Director/PDMR Shareholding

RNS Number : 5078H

Old Mutual PLC

19 May 2014

 



Old Mutual plc

Ref 57/14

19 May 2014

tHE oLD MUTUAL WEALTH JOINT SHARE OWNERSHIP PLAN

This notification is made in accordance with DTR 3.1.4(a)

On 16 May 2014, Mr Paul Feeney, Chief Executive of Old Mutual Wealth Management Limited ("OMWM"), a subsidiary of Old Mutual plc (the "Company"), who is a person discharging managerial responsibility (PDMR), was granted an award (the "Award") under the Old Mutual Wealth Joint Share Ownership Plan (the "Plan").  The Plan was introduced in 2013 to align OMWM senior management compensation with OMWM's key long-term strategic priorities. The Plan will reward success in achieving these objectives by linking awards to the growth in value of the OMWM business through quality and sustainable earnings.

The Award has been granted over 140,635 shares in the capital of OMWM (the "OMWM Shares") with an initial value of £2,125,000. Under the terms of the Plan the shares will be owned jointly by Mr Feeney and the trustee of the Plan, with Mr Feeney's interest limited to the growth in value of the shares over the initial value (the initial value being owned by the trustee). Mr Feeney's interest has an estimated fair value at award of £386,750. 

The Award will normally vest at the end of a three year vesting period, subject to Mr Feeney's continued employment and the other terms of the Plan.  At the vesting date Mr Feeney's interest in the jointly owned OMWM Shares, to the extent they have vested under the Award and subject to the terms of the Plan agreement, will be exchanged for shares in the capital of the Company using existing shares purchased in the market, with an aggregate market value equal to the growth in value of the vested OMWM Shares between the grant of Award and vesting date. 

The Company was notified of the above transaction on 16 May 2014.

Enquiries

External communications

Patrick Bowes                           UK        [phone]

Investor relations

Dominic Lagan                          UK        [phone]

Media

William Baldwin-Charles                         [phone]

                                                                [phone]

Notes to Editors

Old Mutual provides life assurance, asset management, banking and general insurance to more than 16 million customers in Africa, the Americas, Asia and Europe. Originating in South Africa in 1845, Old Mutual has been listed on the London and Johannesburg Stock Exchanges, among others, since 1999.

In the year ended 31 December 2013, the Group reported adjusted operating profit before tax of £1.6 billion (on an IFRS basis) and had £294 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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