Director/PDMR Shareholding
22 September 2021
LLOYDS BANKING GROUP PLC ('GROUP') - NOTIFICATION OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES ('PDMRs') IN ORDINARY SHARES OF THE GROUP OF 10 PENCE EACH ('SHARES')
This announcement should be read in conjunction with the Summary Remuneration Announcement and disclosures in the 2020 Annual Report and Accounts published on 24 February 2021. The 2020 Annual Report and Accounts is available on the 'Financial downloads' page in the 'Investors' section of the Group's website www.lloydsbankinggroup.com . This announcement should also be read in conjunction with the announcement of Mr Nunn's appointment made on 30 November 2020.
BUY OUT AWARD FOR GROUP CHIEF EXECUTIVE
Charlie Nunn joined the Group on 16 August 2021. As previously announced, it was agreed that Mr Nunn would on appointment be granted deferred cash and deferred share awards to replace, like for like, unvested HSBC awards that have been forfeited as a result of him joining the Group. The awards to be granted match the vesting and retention periods applying to the awards being forfeited.
In addition, it was announced that Mr. Nunn would be granted a 'lost opportunity' bonus award for the loss of his bonus award from HSBC for the 2020 performance year. The value of this award was to be calculated by reference to Mr Nunn's 2019 bonus, adjusted downwards to reflect HSBC's total group bonus pool as disclosed in their 2020 Annual Report and Accounts and a further 20% pre-agreed discount. The value of the 'lost opportunity' bonus award is £1,316,564.
These awards have now been granted. A gross cash award has been made of £369,703 and deferred Share awards have been made under the Lloyds Banking Group Deferred Bonus Plan over 8,301,708 Shares.
Mr Nunn has voluntarily opted to take the deferred cash amounts totalling £1,430,717 that he forfeited from HSBC in Shares. This equates to 3,076,112 Shares which are included within the overall number of Shares awarded. The number of Shares was calculated using the five-day average mid-market closing prices of Mr Nunn's previous employer and the Group up to Mr Nunn's starting date on 16 August 2021.
The awards are subject to the vesting schedules and retention periods that match the vesting schedule and retention periods of the awards forfeited. As a result, the awards will vest in tranches on various vesting dates from September 2021 until March 2028. The awards were granted in accordance with the regulatory requirements for buy-outs to which the Group is subject, as detailed in the PRA Rulebook and corresponding FCA requirements.
As a number of the awards would have already vested at the time Mr Nunn joined on 16 August 2021 they have immediately vested on grant. In this respect, the Group announces that after settlement of income tax & national insurance 454,168 Shares were released to Mr Nunn of which 297,772 continue to be subject to a retention period of 12 months.
FIXED SHARE AWARDS
This announcement also details the number of Shares acquired by PDMRs in respect of the third quarter of 2021 under the Group's Fixed Share Award. In this respect, the PDMRs listed in the table below acquired on 22 September 2021, after the settlement of income tax and national insurance contributions, the number of Shares as set out by their name. The acquisition price was 43.34 pence per Share.
The Shares will be held on behalf of the PDMRs and will be released over a three year period, with one-third being released each year on 22 September.
