Director/PDMR Shareholding

RNS Number : 8292Q

Bgeo Group PLC

02 March 2016

 

London, 2 March 2016

NOTIFICATION OF TRANSACTIONS OF DIRECTORS/PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY AND CONNECTED PERSONS

The Board of BGEO Group Plc (BGEO), the holding company of JSC Bank of Georgia (the Bank), announces that on 2 March 2016, Sanne Fiduciary Services Limited (Sanne), acting as trustee of the Senior Equity Compensation Plan, granted both deferred share salary and discretionary deferred share compensation in respect of the 2014 work year to each of the PDMRs listed in the table below. Such compensation is granted in London in the form of nil cost options in respect of BGEO ordinary shares (BGEO Shares).

In accordance with our Remuneration Policy, we have decided that grants of both deferred share salary and discretionary deferred share compensation should be satisfied using BGEO Shares repurchased in the market. As a result, the grant of nil cost options in respect of BGEO Shares for the 2014 work year was postponed.  Having made share repurchases during 2015 and 2016, Sanne is now in a position to make such grants in respect of the 2014 work year. Sanne will continue to repurchase BGEO Shares in the market to fulfil grants in respect of the 2015 work year.

Deferred share salary is set out in each PDMR's service contract with the Bank. The deferred share salary grants in respect of the 2014 work year will vest as follows: 20% immediately, 20% on each of 1 January 2017 and 1 January 2018, and the remaining 40% on 1 January 2019.

Discretionary deferred share compensation is dependent on both Group performance and the PDMR achieving his key performance indicators. The discretionary deferred share grants in respect of the 2014 work year will vest as follows: 50% immediately and the remaining 50% on 1 January 2017.

The number BGEO Shares in the form of nil cost options granted in respect of deferred share salary and discretionary deferred share compensation for each PDMR is set out in the table below.

Name of PDMR	Number of BGEO Shares in respect of deferred share salary	Number of BGEO Shares in respect of discretionary compensation
Irakli Gilauri	90,000	25,000
Murtaz Kikoria	25,000	21,000
Archil Gachechiladze	30,000	19,000
Mikheil Gomarteli	25,000	21,000
Avtandil Namicheishvili	30,000	17,500
Irakli Burdiladze	25,000	19,000
Nikoloz Gamkrelidze	85,000*	19,000
Sulkhan Gvalia	25,000	12,000
Levan Kulijanishvili	12,000	5,000
Vasil Khodeli	12,000	5,000
Alexander Katsman	18,000	4,000
Tornike Gogichaishvili	18,000	2,000

*Upon Mr Gamkrelidze's appointment as CEO of JSC Georgia Healthcare Group, he entered into a separation agreement with the Bank whereby it was agreed that his deferred share salary in respect of the 2014 and 2015 work years and 10 months of 2016 (until original expiration date of his Service Agreement) would be granted at the same time that awards in respect of the 2014 work year were granted. This deferred share salary will vest in accordance with the Bank's usual vesting policy, save that 20% of the award in respect of the 2014 work year will vest immediately.

This notice is given in fulfilment of the obligation under DTR3.1.4 (1)(a)R.

Name of authorised official of issuer responsible for making notification:

Kate Bennett Rea, Company Secretary

About BGEO Group PLC

BGEO Group PLC is a UK incorporated holding company of a Georgia-based banking group with an investment arm. Its primary business is the leading Georgian bank JSC Bank of Georgia, which has a market share of 33.4% (based on total assets), 32.0% (based on total loans) and 33.0% (based on client deposits). The banking business offers a broad range of retail banking, corporate banking, investment management and P&C insurance services. As of 31 December 2015, the bank served approximately 2.0 million client accounts through one of the largest distribution networks in Georgia, with 266 branches, the country's largest ATM network, comprising 746 ATMs, 2,589 Express pay (self-service) terminals and a full-service remote banking platform and a modern call center. The investment business primarily consists of the largest healthcare group in Georgia (Georgia Healthcare Group), real estate business (m2) and utility business (Georgia Global Utilities).

Bank of Georgia has, as of the date hereof, the following credit ratings:

Standard & Poor's	'BB-/B'
FitchRatings	'BB-/B'
Moody's	'B1/NP' (FC) & 'Ba3/NP' (LC)

For further information, please visit www.bgeo.com or contact: 

Irakli Gilauri	Michael Oliver	Ekaterina (Eka) Shavgulidze
Group CEO	Adviser to the CEO	Head of Investor Relations
[phone]	[phone]	[phone]
[e-mail]	[e-mail]	[e-mail]

This news report is presented for general informational purposes only and should not be construed as an offer to sell or the solicitation of an offer to buy any securities

 

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