Director/PDMR Shareholding

RNS Number : 4195J

Virgin Money UK PLC

12 December 2022

 

VIRGIN MONEY UK PLC

(Company)

LEI: 213800ZK9VGCYYR6O495

12 December 2022

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBLITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

GRANTS UNDER THE LONG-TERM INCENTIVE PLAN (LTIP) AND THE DEFERRED EQUITY PLAN (DEP)

The Company announces that on 9 December 2022 the following Directors and PDMRs were granted the awards noted below under the Company's LTIP and DEP.

The number of rights awarded was based on the middle market share price the day prior to grant being £1.7675, discounted for deferred awards to reflect the absence of dividend equivalents during the deferral period.

The 2022 LTIP share awards in the form of rights to acquire Ordinary Shares of £0.10 each in the Company, subject to a three-year performance period with vesting between the third and seventh anniversary of the award, on a pro-rata basis. 

The 2022 DEP upfront share bonus awards in the form of rights to acquire Ordinary Shares of £0.10 each in the Company will vest immediately and be subject to a 12 month holding period in line with the requirements of the PRA Remuneration Code. For Fraser Ingram and Fergus Murphy's awards a portion of shares will vest immediately with the remaining shares vesting between the third and seventh anniversary of the award, on a pro-rata basis.

Summary of Awards

Executive Directors	Number of shares awarded under the 2022 LTIP	Number of shares awarded under the 2022 DEP
David Duffy	1,337,130	131,483
Clifford Abrahams	782,100	80,684

PDMRs	Number of shares awarded under the 2022 LTIP	Number of shares awarded under the 2022 DEP
Syreeta Brown	344,200	36,775
Hugh Chater	684,340	80,622
Fraser Ingram	-	65,232
Fergus Murphy	-	69,889
James Peirson	328,878	36,775
Susan Poot	441,710	38,189

VESTINGS UNDER THE DEP AND LTIP

On 9 December 2022 the following Directors and PDMRs received ordinary shares in the Company and a portion of the shares received were automatically sold to cover their respective tax liabilities and sale costs.  The sale of shares to cover tax liabilities is a standard procedure executed by the Company for all employees to cover the statutory tax and national insurance obligations that it is required to meet in respect of share awards.  The shares released are the 2022 DEP Awards granted in December 2022 and a deferred tranche of the 2019 LTIP granted in December 2019. In line with the requirements of the PRA Remuneration Code, the DEP awards and 50% of the net 2019 LTIP awards are subject to a 12 month holding period.

VESTING UNDER A DEP COMMENCEMENT AWARD

On 9 December 2022, Syreeta Brown, a PDMR of the Company, received ordinary shares in the Company and a portion of the shares received were automatically sold to cover her tax liability and sale costs.  The sale of shares to cover tax liabilities is a standard procedure executed by the Company for all employees to cover the statutory tax and national insurance obligations that it is required to meet in respect of share awards.  The shares released are a deferred tranche of the 2021 DEP Commencement Award granted in December 2021.

Announcement authorised for release by Lorna McMillan, Group Company Secretary.

This announcement is made in accordance with the requirements of the FCA's DTR Disclosure Guidance and Transparency Rules Sourcebook and EU Market Abuse Regulation.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name		David Duffy
2	Reason for the notification
a)	Position/status		Executive Director
b)	Initial notification /Amendment		Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name		Virgin Money UK PLC
b)	LEI		213800ZK9VGCYYR6O495
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 £0.10 each GB00BD6GN030
b)	Nature of the transaction		1) Grant in relation to the 2022 LTIP 2) Grant in relation to the 2022 DEP
c)	Price(s) and volume(s)		Price(s) Volume(s) Nil-consideration 1,337,130 Nil-consideration 131,483
d)	Aggregated information - Aggregated volume - Price		1,468,613 Nil-consideration
e)	Date of the transaction		9 December 2022
f)	Place of the transaction		London / London Stock Exchange (LON:LSE)
5	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 £0.10 each GB00BD6GN030
b)	Nature of the transaction		1) Vesting of the 2022 DEP 2) Vesting of the 2019 LTIP
c)	Price(s) and volume(s)		Price(s) Volume(s) Nil-consideration 131,483 Nil-consideration 81,084
d)	Aggregated information - Aggregated volume - Price		212,567 Nil-consideration
e)	Date of the transaction		9 December 2022
f)	Place of the transaction		London / London Stock Exchange (LON:LSE)
6		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 £0.10 each GB00BD6GN030
b)		Nature of the transaction		Shares sold to cover tax liabilities and sale costs for the: 1) vesting of the 2022 DEP 2) vesting of the 2019 LTIP
c)		Price(s) and volume(s)		Price(s) Volume(s) £1.760134 62,015 £1.760134 38,244
d)		Aggregated information - Aggregated volume - Price		100,259 £1.760134
e)		Date of the transaction		All transactions took place on 9 December 2022
f)		Place of the transaction		London / London Stock Exchange (LON:LSE)