|
Name |
Shares |
|
Charlie Nunn |
170,957 |
|
William Chalmers |
188,803 |
|
Dave Gledhill |
69,276 |
|
Antonio Lorenzo |
152,799 |
|
Vim Maru |
152,799 |
|
David Oldfield |
149,803 |
|
Janet Pope |
107,002 |
|
Stephen Shelley |
151,943 |
|
Andrew Walton |
107,002 |
ENQUIRIES:
|
Investor Relations Douglas Radcliffe Group Investor Relations Director Email: douglas.radcliffe@ lloydsbanking.com
Group Corporate Affairs Matt Smith Head of Media Relations Email: matt.smith@lloydsbanking.com |
+44 (0) 20 7356 1571
+44 (0) 20 7356 3522 |
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM
1 | Details of the person discharging managerial responsibilities / person closely associated
| ||||
a) | Name
|
Charlie Nunn | |||
2 | Reason for the notification
| ||||
a) | Position/status
| Group Chief Executive | |||
b) | Initial notification / Amendment
| Initial Notification | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
a) | Name
| Lloyds Banking Group plc | |||
b) | LEI
| 549300PPXHEU2JF0AM85
| |||
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 10p each
GB0008706128 | |||
b) | Nature of the transaction
| Grant of awards under the Group's Deferred Bonus Plan 2021 in the form of options and/or conditional awards | |||
c) | Price(s) and volume(s) |
|
|
|
|
|
| Price(s)
| Volume(s) |
| |
|
| GBP00.00 | 8,301,708 |
| |
|
|
|
|
| |
d) | Aggregated information
- Aggregated volume
- Price
|
N/A (single transaction)
| |||
e) | Date of the transaction
| 2021-09-22 | |||
f) | Place of the transaction | Outside a trading venue
| |||
1 | Details of the person discharging managerial responsibilities / person closely associated
| ||||
a) | Name
|
Charlie Nunn | |||
2 | Reason for the notification
| ||||
a) | Position/status
| Group Chief Executive | |||
b) | Initial notification / Amendment
| Initial Notification | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
a) | Name
| Lloyds Banking Group plc | |||
b) | LEI
| 549300PPXHEU2JF0AM85
| |||
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 10p each
GB0008706128 | |||
b) | Nature of the transaction
| Acquisition of shares following the vesting of awards under the Group's Deferred Bonus Plan 2021 | |||
c) | Price(s) and volume(s) |
|
|
|
|
|
| Price(s)
| Volume(s) |
| |
|
| GBP00.0000 | 454,168 |
| |
|
|
|
|
| |
d) | Aggregated information
- Aggregated volume
- Price
|
N/A (single transaction)
| |||
e) | Date of the transaction
| 2021-09-22 | |||
f) | Place of the transaction | Outside a trading venue | |||
1 | Details of the person discharging managerial responsibilities / person closely associated
| ||||||
a) | Name
| Charlie Nunn
| |||||
2 | Reason for the notification
| ||||||
a) | Position/status
| Group Chief Executive
| |||||
b) | Initial notification / Amendment
| Initial Notification | |||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||||
a) | Name
| Lloyds Banking Group plc | |||||
b) | LEI
| 549300PPXHEU2JF0AM85
| |||||
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 10p each
GB0008706128 | |||||
b) | Nature of the transaction
| Acquisition of Shares - In respect of the third quarter of 2021 under the Group's Fixed Share Award.
| |||||
c) | Price(s) and volume(s) |
|
|
|
| ||
|
| Price(s)
| Volume(s) |
| |||
Fixed Share Award |
| GBP00.433400 | 170,957 |
| |||
|
|
|
|
| |||
d) | Aggregated information
- Aggregated volume
- Price |
N/A (single transaction)
| |||||
e) | Date of the transaction
| 2021-09-22 | |||||
f) | Place of the transaction | London Stock Exchange (XLON) | |||||
1 | Details of the person discharging managerial responsibilities / person closely associated
| ||||||
a) | Name
| William Chalmers
| |||||
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
| Lloyds Banking Group plc | |||||
b) | LEI
| 549300PPXHEU2JF0AM85
| |||||
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 10p each
GB0008706128 | |||||
b) | Nature of the transaction
| Acquisition of Shares - In respect of the third quarter of 2021 under the Group's Fixed Share Award.
