| Wed 9 Apr 2008, 10:59 | | OML - Old Mutual Plc - Share Interests Of Persons |
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OML
OLOML
OML - Old Mutual Plc - Share Interests Of Persons Discharging
Managerial Responsibilities (PDMRS)
Old Mutual plc
ISIN CODE: GB0007389926
JSE SHARE CODE: OML
NSX SHARE CODE: OLM
ISSUER CODE: OLOML
Share interests of persons discharging managerial responsibilities (PDMRs)
Grant of share options to Executive Directors
The following options over shares in Old Mutual plc (the Company) were granted
on 3 April 2008 under the Company`s Share Option and Deferred Delivery Plan (the
SOP) to the following directors of the Company:
Director Number of shares Exercise Price
J C Nicholls 426,137 GBP1.232
J V F Roberts 426,137 GBP1.232
J H Sutcliffe 1,298,702 GBP1.232
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 grant and then
only subject to the fulfilment of performance targets set by the Remuneration
Committee of the Company. No consideration was payable for these grants.
The total number of shares now held under option under the SOP by the above
directors (following the above grants) is as follows:
Executive Total No. of No. of No. of vested
Director shares under unvested option shares
option option
shares
J C 1,610,025 1,610,025 -
Nicholls
J V F 2,584,108 1,277,284 1,306,824
Roberts
J H 5,059,711 2,990,190 2,069,521
Sutcliffe
Grant of Restricted Share Awards to Executive Directors
The following deferred short-term incentive awards over shares in the Company
were 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 91,978
J V F Roberts 93,104
J H Sutcliffe 134,738
The shares will generally only be released three years after the date of the
award if the director remains in employment with the Group until then.
Mr Nicholls, Mr Roberts and Mr Sutcliffe have elected to participate in the
bonus 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 cash
incentives for the year ended 31 December 2007 to purchase Old Mutual plc
shares, whilst Mr Roberts has elected to pledge existing shares, equal in value
to 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 part
of their net of tax cash awards for which they made such elections and the
following 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
pledged costs) award
J C GBP226,631 GBP133,703 107,802 GBP1.240 184,404
Nicholls
J V F - - 110,131* GBP1.229 186,661
Roberts
J H GBP331,991 GBP195,861 157,920 GBP1.240 270,133
Sutcliffe
*based on a net incentive equivalent of GBP135,350
The matching awards will generally only be released three years after the date
of the award if the director remains in employment with the Group until then and
the performance conditions applicable thereto have been fulfilled. The personal
shares bought or pledged are held in the director`s name until the date of
vesting or lapse (whichever first occurs) of the matching award.
The SOP awards (up to 100% of salary) and the matching awards are subject to a
Sterling-denominated IFRS Earnings per Share (IFRS EPS) performance target
linked to UK RPI, under which growth in IFRS EPS must exceed the accumulated
growth in UK RPI over the three-year vesting period by 9%. For SOP awards of
between 100% and 200% of salary IFRS EPS must exceed the accumulated growth in
UK RPI over the three-year vesting period by 12%.
The total numbers of shares in the Company contingently held under the RSP by
the directors concerned (including the above awards) are now as follows:
Executive No. of Restricted No. of Restricted Shares
Director Shares under the in respect of deferred
bonus matching short-term incentives /
arrangement welcome awards
J C 366,946 968,362
Nicholls
J V F 622,941 369,014
Roberts
J H 1,018,441 513,353
Sutcliffe
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 UK
Companies Act 2006) are beneficially interested (excluding the RSP awards which
have not yet vested and all unexercised share option shares) are as follows:
Executive Old Mutual plc shares
Director
J C Nicholls 214,566
J V F Roberts 806,546
J H Sutcliffe 1,850,689
Grant of share options to other PDMRs
The following options over shares in the Company with an exercise price of
GBP1.232 per share (R19.10 for Mr Hanratty) were granted on 3 April 2008 under
the SOP (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 44,588
P Hanratty Managing Director, Old 359,599
Mutual South Africa
R Head Group Director, Southern 140,443
Africa
B Hult Head of Nordic, Skandia 36,559
R Galdon Head of Europe & Latin 200,678
America, Skandia
N Poyntz- Head of UK & Offshore, 234,958
Wright Skandia
The above options are for a period of six years, but may not generally, under
the rules of the SOP and the MISP, be exercised until the third anniversary of
grant and then only subject to the fulfilment of performance targets set by the
Remuneration Committee of the Company. No consideration was payable for these
grants.
The SOP and MISP awards are subject to a Sterling-denominated IFRS EPS
performance target linked to UK RPI, under which growth in IFRS EPS must exceed
the accumulated growth in UK RPI over the three-year vesting period by 9% for
awards equal in value to a maximum of 100% of basic salary. For awards of
between 100% and 200% of salary, IFRS EPS must exceed the accumulated growth in
UK RPI over the three-year vesting period by 12%.
