4th Apr 2006 12:00
Old Mutual PLC04 April 2006 Old Mutual plc Share interests of persons discharging managerial responsibilities 1. Grant of share options to Executive Directors The following options over shares in Old Mutual plc (the "Company") were grantedon 29 March 2006 under the Company's Share Option and Deferred Delivery Plan(the "SOP") to the following directors of the Company: Director Number of shares Exercise PriceJ V F Roberts 239,295 198.5 penceJ H Sutcliffe 352,645 198.5 pence All of the above options are for a period of six years, but may not generally,under the rules of the SOP, be exercised until the third anniversary of grantand then only subject to the fulfilment of performance targets set by theRemuneration Committee of the Company. No consideration was payable for thesegrants. The total number of shares now held under option by the above directors underthe SOP (following the above grants) is as follows: Executive Total No. of shares No. of unvested No. of vested optionDirector under option option shares sharesJ V F 2,350,467 1,205,061 1,145,406RobertsJ H 3,381,899 1,732,310 1,649,589Sutcliffe 2. Grant of Restricted Share Awards to Executive Directors The following deferred short-term incentive awards over shares in the Companywere granted on 29 March 2006 under the Company's Restricted Share Plan (the"RSP") to the following directors of the Company: Director Number of sharesJ V F Roberts 75,578J H Sutcliffe 107,230 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 Roberts and Mr Sutcliffe have elected to use some or all of their annual cashincentives for the year ended 31 December 2005 to purchase shares in the Companyunder a matching scheme pursuant to the RSP. The following shares in the Companywere purchased with that part of their net of tax bonus for which they made suchelections and the following related matching awards were made under the RSP on29 March 2006: Director Gross Net No. of Price per share No. of shares under incentive incentive shares (excluding the RSP matching used used costs) award to to bought purchase purchase shares sharesJ V F £240,034 £141,620 69,568 2.0175 118,976RobertsJ H £425,700 £251,163 123,379 £2.0175 211,003Sutcliffe 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 sharesbought are held in trust for the director until the date of vesting or lapse(whichever first occurs) of the matching award. The vesting of the SOP awards and the matching awards is subject to theachievement of a Sterling-denominated European Embedded Value Earnings per Share("EEV EPS") performance target linked to UK RPI, under which growth in EEV EPSmust exceed the accumulated growth in UK RPI over the three-year vesting periodplus 9%. 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 under No. of Restricted Shares in respectDirector the bonus matching arrangement of deferred short-term incentivesJ V F 328,209 185,098RobertsJ H 610,925 266,738Sutcliffe The total numbers of shares in the Company in which the directors concerned(together with their connected persons, for the purposes of section 346 of theUK Companies Act 1985) are now beneficially interested (excluding the RSP awardsdescribed above which have not yet vested and all unexercised share optionshares) are as follows: Executive Director Old Mutual plc sharesJ V F Roberts 562,543J H Sutcliffe 1,318,971 3. Grant of share options to other Persons Discharging ManagerialResponsibilities ("PDMRs") The following options over shares in the Company with an exercise price of£1.9850 per share (R21.65 for Mr Bicket and Mr Hanratty) were granted on 29March 2006 under the SOP to the following PDMRs: PDMR Role of PDMR Number of sharesK A Bell Director, Corporate Affairs 6,165N A Bicket Director of the CEO's Office 55,962J V Deane Director, Corporate Development 74,512P B Hanratty Managing Director, Old Mutual South Africa 181,871R M Head Group Director, Southern Africa 85,643R Hoskins Acting Group Finance Director 37,926M C Murray Company Secretary 30,091 All of the above options are for a period of six years, but may not generally,under the rules of the SOP, be exercised until the third anniversary of grantand then only subject to the fulfilment of performance targets set by theRemuneration Committee of the Company. No consideration was payable for thesegrants. The vesting of the SOP awards is subject to the achievement of aSterling-denominated EEV EPS performance target linked to UK RPI; in whichgrowth in EEV EPS must exceed the accumulated growth in UK RPI over thethree-year vesting period plus 9% for awards equal in value to a maximum of 100%of basic salary. Higher targets apply to the portion of grants in excess of 100%of basic salary, namely up to 12% above UK RPI for multiples of between 100% and200% of basic salary and up to 15% above UK RPI for multiples of over 200% ofbasic salary. 