Director/PDMR Shareholding

RNS Number : 1534E

Hargreaves Lansdown PLC

15 December 2009

 



Hargreaves Lansdown plc ("the Company")  

DIRECTOR / PDMR Shareholding  

15th December 2009

Notification of Transaction of Directors, Persons Discharging Managerial Responsibility ("PDMR") or Connected Persons in accordance with Disclosure Rules 3.1.4R(1)(a).  

The Company announces that pursuant to the commencement of a Joint Share Ownership Plan ("JSOP")  following approval of the JSOP at the Annual General Meeting on 27th November, on 9th December 2009 the following PDMRs/Directors of the Company acquired an interest in ordinary shares of 0.4p each in the Company ("Ordinary Shares"), which they hold jointly with an Employee Benefit Trust. 

Director	Position	Interest in JSOP shares	Existing  shareholding	Shareholding interest (inc. JSOP shares)	% interest (inc. JSOP shares)
Tracey Taylor	Director	1,000,000	925,000	1,925,000	0.41%
Ian Gorham	PDMR	750,000	0	750,000	0.16%
Alex Davies	PDMR	1,000,000	1,229,525	2,229,525	0.47%

The interests in the Ordinary Shares have been acquired under a joint ownership arrangement. Each of the Directors/PDMRs and the trustee of an employee benefit trust have acquired the joint beneficial ownership of the Ordinary Shares. The Directors/PDMRs have acquired the right to the growth in value of the Ordinary Shares from the date of the award, and the trustee has acquired the current value of the Ordinary Shares. 

Dividend rights and the majority of voting rights are waived in relation to the Ordinary Shares for as long as the joint ownership is retained. 

Under these arrangements, each participant will benefit from growth in value of an Ordinary Share above 268.8p per share. The awards cannot be exercised within 3 years of the award date except in very limited circumstances. Each participant was required to pay an amount of 1.37 pence per share for the award.   As a general rule awards made to participants who leave employment prior to vesting will lapse. In the event that a participant leaves as a result of a qualifying reason they will receive their award in full.  Each award, unless exercised, will lapse on 9th December 2019. 

Both the Board and Remuneration have agreed that performance conditions need not be applied to these awards due to the awards being made either to secure the appointment of key staff or in recognition of a significant new area of responsibility.  Mr Gorham was granted the award in relation to his appointment to Chief Operating Officer, Ms Taylor in relation to her appointment as Group Finance Director, and Mr Davies in relation to his additional responsibility for Corporate Pensions.  

Hargreaves Lansdown (Nominees) Limited is the registered shareholder as nominee for the above transactions. The transaction took place in Bristol on 9th December 2009, notified on 14th December 2009.

For further information contact  

Simon Power

Company Secretary 

Hargreaves Lansdown

0117 988 9880

 

END

 

 

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