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name		Clifford Abrahams
2	Reason for the notification
a)	Position/status		Executive Director
b)	Initial notification /Amendment		Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name		Virgin Money UK PLC
b)	LEI		213800ZK9VGCYYR6O495
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 £0.10 each GB00BD6GN030
b)	Nature of the transaction		1) Grant in relation to the 2022 LTIP 2) Grant in relation to the 2022 DEP
c)	Price(s) and volume(s)		Price(s) Volume(s) Nil-consideration 782,100 Nil-consideration 80,684
d)	Aggregated information - Aggregated volume - Price		862,784 Nil-consideration
e)	Date of the transaction		9 December 2022
f)	Place of the transaction		London / London Stock Exchange (LON:LSE)
5	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 £0.10 each GB00BD6GN030
b)	Nature of the transaction		Vesting of the 2022 DEP
c)	Price(s) and volume(s)		Price(s) Volume(s) Nil-consideration 80,684
d)	Aggregated information		N/A
e)	Date of the transaction		9 December 2022
f)	Place of the transaction		London / London Stock Exchange (LON:LSE)
6		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 £0.10 each GB00BD6GN030
b)		Nature of the transaction		Shares sold to cover tax liabilities and sale costs for the vesting of the 2022 DEP
c)		Price(s) and volume(s)		Price(s) Volume(s) £1.760134 38,055
d)		Aggregated information		N/A
e)		Date of the transaction		All transactions took place on 9 December 2022
f)		Place of the transaction		London / London Stock Exchange (LON:LSE)

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name		Syreeta Brown
2	Reason for the notification
a)	Position/status		PDMR
b)	Initial notification /Amendment		Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name		Virgin Money UK PLC
b)	LEI		213800ZK9VGCYYR6O495
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 £0.10 each GB00BD6GN030
b)	Nature of the transaction		1) Grant in relation to the 2022 LTIP 2) Grant in relation to the 2022 DEP
c)	Price(s) and volume(s)		Price(s) Volume(s) Nil-consideration 344,200 Nil-consideration 36,775
d)	Aggregated information - Aggregated volume - Price		380,975 Nil-consideration
e)	Date of the transaction		9 December 2022
f)	Place of the transaction		London / London Stock Exchange (LON:LSE)
5	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 £0.10 each GB00BD6GN030
b)	Nature of the transaction		1) Vesting of the 2022 DEP 2) Vesting of the 2021 DEP Commencement Award
c)	Price(s) and volume(s)		Price(s) Volume(s) Nil-consideration 36,775 Nil-consideration 14,473
d)	Aggregated information - Aggregated volume - Price		51,248 £1.760134
e)	Date of the transaction		9 December 2022
f)	Place of the transaction		London / London Stock Exchange (LON:LSE)
6		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 £0.10 each GB00BD6GN030
b)		Nature of the transaction		Shares sold to cover tax liabilities and sale costs for the: 1) vesting of the 2022 DEP 2) vesting of the 2021 DEP Commencement Award
c)		Price(s) and volume(s)		Price(s) Volume(s) £1.760134 17,345 £1.760134 6,827
d)		Aggregated information - Aggregated volume - Price		24,172 £1.760134
e)		Date of the transaction		All transactions took place on 9 December 2022
f)		Place of the transaction		London / London Stock Exchange (LON:LSE)

