18th Mar 2020 15:07
RSA Insurance Group plc
("the Company")
Transactions in shares by Persons Discharging Managerial Responsibility ("PDMR")
Ordinary Shares of £1.00 each
18 March 2020
The Company announces the following changes to the interests of a PDMR in the Company's Ordinary Shares of £1.00 each ("Ordinary Shares").
On 16 March 2020 the Company granted the following Conditional Awards over Ordinary Shares under the terms of the RSA Performance Share Plan 2014 (PSP) to the following PDMR at nil cost:
Name | No. of Bonus Deferral Shares over which Award Granted | No. of Performance Shares over which Award Granted |
Ken Norgrove | 2,751 - vesting date 17 March 2020 14,893 - vesting date 16 March 2023 5,503 - vesting date 16 March 2024 | 33,587 |
Bonus Deferral Shares:
Awards of Bonus Deferral Shares are granted as part of the Annual Bonus award. In line with regulatory requirements in Scandinavia, 2,751 of the shares subject to the award granted to Ken Norgrove vested immediately on 17 March 2020. Under normal circumstances and in line with regulatory requirements in Scandinavia, the balance of 5,503 shares will vest on 16 March 2024. A six-month holding period is applicable to these share awards, from the relevant vesting date.
For the bonus earned whilst Ken was CEO, Ireland, granted 14,893 Bonus Deferral Shares which will vest on 16 March 2023, subject to the rules of the PSP and the provisions of the Company's approved Remuneration Policy.
Performance Shares:
Under normal circumstances and in line with regulatory requirements in Scandinavia, awards of Performance Shares will vest on 16 March 2024, subject to the testing of performance conditions, the rules of the PSP and the provisions of the Company's approved Remuneration Policy. A six-month holding period is applicable to vested share awards, from the relevant vesting date.
On 17 March 2020 the nil cost Conditional Awards over Shares granted on 16 March 2020 under the terms of the RSA Performance Share Plan 2014 ("PSP") to the following PDMR vested as shown in the table below
Name | No. of Bonus Deferral Shares Vested | No. of Shares sold to cover statutory deductions |
Ken Norgrove | 2,751 | 1,436 |
The forms required under the EU Market Abuse Regulation follow.
1. | Details of PDMR / Persons Closely Associated ("PCA") | |||||
a) | Name | Ken Norgrove | ||||
b) | Position / status | CEO, RSA Scandinavia | ||||
c) | Initial notification / amendment | Initial Notification | ||||
2. | Details of the issuer | |||||
a) | Name | RSA Insurance Group plc | ||||
b) | LEI | 549300HOGQ7E0TY86138 | ||||
3. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument | Ordinary Shares of £1 each ISIN: GB00BKKMKR23 | ||||
b) | Nature of the transaction | Grant of Performance Shares over Ordinary Shares under the terms of the RSA Performance Share Plan 2014 (PSP) at nil cost. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
33,587 NIL | ||||
e) | Date of the transaction | 16 March 2020 | ||||
f) | Place of the transaction | XLON London Stock Exchange | ||||
3. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument | Ordinary Shares of £1 each ISIN: GB00BKKMKR23 | ||||
b) | Nature of the transaction | Grant of Bonus Deferral share award over Ordinary Shares under the terms of the RSA Performance Share Plan 2014 (PSP) at nil cost with a vesting date of 16 March 2023. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
14,893 NIL | ||||
e) | Date of the transaction | 16 March 2020 | ||||
f) | Place of the transaction | XLON London Stock Exchange
| ||||
3. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument | Ordinary Shares of £1 each ISIN: GB00BKKMKR23 | ||||
b) | Nature of the transaction | Grant of Bonus Deferral share award over Ordinary Shares under the terms of the RSA Performance Share Plan 2014 (PSP) at nil cost with a vesting date of 16 March 2024. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
5,503 NIL | ||||
e) | Date of the transaction | 16 March 2020 | ||||
f) | Place of the transaction | XLON London Stock Exchange
| ||||
3. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument | Ordinary Shares of £1 each ISIN: GB00BKKMKR23 | ||||
b) | Nature of the transaction | Grant of Bonus Deferral share award over Ordinary Shares under the terms of the RSA Performance Share Plan 2014 (PSP) at nil cost with a vesting date of 17 March 2020. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
2,751 NIL | ||||
e) | Date of the transaction | 16 March 2020 | ||||
f) | Place of the transaction | XLON London Stock Exchange
| ||||
3.
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument | Ordinary Shares of £1 each ISIN: GB00BKKMKR23 | ||||
b) | Nature of the transaction | Vesting of Bonus Deferral Share award granted on 17 March 2020 over Ordinary Shares under the terms of the RSA Performance Share Plan 2014. The vested shares (less any sold to cover statutory deductions) are subject to a six-month holding period which ends on 17 September 2020. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
2,751 NIL | ||||
e) | Date of the transaction | 17 March 2020 | ||||
f) | Place of the transaction | XLON London Stock Exchange | ||||
3. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument | Ordinary Shares of £1 each ISIN: GB00BKKMKR23 | ||||
b) | Nature of the transaction | Sale of shares to cover statutory deductions on share awards vested on 17 March 2020 under the RSA Performance Share Plan 2014. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price
|
1,436 £3.76733 | ||||
e) | Date of the transaction | 17 March 2020 | ||||
f) | Place of the transaction | XLON London Stock Exchange | ||||
Enquiries to:
Christopher Smyth, Deputy Group Company Secretary
RSA Insurance Group plc
Tel: +44 (0) 20 7111 7000
Related Shares:
RSA.L