| |||||
c) | Price(s) and volume(s) |
|
|
|
| ||
|
| Price(s)
| Volume(s) |
| |||
Fixed Share Award |
| GBP00.433400 | 188,803 |
| |||
|
|
|
|
| |||
d) | Aggregated information
- Aggregated volume
- Price |
N/A (single transaction)
| |||||
e) | Date of the transaction
| 2021-09-22 | |||||
f) | Place of the transaction | London Stock Exchange (XLON) | |||||
1 | Details of the person discharging managerial responsibilities / person closely associated
| ||||||
a) | Name
| Dave Gledhill
| |||||
2 | Reason for the notification
| ||||||
a) | Position/status
| Group Chief Operating Officer
| |||||
b) | Initial notification / Amendment
| Initial Notification | |||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||||
a) | Name
| Lloyds Banking Group plc | |||||
b) | LEI
| 549300PPXHEU2JF0AM85
| |||||
| 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 10p each
GB0008706128 | |||||
b) | Nature of the transaction
| Acquisition of Shares - In respect of the third quarter of 2021 under the Group's Fixed Share Award.
| |||||
c) | Price(s) and volume(s) |
|
|
|
| ||
|
| Price(s)
| Volume(s) |
| |||
Fixed Share Award |
| GBP00.433400 | 69,276 |
| |||
|
|
|
|
| |||
d) | Aggregated information
- Aggregated volume
- Price |
N/A (single transaction)
| |||||
e) | Date of the transaction
| 2021-09-22 | |||||
f) | Place of the transaction | London Stock Exchange (XLON)
| |||||
1 | Details of the person discharging managerial responsibilities / person closely associated
| ||||||
a) | Name
| Antonio Lorenzo
| |||||
2 | Reason for the notification
| ||||||
a) | Position/status
| Chief Executive, Scottish Widows and Group Director, Insurance and Wealth
| |||||
b) | Initial notification / Amendment
| Initial Notification | |||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||||
a) | Name
| Lloyds Banking Group plc | |||||
b) | LEI
| 549300PPXHEU2JF0AM85
| |||||
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 10p each
GB0008706128 | |||||
b) | Nature of the transaction
| Acquisition of Shares - In respect of the third quarter of 2021 under the Group's Fixed Share Award.
| |||||
c) | Price(s) and volume(s) |
|
|
|
| ||
|
| Price(s)
| Volume(s) |
| |||
Fixed Share Award |
| GBP00.433400 | 152,799 |
| |||
|
|
|
|
| |||
d) | Aggregated information
- Aggregated volume
- Price |
N/A (single transaction)
| |||||
e) | Date of the transaction
| 2021-09-22 | |||||
f) | Place of the transaction | London Stock Exchange (XLON)
| |||||
1 | Details of the person discharging managerial responsibilities / person closely associated
| ||||||
a) | Name
| Vim Maru
| |||||
2 | Reason for the notification
| ||||||
a) | Position/status
| Group Director, Retail
| |||||
b) | Initial notification / Amendment
| Initial Notification | |||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||||
a) | Name
| Lloyds Banking Group plc | |||||
b) | LEI
| 549300PPXHEU2JF0AM85
| |||||
| 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 10p each
GB0008706128 | |||||
b) | Nature of the transaction
| Acquisition of Shares - In respect of the third quarter of 2021 under the Group's Fixed Share Award.
| |||||
c) | Price(s) and volume(s) |
|
|
|
| ||
|
| Price(s)
| Volume(s) |
| |||
Fixed Share Award |
| GBP00.433400 | 152,799 |
| |||
|
|
|
|
| |||
d) | Aggregated information
- Aggregated volume
- Price |
N/A (single transaction)
| |||||
e) | Date of the transaction
| 2021-09-22 | |||||
f) | Place of the transaction | London Stock Exchange (XLON)
| |||||
1 | Details of the person discharging managerial responsibilities / person closely associated
| ||||||
a) | Name
| David Oldfield
| |||||
2 | Reason for the notification
| ||||||
a) | Position/status
| Group Director, Commercial Banking
| |||||
b) | Initial notification / Amendment
| Initial Notification | |||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||||
a) | Name
| Lloyds Banking Group plc | |||||
b) | LEI
| 549300PPXHEU2JF0AM85
| |||||
| 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 10p each
GB0008706128 | |||||
b) | Nature of the transaction
| Acquisition of Shares - In respect of the third quarter of 2021 under the Group's Fixed Share Award.
