Director/PDMR Shareholding

RNS Number : 0365U

Aviva PLC

26 March 2019

 

26 March 2019

AVIVA PLC ("Aviva")

NOTIFICATION OF TRANSACTIONS OF DIRECTORS AND PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES ("PDMRs")

Aviva announces that:

Aviva Annual Bonus Plan 2011 (ABP) and the Aviva Long Term Incentive Plan 2011 (LTIP)

·      On 22 March 2019, in London, and in line with the normal timetable, the following PDMRs received Aviva ordinary shares of 25 pence each (Shares) following the vesting of awards granted in 2016 under the ABP and the LTIP (the Plans) as previously announced. Disposals have also been made, including to cover the cost of taxes and sales fees, as set out below.

·      The LTIP award vested at 50% following testing of Return on Equity (ROE) and Total Shareholder Return (TSR) performance factors, over a three-year period (1 January 2016 to 31 December 2018).

Name	ABP or LTIP	Price at which shares granted (pence)	Shares received from ABP or LTIP awards	No. of shares sold to cover taxes and costs	Other disposal of shares	No. of shares retained net of taxes and costs	No. of shares subject to a two year holding period	Price at which shares sold (pence)
Nitinbhai Amin	ABP LTIP	485p 485p	75,788 121,261	35,716 57,142	- -	40,072 64,119	- -	412p 412p
Andy Briggs	ABP LTIP	485p 485p	108,814 188,771	51,415 88,945	57,399 -	- 99,826	- 99,826	412p 412p
Kirstine Cooper	ABP LTIP	485p 485p	54,567 109,135	25,711 51,422	- -	28,856 57,713	- -	412p 412p
Angela Darlington	ABP LTIP	485p 485p	43,800 109,135	20,638 51,566	- 57,569	23,162	- -	412p 412p
Euan Munro	ABP LTIP	485p 485p	184,319 90,946	86,848 42,852	- -	97,471 48,094	- -	412p 412p
Tom Stoddard	ABP LTIP	485p 485p	141,876 184,167	66,849 86,776	- -	75,027 97,391	- 97,391	412p 412p
Maurice Tulloch	ABP LTIP	485p 485p	74,273 181,893	38,693 94,748	- -	35,580 87,145	- -	412p 412p
Chris Wei	ABP LTIP	485p 485p	106,010 169,766	7,670 12,283	- -	98,340 157,483	- -	412p 412p

·      In line with the 2018 Remuneration Policy, LTIP awards granted to our Executive Directors Andrew Briggs, and Tom Stoddard are subject to a further two year holding period following the sale to cover taxes. As Maurice Tulloch was not an Executive Director at the time of grant, his 2016 LTIP award is not subject to the two-year holding period.

·      As disclosed in the Aviva Annual Report, published on 26 March 2019, these shares vested in accordance with the rules of the Plans and following performance testing of the LTIP award. The ABP awards that vested represented the deferral of two thirds for Executive Directors (Andy Briggs and Tom Stoddard). The grant of awards under the LTIP was for nil consideration. 

·      Following vesting of the LTIP award, Andy Briggs has met his minimum shareholding requirements, enabling Andy to sell his ABP vesting.  After selling his ABP Andy will hold 431,127 Aviva shares.  At the release price of 412p, this represents a holding of 232% of salary, against a shareholding policy requirement of 200% for an Executive Director.

·      The awards under the ABP and LTIP were granted at a price of £4.85 per share which was based on the average share price of an Aviva ordinary share for 3 days prior to the date of the main grant, 21 March 2016.

·      In 2016 Euan Munro received an award under the the Aviva Investors 2015 Long Term Incentive Plan ("AI LTIP").  The performance conditions for the 2016 AI LTIP were based on the delivery of compound annual growth in Aviva Investors' operating profit for a three-year performance period from 1 January 2016 to 31 December 2018.  The performance conditions were not met and accordingly this award has lapsed in full.     

·      The releases under the ABP and LTIP include additional Shares received in lieu of dividends, which are subject to tax.

This announcement is made pursuant to Article 19 of the EU Market Abuse Regulation 596/2014. Aviva was notified of the above transactions on 22 March 2019.