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name		Hugh Chater
2	Reason for the notification
a)	Position/status		PDMR
b)	Initial notification /Amendment		Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name		Virgin Money UK PLC
b)	LEI		213800ZK9VGCYYR6O495
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 £0.10 each GB00BD6GN030
b)	Nature of the transaction		1) Grant in relation to the 2022 LTIP 2) Grant in relation to the 2022 DEP
c)	Price(s) and volume(s)		Price(s) Volume(s) Nil-consideration 684,340 Nil-consideration 80,622
d)	Aggregated information - Aggregated volume - Price		764,962 Nil-consideration
e)	Date of the transaction		9 December 2022
f)	Place of the transaction		London / London Stock Exchange (LON:LSE)
5	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 £0.10 each GB00BD6GN030
b)	Nature of the transaction		1) Vesting of the 2022 DEP 2) Vesting of the 2019 LTIP
c)	Price(s) and volume(s)		Price(s) Volume(s) Nil-consideration 80,622 Nil-consideration 35,840
d)	Aggregated information - Aggregated volume - Price		116,462 £1.760134
e)	Date of the transaction		9 December 2022
f)	Place of the transaction		London / London Stock Exchange (LON:LSE)
6		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 £0.10 each GB00BD6GN030
b)		Nature of the transaction		Shares sold to cover tax liabilities and sale costs for the: 1) vesting of the 2022 DEP 2) vesting of the 2019 LTIP
c)		Price(s) and volume(s)		Price(s) Volume(s) £1.760134 38,026 £1.760134 16,904
d)		Aggregated information - Aggregated volume - Price		54,930 £1.760134
e)		Date of the transaction		All transactions took place on 9 December 2022
f)		Place of the transaction		London / London Stock Exchange (LON:LSE)

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name		Fraser Ingram
2	Reason for the notification
a)	Position/status		PDMR
b)	Initial notification /Amendment		Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name		Virgin Money UK PLC
b)	LEI		213800ZK9VGCYYR6O495
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 £0.10 each GB00BD6GN030
b)	Nature of the transaction		1) Grant in relation to the 2022 DEP
c)	Price(s) and volume(s)		Price(s) Volume(s) Nil-consideration 65,232
d)	Aggregated information		N/A
e)	Date of the transaction		9 December 2022
f)	Place of the transaction		London / London Stock Exchange (LON:LSE)
5	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 £0.10 each GB00BD6GN030
b)	Nature of the transaction		1) Vesting of the 2022 DEP 2) Vesting of the 2019 LTIP
c)	Price(s) and volume(s)		Price(s) Volume(s) Nil-consideration 23,762 Nil-consideration 30,178
d)	Aggregated information - Aggregated volume - Price		53,940 £1.760134
e)	Date of the transaction		9 December 2022
f)	Place of the transaction		London / London Stock Exchange (LON:LSE)
6		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 £0.10 each GB00BD6GN030
b)		Nature of the transaction		Shares sold to cover tax liabilities and sale costs for the: 1) vesting of the 2022 DEP 2) vesting of the 2019 LTIP
c)		Price(s) and volume(s)		Price(s) Volume(s) £1.760134 11,446 £1.760134 14,537
d)		Aggregated information - Aggregated volume - Price		25,983 £1.760134
e)		Date of the transaction		All transactions took place on 9 December 2022
f)		Place of the transaction		London / London Stock Exchange (LON:LSE)