| |||||
c) | Price(s) and volume(s) |
|
|
|
| ||
|
| Price(s)
| Volume(s) |
| |||
Fixed Share Award |
| GBP00.433400 | 149,803 |
| |||
|
|
|
|
| |||
d) | Aggregated information
- Aggregated volume
- Price |
N/A (single transaction)
| |||||
e) | Date of the transaction | 2021-09-22 | |||||
f) | Place of the transaction | London Stock Exchange (XLON) | |||||
1 | Details of the person discharging managerial responsibilities / person closely associated
| ||||||
a) | Name
| Janet Pope
| |||||
2 | Reason for the notification
| ||||||
a) | Position/status
| Chief of Staff and Group Director, Responsible Business & Inclusion
| |||||
b) | Initial notification / Amendment
| Initial Notification | |||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||||
a) | Name
| Lloyds Banking Group plc | |||||
b) | LEI
| 549300PPXHEU2JF0AM85
| |||||
| 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 10p each
GB0008706128 | |||||
b) | Nature of the transaction
| Acquisition of Shares - In respect of the third quarter of 2021 under the Group's Fixed Share Award.
| |||||
c) | Price(s) and volume(s) |
|
|
|
| ||
|
| Price(s)
| Volume(s) |
| |||
Fixed Share Award |
| GBP00.433400 | 107,002 |
| |||
|
|
|
|
| |||
d) | Aggregated information
- Aggregated volume
- Price |
N/A (single transaction)
| |||||
e) | Date of the transaction
| 2021-09-22 | |||||
f) | Place of the transaction | London Stock Exchange (XLON)
| |||||
1 | Details of the person discharging managerial responsibilities / person closely associated
| ||||||
a) | Name | Stephen Shelley
| |||||
2 | Reason for the notification | ||||||
a) | Position/status
| 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
| Lloyds Banking Group plc | |||||
b) | LEI
| 549300PPXHEU2JF0AM85
| |||||
| 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 10p each
GB0008706128 | |||||
b) | Nature of the transaction
| Acquisition of Shares - In respect of the third quarter of 2021 under the Group's Fixed Share Award.
| |||||
c) | Price(s) and volume(s) |
|
|
|
| ||
|
| Price(s)
| Volume(s) |
| |||
Fixed Share Award |
| GBP00.433400 | 151,943 |
| |||
|
|
|
|
| |||
d) | Aggregated information
- Aggregated volume
- Price |
N/A (single transaction)
| |||||
e) | Date of the transaction
| 2021-09-22 | |||||
f) | Place of the transaction | London Stock Exchange (XLON)
| |||||
1 | Details of the person discharging managerial responsibilities / person closely associated
| ||||||
a) | Name
| Andrew Walton
| |||||
2 | Reason for the notification
| ||||||
a) | Position/status
| Group Corporate Affairs Director
| |||||
b) | Initial notification / Amendment
| Initial Notification | |||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||||
a) | Name
| Lloyds Banking Group plc | |||||
b) | LEI
| 549300PPXHEU2JF0AM85
| |||||
| 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 10p each
GB0008706128 | |||||
b) | Nature of the transaction
| Acquisition of Shares - In respect of the third quarter of 2021 under the Group's Fixed Share Award.
| |||||
c) | Price(s) and volume(s) |
|
|
|
| ||
|
| Price(s)
| Volume(s) |
| |||
Fixed Share Award |
| GBP00.433400 | 107,002 |
| |||
|
|
|
|
| |||
d) | Aggregated information
- Aggregated volume
- Price |
N/A (single transaction)
| |||||
e) | Date of the transaction
| 2021-09-22 | |||||
f) | Place of the transaction | London Stock Exchange (XLON)
| |||||
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