Director/PDMR Shareholding

RNS Number : 2580K

Legal & General Group Plc

20 April 2020

 

Legal & general group plc

Notification of Transactions of Directors, Persons Discharging Managerial Responsibilities ("PDMRs") and persons closely associated with them

The following notification made under article 19.1 and 19.3 of the Market Abuse Regulation ("MAR") relates to:

· to the exercise of an award granted on 11 June 2014 under the terms of the Legal & General Group Performance Share Plan 2014 (PSP 2014);

· the exercise of an award granted on 14 April 2015 under the terms of the Legal & General Group Performance Share Plan 2015 (PSP 2015);

· the exercise of an award granted on 21 April 2016 under the terms of the Legal & General Group Performance Share Plan 2016 (PSP 2016); and

· the exercise of an award granted on 18 April 2017 under the terms of the Legal & General Group Performance Share Plan 2017 (PSP 2017).

The performance conditions attached to the PSP 2014 award provide that the award vests, subject to satisfaction of the performance conditions, after the announcement of the 2016 results. One third of the vested options will be exercisable immediately with the second third becoming available after the announcement of the 2017 results and the remaining third after the announcement of the 2018 results. Options must be exercised by the seventh anniversary of the date of grant.

The performance conditions attached to the PSP 2015 award provide that the award vests, subject to satisfaction of the performance conditions, after the announcement of the results for 2017 with one third of vested options becoming exercisable immediately, the second third becoming exercisable after the announcement of the 2018 results and the remaining third after the announcement of the 2019 results.  PSP awards must be exercised by the seventh anniversary of the date of grant.

The performance conditions attached to the PSP 2016 award provide that the award vests, subject to satisfaction of the performance conditions, after the announcement of the 2018 results. One third of the vested options will be exercisable immediately with the second third becoming available after the announcement of the 2019 results and the remaining third after the announcement of the 2020 results. Options must be exercised by the seventh anniversary of the date of grant.

The performance conditions attached to the PSP 2017 award provide that the award vests, subject to satisfaction of the performance conditions, after the announcement of the 2019 results. One third of the vested options will be exercisable immediately with the second third becoming available after the announcement of the 2020 results and the remaining third after the announcement of the 2021 results. Options must be exercised by the seventh anniversary of the date of grant.

Sufficient shares have been sold to cover tax liabilities, with the remaining shares transferred to the participants.

This notification also relates to the vesting of conditional and restricted shares awarded on 18 April 2017. These shares had vested on 18 April 2020 and had been released under the terms of the Legal & General Group 2010 Share Bonus Plan (SBP), in respect of the Directors and PDMRs named below. Under the plan provisions, the default of selling sufficient shares to cover tax liabilities and retention of the remaining shares is applied if no election is received from participants

PSP

Name	Director/ PDMR	Number of shares awarded on 11 June 2014	Number of shares awarded on 14 April  2015	Number of shares awarded on 21 April 2016	Number of shares awarded on 18 April 2017	Number of shares exercised on 19 April 2020	Shares sold to cover tax  (price £2.054)	Shares retained by individual
Nigel Wilson	Director	N/A	170,045	158,009	265,173	593,227	278,819	314,408
Geoffrey Timms	PDMR	42,081	62,549	66,375	57,466	228,471	107,385	121,086

SBP

Name	Director/ PDMR	Number of shares awarded on 18 April 2017	Number of shares vested on 18 April 2020	Shares sold to cover tax (price  £2.054)	Shares retained by individual
Simon Gadd	PDMR	34,068	34,068	16,012	18,056
Bernard Hickman	PDMR	15,932	15,932	7,489	0
Christopher Knight	PDMR	24,549	24,549	11,539	13,010
Stephen Licence	PDMR	22,044	22,044	10,361	11,683
Laura Mason	PDMR	15,531	15,531	7,300	8,231
Geoffrey Timms	PDMR	25,551	25,551	12,009	13,542
Kerrigan Proctor	Director	143,409	143,409	67,403	76,006
Nigel Wilson	Director	279,053	279,053	131,156	147,897

PSP

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Nigel Wilson
2	Reason for the notification
a)	Position/status	Group Chief Executive/Director
b)	Initial notification/Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Legal & General Group Plc
b)	LEI	213800JH9QQWHLO99821
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	Ordinary shares of £0.025 each, with voting rights attached  GB0005603997
b)	Nature of transaction	1.  Exercise of PSP 2015, PSP 2016 and PSP 2017 awards of nil cost options over 593,227 shares . 2.  Sale of 278,819 shares to cover tax and dealing costs. The balance of 314,408 shares retained.
c)	Price(s) and volume(s)	Price(s)	Volume
		1.  Nil cost	1.  593,227
		2.  £2.054	2.  278,819
d)	Aggregated information -  Aggregated volume -  Price	1.  Price	1.  Volume	1.  Total
		1.  £0.00	1.  593,227	1.  £0.00
		2.  Price	2.  Volume	2.  Total
		2.  £2.054	2.  278,819	2.  £572,694.23
e)	Date of the transaction	19 April 2020
f)	Place of the transaction	London Stock Exchange, XLON

