Director/PDMR Shareholding

RNS Number : 3455K

Old Mutual PLC

16 April 2010

 



Ref 29/10

16 April 2010

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 12 April 2010, Mr M W T Brown, Chief Executive of Nedbank Group Limited and a member of the Group Executive Committee of Old Mutual plc committed 9,246 Nedbank Group Limited shares to the 2010 Matched Share Scheme.

4,351 shares were committed in respect of voluntary participation in the Matched Share Scheme under which up to 50% of his after-tax bonus could be used to acquire shares in the company. Mr Brown may dispose of these shares at any time prior to the vesting date, being 1 April 2013, 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 will be matched on a one for one basis if he remains in the employ of the company at that time and a further 50% of the shares held on vesting date will be matched on a one for one basis if a predetermined company performance target for the period 2010 to 2012 is met.

4,895 Nedbank Group ordinary shares were also committed by Mr Brown under the compulsory bonus deferral scheme introduced by the Nedbank Group Limited Remuneration Committee in 2009, under which deferred amounts can be invested in the Matched Share Scheme described above. The deferred amount will be forfeited should Mr Brown resign before the end of the deferral period as well as in cases where, in the sole opinion of the board, material irregularities or misrepresentation of financial results come to light during the deferral period.

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

Enquiries

Investor Relations
Patrick Bowes	UK	[phone]
Deward Serfontein	SA	[phone]
Media
Don Hunter (Finsbury)	UK	[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 in Europe, the Americas, Africa and Asia.  Old Mutual plc is listed on the London Stock Exchange and the JSE, among others.

In the year ended 31 December 2009, the Group reported adjusted operating profit before tax of £1.2 billion (on an IFRS basis) and had £285 billion of funds under management at the year end.  The Group has approximately 54,000 employees.

 

END

 

 

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