Media Enquiries:

Andrew Reid                                                                 [phone]

Liz Kennett                                                                    [phone]

General Enquiries:

Elena Petrou, Company Secretarial                              [phone]

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	NITINBHAI AMIN
2	Reason for the notification
a)	Position/status	GROUP CHIEF OPERATIONS AND IT OFFICER
b)	Initial notification/Amendment	INITIAL NOTIFICATION
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	AVIVA PLC
b)	LEI	YF0Y5B0IB8SM0ZFG9G81
4	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, type of instrument Identification code	-     SHARES -     GB0002162385
b)	Nature of transaction	VESTING OF 75,788 ABP 2016 SHARES AND 121,261 LTIP 2016 SHARES. 92,858 SHARES SOLD TO COVER TAX LEAVING BALANCE OF 104,191 SHARES RETAINED.
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		1.   £4.12 2.   £4.12	1.   197,049 2.   92,858
d)	Aggregated information -     Aggregated volume -     Price	1. £811,841.88 2. £382,574.96	1.   197,049 2.   92,858
e)	Date of the transaction	2019-03-22
f)	Place of the transaction	LONDON STOCK EXCHANGE, XLON

 

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	ANDREW BRIGGS
2	Reason for the notification
a)	Position/status	CHIEF EXECUTIVE OFFICER UK INSURANCE
b)	Initial notification/Amendment	INITIAL NOTIFICATION
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	AVIVA PLC
b)	LEI	YF0Y5B0IB8SM0ZFG9G81
4	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, type of instrument Identification code	-     SHARES -     GB0002162385
b)	Nature of transaction	VESTING OF 108,814 ABP SHARES AND 188,771 LTIP 2016 SHARES. 197,759 SHARES SOLD LEAVING BALANCE OF 99,826 SHARES RETAINED.
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		1.   £4.12 2.   £4.12	1.   297,585 2.   197,759
d)	Aggregated information -     Aggregated volume -     Price	1. £1,226,050.20 2. £814,767.08	1.    297,585 2.   197,759
e)	Date of the transaction	2019-03-22
f)	Place of the transaction	LONDON STOCK EXCHANGE, XLON

 

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	KIRSTINE COOPER
2	Reason for the notification
a)	Position/status	GROUP GENERAL COUNSEL AND COMPANY SECRETARY
b)	Initial notification/Amendment	INITIAL NOTIFICATION
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	AVIVA PLC
b)	LEI	YF0Y5B0IB8SM0ZFG9G81
4	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, type of instrument Identification code	-     SHARES -     GB0002162385
b)	Nature of transaction	VESTING OF 54,567 ABP 2016 SHARES AND 109,135 LTIP 2016 SHARES. 77,133 SHARES SOLD TO COVER TAX LEAVING BALANCE OF 86,569 SHARES RETAINED.
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		1.   £4.12 2.   £4.12	1.   163,702 2.   77,133
d)	Aggregated information -     Aggregated volume -     Price	1. £674,452.24 2. £317,787.96	1.    163,702 2.   77,133
e)	Date of the transaction	2019-03-22
f)	Place of the transaction	LONDON STOCK EXCHANGE, XLON

 

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	ANGELA DARLINGTON
2	Reason for the notification
a)	Position/status	GROUP CHIEF RISK OFFICER
b)	Initial notification/Amendment	INITIAL NOTIFICATION
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	AVIVA PLC
b)	LEI	YF0Y5B0IB8SM0ZFG9G81
4	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, type of instrument Identification code	-     SHARES -     GB0002162385
b)	Nature of transaction	VESTING OF 43,800 ABP 2016 SHARES AND 109,135 LTIP 2016 SHARES. 129,773 SHARES SOLD LEAVING BALANCE OF 23,162 SHARES RETAINED.
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		1.   £4.12 2.   £4.12	1.   152,935 2.   129,773
d)	Aggregated information -     Aggregated volume -     Price	1. £630,092.20 2. £534,663.76	1.    152,935 2.   129,773
e)	Date of the transaction	2019-03-22
f)	Place of the transaction	LONDON STOCK EXCHANGE, XLON