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Geoffrey Timms
2	Reason for the notification
a)	Position/status	Group General Counsel and Company Secretary/PDMR
b)	Initial notification/Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Legal & General Group Plc
b)	LEI	213800JH9QQWHLO99821
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	Ordinary shares of £0.025 each, with voting rights attached  GB0005603997
b)	Nature of transaction	1.  Exercise of PSP 2014, PSP 2015, PSP 2016 and PSP 2017 awards of nil cost options over 228,471 shares . 2.  Sale of 107,385 shares to cover tax and dealing costs. The balance of 121,086 shares retained.
c)	Price(s) and volume(s)	Price(s)	Volume
		1.  Nil cost	1.  228,471
		2. £2.054	2.  107,385
d)	Aggregated information -  Aggregated volume -  Price	1.  Price	1.  Volume	1.  Total
		1.  £0.00	1.  228,471	1.  £0.00
		2.  Price	2.  Volume	2.  Total
		2.  £2.054	2.  107,385	2.  £220,568.79
e)	Date of the transaction	19 April 2020
f)	Place of the transaction	London Stock Exchange, XLON

SBP

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Simon Gadd
2	Reason for the notification
a)	Position/status	Group Chief Risk Officer/PDMR
b)	Initial notification/Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Legal & General Group Plc
b)	LEI	213800JH9QQWHLO99821
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	Ordinary shares of £0.025 each, with voting rights attached  GB0005603997
b)	Nature of transaction	1.  Exercise of SBP Award of options over 34,068 shares 2.  Sale of 16,012 shares to cover tax and social security . The balance of 18,056 shares retained.
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		1.  £0.00	1.  34,068
		2.  £2.054	2.  16,012
d)	Aggregated information -  Aggregated volume -  Price	1  Price	1 Volume	1.  Total
		1  £0.00	1  34,068	1  0.00
		2  Price	2  Volume	2.  Total
		2  £2.054	2  16,012	2  £32,888.65
e)	Date of the transaction	18 April 2020
f)	Place of the transaction	London Stock Exchange, XLON

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Bernard Hickman
2	Reason for the notification
a)	Position/status	Chief Executive Officer, Legal & General Insurance/PDMR
b)	Initial notification/Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Legal & General Group Plc
b)	LEI	213800JH9QQWHLO99821
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	Ordinary shares of £0.025 each, with voting rights attached  GB0005603997
b)	Nature of transaction	1.  Exercise of SBP Award of options over 15,932 shares 2.  Sale of 15,932 shares (7,489 shares to cover tax and social security) . The balance of 0 shares retained.
c)	Price(s) and volume(s)	Price(s)	Volume
		1.  £0.00	1.  15,932
		2.  £2.054	2.  15,932
d)	Aggregated information -  Aggregated volume -  Price	1  Price	1  Volume	1  Total
		1  £0.00	1  15,932	1  0.00
		2  Price	2  Volume	2  Total
		2  £2.054	2  15,932	2.  £32,724.33
e)	Date of the transaction	18 April 2020
f)	Place of the transaction	London Stock Exchange, XLON

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Christopher Knight
2	Reason for the notification
a)	Position/status	Chief Executive Officer, Legal & General Retirement, Retail/PDMR
b)	Initial notification/Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Legal & General Group Plc
b)	LEI	213800JH9QQWHLO99821
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	Ordinary shares of £0.025 each, with voting rights attached  GB0005603997
b)	Nature of transaction	1.  Exercise of SBP Award of options over 24,549 shares 2.  Sale of 11,539 shares to cover tax and social security . The balance of 13,010 shares retained.
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		1.  £0.00	1.  24,549
		2.  £2.054	2.  11,539
d)	Aggregated information -  Aggregated volume -  Price	1  Price	1 Volume	1  Total
		1  £0.00	1 24,549	1  £0.00
		2  Price	2 Volume	2  Total
		2  £2.054	2 11,539	2 £23,701.11
e)	Date of the transaction	18 April 2020
f)	Place of the transaction	London Stock Exchange, XLON

