1st Dec 2016 17:00
Award to New Joiners
RECRUITMENT AWARD
On 1 December 2016, Peter Bole, a PDMR of the Company, was, under the terms of his employment by the Company, granted the following awards over ordinary shares of 0.01p each in the capital of the Company:
(i) an award of Virgin Money shares, made under the terms of the Deferred Bonus Share Plan, with a value of £653,873;
(ii) an award of Virgin Money shares, made under the terms of the Deferred Bonus Share Plan, with a value of £340,455; and
(iii) an award of Virgin Money shares, made under the terms of the Long Term Incentive Plan, with a value of £472,914 subject to Virgin Money performance conditions.
Awards (i) and (iii) above will vest on the same timeline as Peter Bole's forfeited awards from his former employer. Award (ii) above represents the share based element of a total award of £680,909 (with the remainder in cash). 40% of the share award vested immediately with 60% vesting after three years.
In total 78,879 shares under (i) and (ii) above vested on 1 December 2016. Details of the shares sold to cover the tax liabilities arising on the share vests are provided in the detailed disclosure below.
The transactions took place in the UK and the shares are listed on the London Stock Exchange.
LONG TERM INCENTIVE PLAN
On 1 December 2016, the following PDMRs of the Company were each awarded conditional rights to acquire ordinary shares of 0.01p each in the capital of the Company in accordance with the rules of the Long Term Incentive Plan (LTIP).
- Peter Bole was awarded 32,520 shares. The Award will vest in equal tranches from 15 March 2020 to 15 March 2024.
- Tim Arthur was awarded 14,227 shares. The Award will vest in equal tranches from 15 March 2020 to 15 March 2022.
The LTIP awards are subject to performance against agreed performance conditions over the period 1 January 2016 to 31 December 2018.
This notification is made in accordance with the Market Abuse Regulation, Article 19(3), further details 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 | Sale of shares to cover tax liabilities on vesting of share award | |
Currency | GBP | |
Price and volume | 37,204 shares at £3.1090 | |
Aggregated information | See above | |
Date of transaction | 1 December 2016 | |
Place of transaction | London Stock Exchange (XLON) | |
Related Shares:
Virgin Money Holdings