| Thu 27 Feb 2003, 18:16 | | Old Mutual Plc -- Directors interests |
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Old Mutual Plc - Directors` interests in shares in Old Mutual plc (the
"Company")
Old Mutual Plc
ISIN CODE: GB0007389926 52E50865BDF5EFDC00AED1A2657FDD37
JSE SHARE CODE: OML
NSX SHARE CODE: OLM
ISSUER CODE: OLOML
Directors` interests in shares in Old Mutual plc (the "Company")
The following options over shares in the Company were granted on 26 February
2003 under the Company`s executive share option scheme (the "SOP") to the
following directors of the Company:
Director Number of shares Exercise price
RCM Laubscher 231,885 86.25 pence
JVF Roberts 788,406 86.25 pence
JH Sutcliffe 1,159,421 86.25 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 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 following options under the SOP, in which directors of the Company were
interested, lapsed on 24 February 2003 upon non-fulfilment of the performance
condition applicable thereto:
Director Date of grant No of shares Exercise price
MJ Levett 14.03.00 1,007,700 130.25 pence
JVF Roberts 08.09.00 288,800 172.75 pence
JH Sutcliffe 14.03.00 517,300 130.25 pence
The total number of shares now held under option by the directors of the
Company under the SOP (following the above grants and lapses) are as follows:
Director Total shares under option under the SOP
RCM Laubscher 534,385
MJ Levett 1,017,000
JVF Roberts 2,084,906
JH Sutcliffe 2,948,921
Mr Roberts and Sutcliffe have elected to defer receipt of some or all of
their annual bonus for the year ended 31 December 2002 under a matching scheme
pursuant to the Company`s Restricted Share Plan ("RSP"). The following shares
in the Company were purchased with that part of their net of tax bonus for which
they made such elections and the following related awards were made under the
RSP on 26 February 2003:
Director No of shares Price per No of shares under
bought share the RSP matching award
JVF Roberts 41,490 87.25 pence 69,151
JH Sutcliffe 93,511 87.25 pence 155,853
The matching awards will 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 shares
bought are held in trust for the director until the date of vesting or lapse
(whichever first occurs) of the matching award.
Those conditions are:
* as to one half of the matching award, that the Company`s smoothed
operating earnings per share in Sterling (Sterling EPS) in the year ending 31
December 2005 exceed the Sterling EPS for the year ended 31 December 2002 by a
factor of 9% or more above the increase in the UK RPI over that period; and
* as to the other half of the matching award, that the Company`s smoothed
operating earnings per share in Rand (Rand EPS) in the year ending 31 December
2005 exceed the Rand EPS for the year ended 31 December 2002 by a factor of 9%
or more above the increase in the South African Consumer Price Index over that
period.
The total number of shares contingently held under the RSP by the directors
concerned (including the above awards) are now as follows:
Director No of restricted
shares awarded No of restricted Total
on joining shares under the
bonus matching
arrangement
JVF Roberts 150,600 199,196 349,796
JH Sutcliffe - 409,984 409,984
27 February 2003
ENQUIRIES:
Old Mutual plc
Tel: +44 (0) 20 7569 0100
James Poole
Investor Relations & Corporate Communications Director
Date: 27/02/2003 05:58:00 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