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Stephen Licence
2	Reason for the notification
a)	Position/status	Group Chief Internal Auditor/PDMR
b)	Initial notification/Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Legal & General Group Plc
b)	LEI	213800JH9QQWHLO99821
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	Ordinary shares of £0.025 each, with voting rights attached  GB0005603997
b)	Nature of transaction	1.  Exercise of SBP Award of options over 22,044 shares 2.  Sale of 10,361 shares to cover tax and social security . The balance of 11,683 shares retained.
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		1.  £0.00	1.  22,044
		2.  £2.054	2.  10,361
d)	Aggregated information -  Aggregated volume -  Price	1  Price	1 Volume	1  Total
		1  £0.00	1 22,044	1  £0.00
		2  Price	2 Volume	2  Total
		2  £2.054	2 10,361	2 £21,281.49
e)	Date of the transaction	18 April 2020
f)	Place of the transaction	London Stock Exchange, XLON

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Laura Mason
2	Reason for the notification
a)	Position/status	Chief Executive Officer, Legal & General Retirement, Institutional/PDMR
b)	Initial notification/Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Legal & General Group Plc
b)	LEI	213800JH9QQWHLO99821
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	Ordinary shares of £0.025 each, with voting rights attached  GB0005603997
b)	Nature of transaction	1.  Exercise of SBP Award of options over 15,531 shares. 2.  Sale of 7,300 shares to cover tax and social security . The balance of 8,231 shares retained.
c)	Price(s) and volume(s)	Price(s)	Volume
		1.  £0.00	1.  15,531
		2.  £2.054	2.  7,300
d)	Aggregated information -  Aggregated volume -  Price	1  Price	1  Volume	1  Total
		1  £0.00	1  15,531	1  £0.00
		2  Price	2  Volume	2  Total
		2  £2.054	2  7,300	2. £14,994.20
e)	Date of the transaction	18 April 2020
f)	Place of the transaction	London Stock Exchange, XLON

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Geoffrey Timms
2	Reason for the notification
a)	Position/status	Group General Counsel and Company Secretary/PDMR
b)	Initial notification/Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Legal & General Group Plc
b)	LEI	213800JH9QQWHLO99821
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	Ordinary shares of £0.025 each, with voting rights attached  GB0005603997
b)	Nature of transaction	1.  Exercise of SBP Award of options over 25,551 shares. 2.  Sale of 12,009 shares to cover tax and social security. The balance of 13,542 shares retained.
c)	Price(s) and volume(s)	Price(s)	Volume
		1.  £0.00	1.  25,551
		2.  £2.054	2.  12,009
d)	Aggregated information -  Aggregated volume -  Price	1  Price	1  Volume	1  Total
		1  £0.00	1  25,551	1  £0.00
		2  Price	2  Volume	2  Total
		2  £2.054	2  12,009	2. £24,666.49
e)	Date of the transaction	18 April 2020
f)	Place of the transaction	London Stock Exchange, XLON

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Kerrigan Procter
2	Reason for the notification
a)	Position/status	Chief Executive Officer, Legal & General Capital/Director
b)	Initial notification/Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Legal & General Group Plc
b)	LEI	213800JH9QQWHLO99821
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	Ordinary shares of £0.025 each, with voting rights attached  GB0005603997
b)	Nature of transaction	1.  Exercise of SBP Award of options over 143,409 shares 2.  Sale of 67,403 shares to cover tax and social security . The balance of 76,006 shares retained.
c)	Price(s) and volume(s)	Price(s)	Volume
		1.  £0.00	1.  143,409
		2.  £2.054	2.  67,403
d)	Aggregated information -  Aggregated volume -  Price	1  Price	1  Volume	1  Total
		1  £0.00	1  143,409	1  0.00
		2  Price	2  Volume	2  Total
		2  £2.054	2  67,403	2  138,445.76
e)	Date of the transaction	18 April 2020
f)	Place of the transaction	London Stock Exchange, XLON

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Nigel Wilson
2	Reason for the notification
a)	Position/status	Group Chief Executive Officer/ Director
b)	Initial notification/Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Legal & General Group Plc
b)	LEI	213800JH9QQWHLO99821
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	Ordinary shares of £0.025 each, with voting rights attached  GB0005603997
b)	Nature of transaction	1.  Exercise of SBP Award of options over 279,053 shares 2.  Sale of 131,156 shares to cover tax and social security . The balance of 147,897 shares retained.
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		1.  £0.00	1.  279,053
		2.  £2.054	2.  131,156
d)	Aggregated information -  Aggregated volume -  Price	1  Price	1 Volume	1.  Total
		1  £0.00	1 279,053	1  £0.00
		2  Price	2 Volume	2.  Total
		2  £2.054	2. 131,156	2  £269,394.42
e)	Date of the transaction	18 April 2020
f)	Place of the transaction	London Stock Exchange, XLON

20 April 2020

Daniella Newson

Assistant Company Secretary

Legal & General Group Plc

Tel: [phone]

 

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