22nd Jun 2016 16:45
22 June 2016
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 112 to 121 of the annual report and accounts for the financial year ended 31 December 2015 (the "Annual Report & Accounts") which was published on 2 March 2016 and can be found on the Investor Relations part of the Company's website www.virginmoney.com.
Award to New Joiner
On 22 June 2016, Hugh Chater, a PDMR of the Company, was, under the terms of his employment by the Company, granted the following awards, over ordinary shares of £0.0001 each in the capital of the Company, in accordance with the terms of the Deferred Share Bonus Plan and Long Term Incentive Plan to compensate for forfeited awards from previous employment. Once the awards have vested, the PDMR 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. The vesting dates for these awards replicates those of the forfeited awards:
Share Plan | No. of Shares Granted1 | No. of shares vesting on date of Grant (22 June 2016) | No. of shares unvested (vesting 15 March 2017) | No. of shares unvested (vesting 15 March 2018) | No. of shares unvested (vesting 15 March 2019) |
Deferred Share Bonus Plan | 50,854 | 16,641 | 15,986 | 12,067 | 6,160 |
Share Plan | No. of Shares Granted1 | No. of shares vesting on date of Grant (22 June 2016) | No. of shares vesting (vesting 15 March 2017) | No. of shares vesting (vesting 15 March 2019) | No. of shares vesting (vesting 15 March 2020) |
Long Term Incentive Plan | 82,737 | 21,899 | 30,984 | 14,927 | 14,927 |
1 Calculated using the middle market quotation as derived from the Daily Official List of the London StockExchange on 21 June 2016, being the day before the date of grant of the award.
vesting of 1st tranches
Following the vesting of the 1st tranches of the Deferred Bonus Share Plan and Long Term Incentive Plan awards the Company's nominated broker, Equiniti Financial Services Limited, has notified the Company on 22 June 2016 that it has sold sufficient shares on behalf of the participant, inter alia, to satisfy the tax liabilities arising on vesting of the awards and that the net balance of shares have been transferred to the PDMR. The net shares are subject to a further six-month hold period before any further sales or transfers can be effected.
The sale of these shares was undertaken at 349.21 pence per share:
Share Plan | No. of vested shares on 22 June 2016 | Shares sold to cover tax liability | Net vested shares subject to holding period released |
Deferred Bonus Share Plan | 16,641 | 7,849 | 8,792 |
Long Term Incentive Plan | 21,899 | 10,329 | 11,570 |
The transactions took place in the UK and the shares are listed on the London Stock Exchange.
LONG TERM INCENTIVE PLAN
On 22 June 2016, 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 in equal tranches from 15 March 2020 until 15 March 2024, subject to performance against agreed performance conditions over the period 1 January 2016 to 31 December 2018.
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 |
Hugh Chater | 56,901 |
Mark Parker | 95,224 |
1 Calculated using the middle market quotation as derived from the Daily Official List of the London StockExchange on 21 June 2016, being the day before the date of grant of the award.
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