TIDMLLOY
RNS Number : 6426M
Lloyds Banking Group PLC
22 September 2021
22 September 2021
LLOYDS BANKING GROUP PLC ('GROUP') - NOTIFICATION OF
TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES
('PDMRs') IN ORDINARY SHARES OF THE GROUP OF 10 PENCE EACH
('SHARES')
This announcement should be read in conjunction with the Summary
Remuneration Announcement and disclosures in the 2020 Annual Report
and Accounts published on 24 February 2021. The 2020 Annual Report
and Accounts is available on the 'Financial downloads' page in the
'Investors' section of the Group's website
www.lloydsbankinggroup.com . This announcement should also be read
in conjunction with the announcement of Mr Nunn's appointment made
on 30 November 2020.
BUY OUT AWARD FOR GROUP CHIEF EXECUTIVE
Charlie Nunn joined the Group on 16 August 2021. As previously
announced, it was agreed that Mr Nunn would on appointment be
granted deferred cash and deferred share awards to replace, like
for like, unvested HSBC awards that have been forfeited as a result
of him joining the Group. The awards to be granted match the
vesting and retention periods applying to the awards being
forfeited.
In addition, it was announced that Mr. Nunn would be granted a
'lost opportunity' bonus award for the loss of his bonus award from
HSBC for the 2020 performance year. The value of this award was to
be calculated by reference to Mr Nunn's 2019 bonus, adjusted
downwards to reflect HSBC's total group bonus pool as disclosed in
their 2020 Annual Report and Accounts and a further 20% pre-agreed
discount. The value of the 'lost opportunity' bonus award is
GBP1,316,564.
These awards have now been granted. A gross cash award has been
made of GBP369,703 and deferred Share awards have been made under
the Lloyds Banking Group Deferred Bonus Plan over 8,301,708
Shares.
Mr Nunn has voluntarily opted to take the deferred cash amounts
totalling GBP1,430,717 that he forfeited from HSBC in Shares. This
equates to 3,076,112 Shares which are included within the overall
number of Shares awarded. The number of Shares was calculated using
the five-day average mid-market closing prices of Mr Nunn's
previous employer and the Group up to Mr Nunn's starting date on 16
August 2021.
The awards are subject to the vesting schedules and retention
periods that match the vesting schedule and retention periods of
the awards forfeited. As a result, the awards will vest in tranches
on various vesting dates from September 2021 until March 2028. The
awards were granted in accordance with the regulatory requirements
for buy-outs to which the Group is subject, as detailed in the PRA
Rulebook and corresponding FCA requirements.
As a number of the awards would have already vested at the time
Mr Nunn joined on 16 August 2021 they have immediately vested on
grant. In this respect, the Group announces that after settlement
of income tax & national insurance 454,168 Shares were released
to Mr Nunn of which 297,772 continue to be subject to a retention
period of 12 months.
FIXED SHARE AWARDS
This announcement also details the number of Shares acquired by
PDMRs in respect of the third quarter of 2021 under the Group's
Fixed Share Award. In this respect, the PDMRs listed in the table
below acquired on 22 September 2021, after the settlement of income
tax and national insurance contributions, the number of Shares
as
set out by their name. The acquisition price was 43.34 pence per Share.
The Shares will be held on behalf of the PDMRs and will be
released over a three year period, with one-third being released
each year on 22 September.