 

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	EUAN MUNRO
2	Reason for the notification
a)	Position/status	CHIEF EXECUTIVE OFFICER, AVIVA INVESTORS
b)	Initial notification/Amendment	INITIAL NOTIFICATION
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	AVIVA PLC
b)	LEI	YF0Y5B0IB8SM0ZFG9G81
4	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, type of instrument Identification code	-     SHARES -     GB0002162385
b)	Nature of transaction	VESTING OF 184,319 ABP 2016 SHARES AND 90,946 LTIP 2016 SHARES. 129,699 SHARES SOLD TO COVER TAX LEAVING BALANCE OF 145,565 SHARES RETAINED.
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		1.   £4.12 2.   £4.12	1.   275,265 2.   129,699
d)	Aggregated information -     Aggregated volume -     Price	1. £1,134,091.80 2. £534,359.88	1.    275,265 2.   129,699
e)	Date of the transaction	2019-03-22
f)	Place of the transaction	LONDON STOCK EXCHANGE, XLON

 

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	THOMAS STODDARD
2	Reason for the notification
a)	Position/status	CHIEF FINANCIAL OFFICER
b)	Initial notification/Amendment	INITIAL NOTIFICATION
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	AVIVA PLC
b)	LEI	YF0Y5B0IB8SM0ZFG9G81
4	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, type of instrument Identification code	-     SHARES -     GB0002162385
b)	Nature of transaction	VESTING OF 141,876 ABP 2016 SHARES AND 184,167 LTIP 2016 SHARES. 153,625 SHARES SOLD TO COVER TAX LEAVING BALANCE OF 172,418 SHARES RETAINED.
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		1.   £4.12 2.   £4.12	1.   326,043 2.   153,625
d)	Aggregated information -     Aggregated volume -     Price	1. £1,343,297.16 2. £632,935	1.      326,043 2.   153,625
e)	Date of the transaction	2019-03-22
f)	Place of the transaction	LONDON STOCK EXCHANGE, XLON

 

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	MAURICE TULLOCH
2	Reason for the notification
a)	Position/status	GROUP CHIEF EXECUTIVE OFFICER
b)	Initial notification/Amendment	INITIAL NOTIFICATION
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	AVIVA PLC
b)	LEI	YF0Y5B0IB8SM0ZFG9G81
4	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, type of instrument Identification code	-     SHARES -     GB0002162385
b)	Nature of transaction	VESTING OF 74,273 ABP 2016 SHARES AND 181,893 LTIP 2016 SHARES. 133,441 SHARES SOLD LEAVING BALANCE OF 122,725 SHARES RETAINED.
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		1.   £4.12 2.   £4.12	1.   256,166 2.   133,441
d)	Aggregated information -     Aggregated volume -     Price	1. £1,055,403.92 2. £549,776.92	1.   256,166 2.  133,441
e)	Date of the transaction	2019-03-22
f)	Place of the transaction	LONDON STOCK EXCHANGE, XLON

 

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	CHRIS WEI
2	Reason for the notification
a)	Position/status	EXECUTIVE CHAIRMAN OF ASIA AND FPI AND GLOBAL CHAIRMAN AVIVA DIGITAL
b)	Initial notification/Amendment	INITIAL NOTIFICATION
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	AVIVA PLC
b)	LEI	YF0Y5B0IB8SM0ZFG9G81
4	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, type of instrument Identification code	-     SHARES -     GB0002162385
b)	Nature of transaction	VESTING OF 106,010 ABP 2016 SHARES AND 169,766 LTIP 2016 SHARES. 19,953 SHARES SOLD TO COVER TAX LEAVING BALANCE OF 255,823 SHARES RETAINED.
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		1.   £4.12 2.   £4.12		1.   275,776 2.   19,953
d)	Aggregated information -     Aggregated volume -     Price	1. £1,136,197.12 2. £82,206.36		1.   275,776 2.  19,953
e)	Date of the transaction	2019-03-22
f)	Place of the transaction	LONDON STOCK EXCHANGE, XLON

 

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