| Fri 29 Apr 2005, 12:10 | | Old Mutual Plc - Directors" interests in shares in |
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Old Mutual Plc - Directors` interests in shares in Old Mutual plc
OLD MUTUAL PLC
ISIN CODE: GB0007389926
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 April 2005
under the Company`s executive share option scheme (the `SOP`) to the following
directors of the Company:
Director Number of shares Exercise price
J V F Roberts 304,348 126.5 pence
J H Sutcliffe 434,783 126.5 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 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 numbers of shares now held under option by the above directors under
the SOP (following the above grants) are as follows:
Director Total shares under option under the
SOP
J V F Roberts 2,111,172
J H Sutcliffe 3,064,036
The following deferred short-term incentive awards over shares in the Company
were granted on 27 April 2005 under the Company`s Restricted Share Plan (the
`RSP`) to the following directors of the Company:
Director Number of shares Price per share
J V F Roberts 109,520 124.6 pence
J H Sutcliffe 159,508 124.6 pence
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 and the
performance conditions applicable thereto have been fulfilled.
Mr Roberts and Mr Sutcliffe have elected to use some or all of their annual
bonus for the year ended 31 December 2004 to purchase shares in the Company
under a matching scheme pursuant to the 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
27 April 2005:
Director Gross No. of Price per No. of
incentive shares share shares
used to bought under
purchase the RSP
shares matching
award
J V F GBP218,334 101,448 125.8 173,538
Roberts pence
J H GBP397,487 184,690 125.8 315,933
Sutcliffe pence
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 shares
bought are held in trust for the director until the date of vesting or lapse
(whichever first occurs) of the matching award.
The conditions relating to each of the SOP awards, the deferred short-term
incentive awards and the matching awards are:
* as to one half of the awards, that the Company`s adjusted earnings per share
in Sterling (`Sterling EPS`) in the year ending 31 December 2007 exceed the
Sterling EPS for the year ended 31 December 2004 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 awards, that the Company`s adjusted earnings per
share in Rand (`Rand EPS`) in the year ending 31 December 2007 exceed the Rand
EPS for the year ended 31 December 2004 by a factor of 9% or more above the
increase in the South African Consumer Price Index over that period.
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:
Director No. of No. of Total
Restricted Restricted
Shares Shares under
awarded on the bonus
joining matching
arrangement
J V F Roberts 50,200 387,904 438,104
J H Sutcliffe - 715,283 715,283
The total numbers of shares in the Company in which the directors concerned are
now beneficially interested are as follows:
Director Number of shares in the Company
J V F Roberts 828,834
J H Sutcliffe 1,784,600
The various awards described in this announcement were delayed beyond the usual
42-day period following the Company`s preliminary results release dated 28
February 2005 because of the closed period that prevailed under the Company`s
Model Code until 19 April 2005, when the Company`s Black Economic Empowerment
proposals were announced.
29 April 2005
ENQUIRIES:
Old Mutual plc UK
Miranda Bellord +44 (0) 20 7002 7133
Old Mutual plc SA
Nad Pillay +27 (0) 21 504 8026
