Virgin Money UK PLC Director/PDMR Shareholding (5070G)
17 März 2020 - 4:55PM
UK Regulatory
TIDMVMUK TIDM91XR
RNS Number : 5070G
Virgin Money UK PLC
17 March 2020
VIRGIN MONEY UK PLC
(Company)
LEI: 213800ZK9VGCYYR6O495
17 March 2020
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS
DISCHARGING MANAGERIAL RESPONSIBLITIES AND PERSONS CLOSELY
ASSOCIATED WITH THEM
VESTINGS UNDER THE VIRGIN MONEY DEFERRED BONUS SHARE PLAN (VM
DBSP) AND VIRGIN MONEY LONG-TERM INVESTMENT PLAN (VM LTIP)
On the 15 October 2018 the Company acquired the entire issued
ordinary share capital of Virgin Money Holdings (UK) plc (Virgin
Money) by way of a court sanctioned scheme of arrangement under
Part 26 of the Companies Act 2006 (the 'Scheme'). Awards
outstanding under the Virgin Money Share Plans including the VM
DBSP and VM LTIP, vested at the time of the Court sanction for the
Scheme to the extent determined by the Virgin Money Remuneration
Committee subject to the relevant plan and any deferral
requirements under the PRA Remuneration Code.
On 16 March 2020 vestings took place under the VM DBSP and VM
LTIP in respect of awards made to Hugh Chater in line with the PRA
Remuneration Code. A portion of the shares received were sold to
cover his 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 acquired relate to the second tranche of the VM DBSP
award for the full year of 2016; the first tranche of the VM LTIP
award granted in 2016 and the final tranche of an award granted
under the VM LTIP to compensate for forfeited awards from previous
employment.
The net shares are subject to a further six-month holding
period.
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 Hugh Chater
---------------------------- -------------------------------------------
2 Reason for the notification
-------------------------------------------------------------------------
a) Position/status PDMR
---------------------------- -------------------------------------------
b) Initial notification Initial Notification
/Amendment
---------------------------- -------------------------------------------
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 Ordinary shares of GBP0.10 each
financial instrument,
type of instrument
Identification code GB00BD6GN030
---------------------------- -------------------------------------------
b) Nature of the transaction 1) Vesting of the VM DBSP FY16
2) Vesting of the 2016 VM LTIP
3) Vesting of the VM LTIP Buy-Out
---------------------------- -------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
1) Nil-Consideration 4,535
------------------ ----------
2) Nil-Consideration 11,038
------------------ ----------
3) Nil-Consideration 11,818
------------------ ----------
---------------------------- -------------------------------------------
d) Aggregated information N/A
---------------------------- -------------------------------------------
e) Date of the transaction 16 March 2020
---------------------------- -------------------------------------------
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 Ordinary shares of GBP0.10 each
financial instrument,
type of instrument
GB00BD6GN030
Identification code
---------------------------- -------------------------------------------
b) Nature of the transaction Shares sold to cover tax liabilities
and sale costs for:
1) VM DBSP FY16
2) 2016 VM LTIP
3) VM LTIP Buy-Out
---------------------------- -------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
1) GBP0.8408 2,174
---------- ----------
2) GBP0.8408 5,230
---------- ----------
3) GBP0.8408 5,597
---------- ----------
---------------------------- -------------------------------------------
d) Aggregated information N/A
- Aggregated volume
- Price
---------------------------- -------------------------------------------
e) Date of the transaction All transactions took place on 16 March
2020
---------------------------- -------------------------------------------
f) Place of the transaction London / London Stock Exchange (LON:LSE)
---------------------------- -------------------------------------------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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