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name		Fergus Murphy
2	Reason for the notification
a)	Position/status		PDMR
b)	Initial notification /Amendment		Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name		Virgin Money UK PLC
b)	LEI		213800ZK9VGCYYR6O495
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 £0.10 each GB00BD6GN030
b)	Nature of the transaction		1) Grant in relation to the 2022 DEP
c)	Price(s) and volume(s)		Price(s) Volume(s) Nil-consideration 69,889
d)	Aggregated information		N/A
e)	Date of the transaction		9 December 2022
f)	Place of the transaction		London / London Stock Exchange (LON:LSE)
5	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 £0.10 each GB00BD6GN030
b)	Nature of the transaction		1) Vesting of the 2022 DEP 2) Vesting of the 2019 LTIP
c)	Price(s) and volume(s)		Price(s) Volume(s) Nil-consideration 25,459 Nil-consideration 26,408
d)	Aggregated information - Aggregated volume - Price		51,867 £1.760134
e)	Date of the transaction		9 December 2022
f)	Place of the transaction		London / London Stock Exchange (LON:LSE)
6		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 £0.10 each GB00BD6GN030
b)		Nature of the transaction		Shares sold to cover tax liabilities and sale costs for the: 1) vesting of the 2022 DEP 2) vesting of the 2019 LTIP
c)		Price(s) and volume(s)		Price(s) Volume(s) £1.760134 12,519 £1.760134 12,986
d)		Aggregated information - Aggregated volume - Price		25,505 £1.760134
e)		Date of the transaction		All transactions took place on 9 December 2022
f)		Place of the transaction		London / London Stock Exchange (LON:LSE)

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name		James Peirson
2	Reason for the notification
a)	Position/status		PDMR
b)	Initial notification /Amendment		Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name		Virgin Money UK PLC
b)	LEI		213800ZK9VGCYYR6O495
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 £0.10 each GB00BD6GN030
b)	Nature of the transaction		1) Grant in relation to the 2022 LTIP 2) Grant in relation to the 2022 DEP
c)	Price(s) and volume(s)		Price(s) Volume(s) Nil-consideration 328,878 Nil-consideration 36,775
d)	Aggregated information - Aggregated volume - Price		365,653 Nil-consideration
e)	Date of the transaction		9 December 202
f)	Place of the transaction		London / London Stock Exchange (LON:LSE)
5	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 £0.10 each GB00BD6GN030
b)	Nature of the transaction		1) Vesting of the 2022 DEP 2) Vesting of the 2019 LTIP
c)	Price(s) and volume(s)		Price(s) Volume(s) Nil-consideration 36,775 Nil-consideration 32,288
d)	Aggregated information - Aggregated volume - Price		69,063 £1.760134
e)	Date of the transaction		9 December 2022
f)	Place of the transaction		London / London Stock Exchange (LON:LSE)
6		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 £0.10 each GB00BD6GN030
b)		Nature of the transaction		Shares sold to cover tax liabilities and sale costs for the: 1) vesting of the 2022 DEP 2) vesting of the 2019 LTIP
c)		Price(s) and volume(s)		Price(s) Volume(s) £1.760134 17,345 £1.760134 15,229
d)		Aggregated information - Aggregated volume - Price		32,574 £1.760134
e)		Date of the transaction		All transactions took place on 9 December 2022
f)		Place of the transaction		London / London Stock Exchange (LON:LSE)

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name		Susan Poot
2	Reason for the notification
a)	Position/status		PDMR
b)	Initial notification /Amendment		Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name		Virgin Money UK PLC
b)	LEI		213800ZK9VGCYYR6O495
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 £0.10 each GB00BD6GN030
b)	Nature of the transaction		1) Grant in relation to the 2022 LTIP 2) Grant in relation to the 2022 DEP
c)	Price(s) and volume(s)		Price(s) Volume(s) Nil-consideration 441,710 Nil-consideration 38,189
d)	Aggregated information - Aggregated volume - Price		479,899 Nil-consideration
e)	Date of the transaction		9 December 2022
f)	Place of the transaction		London / London Stock Exchange (LON:LSE)
5	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 £0.10 each GB00BD6GN030
b)	Nature of the transaction		Vesting of the 2022 DEP
c)	Price(s) and volume(s)		Price(s) Volume(s) Nil-consideration 38,189
d)	Aggregated information		N/A
e)	Date of the transaction		9 December 2022
f)	Place of the transaction		London / London Stock Exchange (LON:LSE)
6		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 £0.10 each GB00BD6GN030
b)		Nature of the transaction		Shares sold to cover tax liabilities and sale costs for the vesting of the 2022 DEP.
c)		Price(s) and volume(s)		Price(s) Volume(s) £1.760134 18,396
d)		Aggregated information		N/A
e)		Date of the transaction		All transactions took place on 9 December 2022
f)		Place of the transaction		London / London Stock Exchange (LON:LSE)

 

END

 

 

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