Director/PDMR Shareholding

RNS Number : 4078E

Old Mutual PLC

06 April 2011

 



Ref 35/11

6 April 2011

NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES OR CONNECTED PERSONS IN ACCORDANCE WITH RULE 3.1.4R OF THE DISCLOSURE AND TRANSPARENCY RULES

THE NEDBANK GROUP (2005) SHARE OPTION, MATCHED SHARE AND RESTRICTED SHARE SCHEME

On 1 April 2011, 6,578 Nedbank Group Limited shares vested to Mr M W T Brown, Chief Executive of Nedbank Group Limited and a member of the Group Executive Committee of Old Mutual plc, under the rules of the 2008 Matched Share Scheme. These shares vested as a result of Mr Brown remaining an employee of Nedbank Group Limited throughout the vesting period. A further 6,578 Nedbank Group Limited shares held under award under the 2008 Matched Share Scheme lapsed as a result of the pre-determined Nedbank Group Limited performance targets for the period 2008 to 2010 not being met.

On 4 April 2011, Mr Brown acquired on the open market, and committed, 14,817 Nedbank Group Limited shares to the 2011 Matched Share Scheme at a price of R141.72 per share.

10,584 of these shares were committed by Mr Brown under the compulsory bonus deferral scheme introduced by the Nedbank Group Limited Remuneration Committee in 2009, under which deferred amounts could be invested in the Matched Share Scheme. The deferred amount would be forfeited if Mr Brown were to resign before the end of the deferral period, or if in the sole opinion of the Nedbank Group Limited Board, material irregularities or misrepresentation of financial results came to light during the deferral period.

4,233 of these shares were committed by Mr Brown in respect of his voluntary participation in the Matched Share Scheme, under which up to 50% of his after-tax bonus could be used to acquire shares in Nedbank Group Limited. Mr Brown may dispose of these shares at any time prior to the vesting date of 1 April 2014, but this would cancel his participation in the Scheme in respect of these shares. On the vesting date, 50% of the shares still held in trust in respect of Mr Brown's portfolio would be matched on a one-for-one basis if he were to remain in the employ of Nedbank Group Limited at that time, and a further 50% of the shares still held in trust on vesting date would be matched on a one-for-one basis if a predetermined Nedbank Group Limited performance target for the period 2011 to 2013 was met.

Enquiries

External Communications
Patrick Bowes		[phone]
Investor Relations
Deward Serfontein	SA	[phone]
Aleida White	UK	[phone]
Media
William Baldwin-Charles		[phone]

Notes to Editors

Old Mutual

Old Mutual plc is an international long-term savings, protection and investment Group.  Originating in South Africa in 1845, the Group provides life assurance, asset management, banking and general insurance to more than 15 million customers in Europe, the Americas, Africa and Asia.  Old Mutual plc is listed on the London Stock Exchange and the Johannesburg Stock Exchange, among others.

In the year ended 31 December 2010, the Group reported adjusted operating profit before tax of £1.5 billion (on an IFRS basis) and had £309 billion of funds under management, from core operations. 

For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com 

 

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