Name Shares
----------------- -------
Charlie Nunn 170,957
William Chalmers 188,803
Dave Gledhill 69,276
Antonio Lorenzo 152,799
Vim Maru 152,799
David Oldfield 149,803
Janet Pope 107,002
Stephen Shelley 151,943
Andrew Walton 107,002
ENQUIRIES:
Investor Relations
Douglas Radcliffe
Group Investor Relations Director
Email: douglas.radcliffe@ lloydsbanking.com +44 (0) 20 7356 1571
Group Corporate Affairs
Matt Smith
Head of Media Relations
Email: matt.smith@lloydsbanking.com +44 (0) 20 7356 3522
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS
DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY
ASSOCIATED WITH THEM
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name
Charlie Nunn
------------------------------------- -------------------------------------------------
2 Reason for the notification
----------------------------------------------------------------------------------------
a) Position/status Group Chief Executive
------------------------------------- -------------------------------------------------
b) Initial notification Initial Notification
/ Amendment
------------------------------------- -------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------------------------
a) Name Lloyds Banking Group plc
------------------------------------- -------------------------------------------------
b) LEI 549300PPXHEU2JF0AM85
------------------------------------- -------------------------------------------------
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 10p each
financial instrument,
type of instrument
Identification code GB0008706128
------------------------------------- -------------------------------------------------
b) Nature of the transaction Grant of awards under the Group's Deferred
Bonus Plan 2021 in the form of options
and/or conditional awards
------------------------------------- -------------------------------------------------
c) Price(s) and volume(s)
Price(s) Volume(s)
GBP00.00 8,301,708
------------------------------------------------------------------ ---------------------
d) Aggregated information
- Aggregated volume
N/A (single transaction)
- Price
------------------------------------- -------------------------------------------------
e) Date of the transaction 2021-09-22
------------------------------------- -------------------------------------------------
f) Place of the transaction Outside a trading venue
------------------------------------- -------------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name
Charlie Nunn
------------------------------------ -------------------------------------------
2 Reason for the notification
---------------------------------------------------------------------------------
a) Position/status Group Chief Executive
------------------------------------ -------------------------------------------
b) Initial notification Initial Notification
/ Amendment
------------------------------------ -------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
---------------------------------------------------------------------------------
a) Name Lloyds Banking Group plc
------------------------------------ -------------------------------------------
b) LEI 549300PPXHEU2JF0AM85
------------------------------------ -------------------------------------------
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 10p each
financial instrument,
type of instrument
Identification code GB0008706128
------------------------------------ -------------------------------------------
b) Nature of the transaction Acquisition of shares following the
vesting of awards under the Group's
Deferred Bonus Plan 2021
------------------------------------ -------------------------------------------
c) Price(s) and volume(s)
Price(s) Volume(s)
GBP00.0000 454,168
--------------------------------------------------------------- -----------------
d) Aggregated information
- Aggregated volume
N/A (single transaction)
- Price
------------------------------------ -------------------------------------------
e) Date of the transaction 2021-09-22
------------------------------------ -------------------------------------------
f) Place of the transaction Outside a trading venue
------------------------------------ -------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Charlie Nunn
------------------------------------ ----------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------------
a) Position/status Group Chief Executive
------------------------------------ ----------------------------------------------
b) Initial notification Initial Notification
/ Amendment
------------------------------------ ----------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------------
a) Name Lloyds Banking Group plc
------------------------------------ ----------------------------------------------
b) LEI 549300PPXHEU2JF0AM85
------------------------------------ ----------------------------------------------
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 10p each
financial instrument,
type of instrument
Identification code GB0008706128
---------------------------------- -----------------------------------------------
b) Nature of the transaction Acquisition of Shares - In respect
of the third quarter of 2021 under
the Group's Fixed Share Award.
---------------------------------- -----------------------------------------------
c) Price(s) and volume(s)
----------------------- --------------
Price(s) Volume(s)
----------------------- --------------
Fixed Share Award GBP00.433400 170,957
---------------------------- --------------
d) Aggregated information
- Aggregated volume N/A (single transaction)
- Price
---------------------------------- -----------------------------------------------
e) Date of the transaction 2021-09- 22
---------------------------------- -----------------------------------------------
f) Place of the transaction London Stock Exchange (XLON)
---------------------------------- -----------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name William Chalmers
------------------------------------ ----------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------------
a) Position/status Chief Financial Officer
------------------------------------ ----------------------------------------------
b) Initial notification Initial Notification
/ Amendment
------------------------------------ ----------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------------
a) Name Lloyds Banking Group plc
------------------------------------ ----------------------------------------------
b) LEI 549300PPXHEU2JF0AM85
------------------------------------ ----------------------------------------------
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 10p each
financial instrument,
type of instrument
Identification code GB0008706128
---------------------------------- -----------------------------------------------
b) Nature of the transaction Acquisition of Shares - In respect
of the third quarter of 2021 under
the Group's Fixed Share Award.
---------------------------------- -----------------------------------------------
c) Price(s) and volume(s)
----------------------- --------------
Price(s) Volume(s)
----------------------- --------------
Fixed Share Award GBP00.433400 188,803
---------------------------- --------------
d) Aggregated information
- Aggregated volume N/A (single transaction)
- Price
---------------------------------- -----------------------------------------------
e) Date of the transaction 2021-09-22
---------------------------------- -----------------------------------------------
f) Place of the transaction London Stock Exchange (XLON)
---------------------------------- -----------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Dave Gledhill
------------------------------------ ----------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------------
a) Position/status Group Chief Operating Officer
------------------------------------ ----------------------------------------------
b) Initial notification Initial Notification
/ Amendment
------------------------------------ ----------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------------
a) Name Lloyds Banking Group plc
------------------------------------ ----------------------------------------------
b) LEI 549300PPXHEU2JF0AM85
------------------------------------ ----------------------------------------------
Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
4 (iii) each date; and (iv) each place where transactions
have been conducted
-----------------------------------------------------------------------------------
a) Description of the Ordinary Shares of 10p each
financial instrument,
type of instrument
Identification code GB0008706128
---------------------------------- -----------------------------------------------
b) Nature of the transaction Acquisition of Shares - In respect
of the third quarter of 2021 under
the Group's Fixed Share Award.
