Director/PDMR Shareholding

RNS Number : 8401A

Old Mutual PLC

04 April 2012

 



Ref 27/12

4 April 2012

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

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

On 2 April 2012, Mr M W T Brown, Chief Executive of Nedbank Group Limited (Nedbank) and a member of the Group Executive Committee of Old Mutual plc, committed 16,938 Nedbank shares to Nedbank's 2012 Matched Share Scheme.

15,192 Nedbank ordinary shares were acquired at a price of R171.79 per share, this being the average price of Nedbank shares between 20 and 29 March 2012. These shares were committed by Mr Brown under the compulsory bonus deferral scheme introduced by the Nedbank Remuneration Committee in 2010, under which deferred amounts could be invested in the Matched Share Scheme described above. The deferred amount would 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 of Nedbank, material irregularities or misrepresentation of financial results come to light during the deferral period.

In addition, 1,746 shares were committed in respect of voluntary participation in the Matched Share Scheme in terms of which Mr Brown could commit shares already owned by him up to an equivalent value of 50% of his after-tax bonus (less the amount already deferred under the compulsory deferral scheme described above). Mr Brown may dispose of these shares at any time prior to the vesting date of 1 April 2015, 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 employed by Nedbank at that time and a further 50% of the shares held on the vesting date will be matched on a one-for-one basis if a predetermined company performance target for the period 2012 to 2014 is met.

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

On 31 March 2009 (the Inception Date), Mr Brown pledged 11,051 Nedbank ordinary shares under the 2009 Matched Share Scheme, on the basis that on the vesting date (the day following three years after the Inception Date) 50% of the shares held in trust would be matched on a one-for-one basis if Mr Brown remained employed by Nedbank and a further 50% of the shares would be matched on a one-for-one basis if a predetermined Nedbank company performance target was met.

Mr Brown remained employed by Nedbank on the vesting date, but the predetermined Nedbank company performance target for the period 2009 to 2011 was not met, resulting in only 50% (5,526) of the shares being matched.

Enquiries

External Communications / Investor Relations
Patrick Bowes		[phone]
Kelly de Kock		[phone]

Media
William Baldwin-Charles		[phone]

Notes to Editors

Old Mutual

Old Mutual 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 has been listed on the London and Johannesburg Stock Exchanges, among others, since 1999.

In the year ended 31 December 2011, the Group reported adjusted operating profit before tax of £1.5 billion (on an IFRS basis) and had £267 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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