares to the 2008 Matched Share Scheme on 4 April 2008, as set outbelow: PDMR Number of Nedbank Group Price per Total value shares acquired share------------ ----------------------- --------- -------------T A Boardman 11,260 R117.83 R1,326,748.91 The shares acquired and committed are in terms of the rules as set out in theNedbank Group (2005) Share Option, Matched Share and Restricted Share Scheme. 7. Share Option exercise and restricted share lapse for a PDMR Mr S F Powers, the outgoing Chief Executive Officer of Old Mutual US Operations,exercised share options under the SOP on 8 April 2008 as follows: Date of Option shares Exercise Sale No. of shares Gain inexercise exercised price Price sold sterling---------- ------------- -------- ------- ------------- --------8 April 08 2,059,002 £0.8625 £1.2455 2,059,002 £788,5988 April 08 532,518 £0.9525 £1.2455 532,518 £156,028 As a result of Mr Powers leaving the Old Mutual Group, the following restrictedshare awards will lapse on 20 April 2008, his final date of employment: Date of award Shares held under award------------- -----------------------27 April 2005 343,07529 March 2006 863,75230 March 2007 747,924 Old MutualFor further information on Old Mutual plc, please visit the corporate website atwww.oldmutual.com Enquiries Investor RelationsAleida White UK +44 (0)20 7002 7287Deward Serfontein SA +27 (0)82 810 5672 MediaMatthew Gregorowski UK +44 (0)20 7002 7133Nad Pillay SA +27 (0)21 504 8026 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Old Mutual PLC