Director/PDMR Shareholding

Legal & General Group Plc

21 March 2024

 

Legal & General Group Plc

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

In line with the announcement made on 15 June 2023, as part of the remuneration terms relating to the appointment of António Simões as Group Chief Executive Officer and as an Executive Director of Legal & General Group Plc (the "Company"), and as set out in the Directors Remuneration Report published on Wednesday 13 March 2024, the Company agreed to compensate António Simões for incentive awards forfeited by him on leaving his former employer.

In accordance with such remuneration terms, on 20 March 2024, the Company granted António Simões the following conditional awards of a total of 1,229,642 ordinary shares of 2.5p each (the "Shares") in the Company under a one-off recruitment arrangement (the "Plan"), the terms of which are substantively equivalent to the Company's Share Bonus Plan, which will normally vest (subject to those terms) as set out below:

a. a conditional award of 172,617 Shares with a vesting date of 20 March 2024;

b. a conditional award of 170,512 Shares with a vesting date of 31 December 2024;

c. a conditional award of 216,096 Shares with a vesting date of 20 March 2025;

d. a conditional award of 85,256 Shares with a vesting date of 31 December 2025;

e. a conditional award of 216,096 Shares with a vesting date of 20 March 2026;

f.  a conditional award of 85,256 Shares with a vesting date of 31 December 2026;

g. a conditional award of 171,359 Shares with a vesting date of 20 March 2027; and

h. a conditional award of 112,450 Shares with a vesting date of 20 March 2028.

The Awards will vest subject to continued employment with the Company. The shareholding requirements applicable to executive directors of the Company will apply in accordance with the Company's Directors' Remuneration Policy.

The Awards were granted on the basis of an average closing share price on the London Stock Exchange between 5 June 2023 and 7 June 2023 of £2.3767. No consideration was paid for the grant of the Awards. No price is payable on the vesting of the Awards.

In accordance with the remuneration terms agreed with António Simões, the vesting date of certain Awards correspond to the original vesting timeframe attached to the forfeited awards. Accordingly, an Award of 172,617 shares vested on 20 March 2024 upon grant and was released under the terms of the Plan to António Simões, subject to the sale of sufficient shares to cover tax liabilities.  

Following this notification, António Simões has a total interest under all share plans of the Company of 1,148,512 shares, representing 0.0192% of the total voting rights of the Company as at 20 March 2024.

This announcement, including the notifications below, is made in accordance with the requirements of Article 19 of the UK Market Abuse Regulation. 

Awards (grant)

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	António Simões
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. GB0005603997
b)	Nature of transaction	Grant of conditional share awards in accordance with agreed buy-out arrangements entered into in connection with António Simões' recruitment.
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		1. Nil	1. 172,617
		2. Nil	2. 170,512
		3. Nil	3. 216,096
		4. Nil	4. 85,256
		5. Nil	5. 216,096
		6. Nil	6. 85,256
		7. Nil	7. 171,359
		8. Nil	8. 112,450
d)	Aggregated information -      Aggregated volume -      Price	1.   Price	1.   Volume	1.   Total
		1. Nil	1. 1,229,642	1. Nil
e)	Date of the transaction	20 March 2024
f)	Place of the transaction	London Stock Exchange, XLON

Awards (vesting)

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	António Simões
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.   Vesting of recruitment award over 172,617 shares. 2.   Sale of 81,130 shares to cover tax liabilities. The balance of 91,487 shares retained.
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		1. Nil	1. 172,617
		2. £2.4820	2. 81,130
d)	Aggregated information -      Aggregated volume -      Price	1.   Price	1.   Volume	1.   Total
		1. Nil	1. 172,617	1. Nil
		2.   Price	2.   Volume	2.   Total
		2. £2.4820	2. 81,130	2. £201,364.64
e)	Date of the transaction	20 March 2024
f)	Place of the transaction	London Stock Exchange, XLON

21 March 2024

Leanne Cornish

Head of Group Secretariat

Legal & General Group Plc

Tel: [phone]

 

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