4. Exercise of option by PDMR and total SOP awards now held by PDMRs Mr Murray exercised the following option under the SOP on 24 March 2006: PDMR Unapproved option Exercise No. of Sale No. of shares shares exercised price shares price retained soldM C 138,407 £0.8625 103,179 £2.0350 35,228Murray The total number of shares now held under option or as deferred delivery awardsby the above PDMRs under the SOP (following the above grants and exercise) is asfollows: PDMR Total No. of Option / Deferred No. of unvested No. of vested Delivery shares under award shares sharesK A Bell 245,576 245,576 0N A 370,494 155,387 215,107BicketJ V 1,036,656 1,036,656 0DeaneP B 1,145,755 989,720 156,035HanrattyR M Head 915,070 915,070 0R 531,998 531,998 0HoskinsM C 167,757 117,757 50,000Murray 5. Grant of restricted shares to PDMRs The following restricted share awards over shares in the Company were granted on29 March 2006 under the RSP to the following PDMRs: Director Role of PDMR Number of sharesH Askari CEO, Old Mutual Financial Services 62,579G Barker Chief Executive, Old Mutual Financial Network 42,337 (US)K A Bell Director, Corporate Affairs 3,701N A Bicket Director of the CEO's Office 23,073J V Deane Director, Corporate Development 44,707P B Managing Director, Old Mutual South Africa 94,279HanrattyR M Head Group Director, Southern Africa 62,634R Hoskins Acting Group Finance Director 22,765M C Murray Company Secretary 18,055M H Newman Director, Group Corporate Development 22,157S F Powers Chief Executive, Old Mutual Asset Managers (US) 863,752 The total numbers of shares in the Company contingently held under the RSP bythe PDMRs concerned (including the above awards) are now as follows: PDMR Number of shares Number of vested sharesH Askari 144,164 0G Barker 164,865 0K A Bell 3,701 0N A Bicket 116,993 28,502J V Deane 103,182 0P B Hanratty 314,036 43,842R M Head 146,082 0R Hoskins 22,765 0M C Murray 80,132 0M H Newman 99,843 0S F Powers 1,575,441 0 The total numbers of shares in the Company in which the PDMRs concerned(together with their connected persons, for the purposes of section 346 of theUK Companies Act 1985) are now beneficially interested (excluding the RSP awardsdescribed above which have not yet vested and all unexercised share optionshares) are as follows: PDMR Number of sharesH Askari 3,458N A Bicket 800P B Hanratty 1,000R M Head 311,307M C Murray 132,500M H Newman 1,900S F Powers 290,499 6. Exercise of Option by a PDMR under the Nedbank Group (2005) Share Option,Matched Share and Restricted Share Scheme The following option over shares in Nedbank Group Limited was exercised by MrBoardman, Chief Executive of Nedbank Group Limited, on 27 March 2006: PDMR Option shares Exercise No. of shares Sale No. of shares exercised price sold price retainedT A 26,292 R60.00 16,292 R136.27 10,000Boardman The total number of Nedbank Group Limited shares held by Mr Boardman underoption under the Nedcor Group (1994) Employee Incentive Scheme and the NedbankGroup (2005) Share Option, Matched Share and Restricted Share Scheme is 650,826of which 63,100 have vested. The 10,000 shares retained by Mr Boardman have been allocated to the MatchedShare Scheme. Where these shares are still held on 29 March 2009, they will bematched on a one for every two shares held basis, provided Mr Boardman remainsan employee of Nedbank Group Limited and will also be matched on a further onefor every two shares held basis if certain Nedbank Group Limited based financialperformance targets for the 2008 financial year are met. 4 April 2006 ENQUIRIES: Old Mutual plcMalcolm Bell - Investor Relations (UK) + 44 (0) 20 7002 7166Miranda Bellord - Media Relations (UK) + 44 (0) 20 7002 7133Deward Serfontein - Investor Relations (SA) + 27 21 509 8709Nad Pillay - Media Relations (SA) + 27 11 523 9612 College HillAlex Sandberg + 44 (0) 20 7457 2020 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Old Mutual PLC