The total numbers of shares now held under option or as deferred delivery awards
under the SOP and the MISP by the above PDMRs (including the above grants) are
as follows:
PDMR Total No. of No. of No. of
Option / Deferred unvested vested
Delivery shares shares shares
under award
R Harris 44,588 44,588 -
P Hanratty 1,028,445 815,849 212,596
R Head 1,148,336 437,487 710,849
B Hult 36,559 36,559 -
R Galdon 358,967 358,967 -
N Poyntz- 423,408 423,408 -
Wright
4. Grant of restricted shares to other PDMRs
The following restricted share awards over shares in the Company were granted
under 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 26,753
P Hanratty 3 April 2008 323,639
R Head 3 April 2008 84,266
B Hult 3 April 2008 7,312
R Galdon 3 April 2008 40,136
N Poyntz- 3 April 2008 46,992
Wright
T Turpin 3 April 2008 469,657
T Turpin 7 April 2008 250,000
Mr Head, Mr Hult, Mr Galdon and Mr Poyntz-Wright have elected to participate in
the bonus matching scheme pursuant to the RSP for the year ended 31 December
2007. Mr Hult, Mr Galdon and Mr Poyntz-Wright have elected to use 25% of their
net annual cash incentives for the year ended 31 December 2007 to purchase Old
Mutual plc shares, whilst Mr Head has elected to pledge existing shares, equal
in value to 50% 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
part of their net of tax cash awards for which they made such elections and the
following 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* GBP1.229 67,577
B Hult SEK SEK 2,925 GBP1.292 7,330
106,167 44,524
R Galdon GBP49,447 GBP29,171 23,474 GBP1.243 40,233
N Poyntz- GBP57,894 GBP34,154 27,483 GBP1.243 47,106
Wright
*based on a net incentive equivalent of GBP83,052
The matching awards will generally only be released three years after the date
of the award if the PDMR remains in employment with the Group until then and the
performance condition applicable thereto has been fulfilled. The personal shares
bought 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 performance
target linked to UK RPI, under which growth in IFRS EPS must exceed the
accumulated growth in UK RPI over the three-year vesting period by 9%.
The total numbers of restricted shares in the Company contingently held under
the RSP or the MISP by the PDMRs concerned (including the above awards) are now
as follows:
PDMR Number of Number of vested shares
shares
R Harris 226,625 -
P Hanratty 758,452 84,392
R Head 353,619 -
B Hult 89,236 -
R Galdon 227,884 -
N Poyntz- 268,631 -
Wright
T Turpin 1,619,878 -
The total numbers of shares in the Company in which Mr Head, Mr Hult, Mr Galdon
and Mr Poyntz-Wright (together with their connected persons for the purposes of
section 252 of the UK Companies Act 2006) are beneficially interested (excluding
the RSP awards which have not yet vested and all unexercised share option
shares) are as follows:
PDMR Old Mutual plc shares
R Head 311,307
B Hult 2,925
R Galdon 41,866
N Poyntz- 70,467
Wright
5. Grant of share options under the Old Mutual UK Sharesave Plan
Following the annual invitation to eligible employees under the Old Mutual UK
Sharesave Plan (the Sharesave Plan), options were granted on 2 April 2008 over a
total of 7,350,440 shares in the Company to 1,168 employees, at an exercise
price of GBP0.90 per share. In accordance with the rules of the Sharesave Plan,
this exercise price represented a 20% discount to the average market price at
which the Company`s shares traded on the London Stock Exchange on the reference
dates of 11, 12 and 13 March 2008.
As part of the grant, both Mr Poyntz-Wright and Mrs Rosie Harris received
options over a total of 10,666 shares at an exercise price of GBP0.90 per share,
exercisable between 1 June 2011 and 30 November 2011. Mr Poyntz-Wright`s
previous option under the Sharesave Plan (granted on 4 April 2007 over 7,213
shares at GBP1.31 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 4
April 2008 and were committed to the Nedbank Group`s 2008 Matched Share Scheme
on 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 Group
ordinary shares to the 2008 Matched Share Scheme on 4 April 2008, as set out
below:
PDMR Number of Price per Total value
Nedbank share
Group
shares
acquired
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 the
Nedbank 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 Exercise Sale Price No. of Gain in
exercise shares price shares sterling
exercised sold
8 April 08 2,059,002 GBP0.8625 GBP1.2455 2,059,002 GBP788,598
8 April 08 532,518 GBP0.9525 GBP1.2455 532,518 GBP156,028
As a result of Mr Powers leaving the Old Mutual Group, the following restricted
share awards will lapse on 20 April 2008, his final date of employment:
Date of award Shares held under
award
27 April 2005 343,075
29 March 2006 863,752
30 March 2007 747,924
Old Mutual
For further information on Old Mutual plc, please visit the corporate website at
www.oldmutual.com
Enquiries
Investor
Relations
Aleida White UK +44 (0)20 7002 7287
Deward Serfontein SA +27 (0)82 810 5672
Media
Matthew UK +44 (0)20 7002 7133
Gregorowski
Nad Pillay SA + 27 (0)21 504 8026
9 April 2008
Sponsor
Merrill Lynch South Africa (Pty) Limited
Date: 09/04/2008 10:59:50 Produced by the JSE SENS Department.
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