---------------------------------- -----------------------------------------------
c) Price(s) and volume(s)
----------------------- --------------
Price(s) Volume(s)
----------------------- --------------
Fixed Share Award GBP00.433400 69,276
---------------------------- --------------
d) Aggregated information
- Aggregated volume N/A (single transaction)
- Price
---------------------------------- -----------------------------------------------
e) Date of the transaction 2021-09-22
---------------------------------- -----------------------------------------------
f) Place of the transaction London Stock Exchange (XLON)
---------------------------------- -----------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Antonio Lorenzo
------------------------------------ ------------------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------------------
a) Position/status Chief Executive, Scottish Widows and
Group Director, Insurance and Wealth
------------------------------------ ------------------------------------------------
b) Initial notification Initial Notification
/ Amendment
------------------------------------ ------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------------------
a) Name Lloyds Banking Group plc
------------------------------------ ------------------------------------------------
b) LEI 549300PPXHEU2JF0AM85
------------------------------------ ------------------------------------------------
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 10p each
financial instrument,
type of instrument
Identification code GB0008706128
---------------------------------- -------------------------------------------------
b) Nature of the transaction Acquisition of Shares - In respect
of the third quarter of 2021 under
the Group's Fixed Share Award.
---------------------------------- -------------------------------------------------
c) Price(s) and volume(s)
------------------------- --------------
Price(s) Volume(s)
------------------------- --------------
Fixed Share Award GBP00.433400 152,799
------------------------------ --------------
d) Aggregated information
- Aggregated volume N/A (single transaction)
- Price
---------------------------------- -------------------------------------------------
e) Date of the transaction 2021-09-22
---------------------------------- -------------------------------------------------
f) Place of the transaction London Stock Exchange (XLON)
---------------------------------- -------------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Vim Maru
------------------------------------ ----------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------------
a) Position/status Group Director, Retail
------------------------------------ ----------------------------------------------
b) Initial notification Initial Notification
/ Amendment
------------------------------------ ----------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------------
a) Name Lloyds Banking Group plc
------------------------------------ ----------------------------------------------
b) LEI 549300PPXHEU2JF0AM85
------------------------------------ ----------------------------------------------
Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
4 (iii) each date; and (iv) each place where transactions
have been conducted
-----------------------------------------------------------------------------------
a) Description of the Ordinary Shares of 10p each
financial instrument,
type of instrument
Identification code GB0008706128
---------------------------------- -----------------------------------------------
b) Nature of the transaction Acquisition of Shares - In respect
of the third quarter of 2021 under
the Group's Fixed Share Award.
---------------------------------- -----------------------------------------------
c) Price(s) and volume(s)
----------------------- --------------
Price(s) Volume(s)
----------------------- --------------
Fixed Share Award GBP00.433400 152,799
---------------------------- --------------
d) Aggregated information
- Aggregated volume N/A (single transaction)
- Price
---------------------------------- -----------------------------------------------
e) Date of the transaction 2021-09-22
---------------------------------- -----------------------------------------------
f) Place of the transaction London Stock Exchange (XLON)
---------------------------------- -----------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name David Oldfield
------------------------------------ ----------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------------
a) Position/status Group Director, Commercial Banking
------------------------------------ ----------------------------------------------
b) Initial notification Initial Notification
/ Amendment
------------------------------------ ----------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------------
a) Name Lloyds Banking Group plc
------------------------------------ ----------------------------------------------
b) LEI 549300PPXHEU2JF0AM85
------------------------------------ ----------------------------------------------
Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
4 (iii) each date; and (iv) each place where transactions
have been conducted
-----------------------------------------------------------------------------------
a) Description of the Ordinary Shares of 10p each
financial instrument,
type of instrument
Identification code GB0008706128
---------------------------------- -----------------------------------------------
b) Nature of the transaction Acquisition of Shares - In respect
of the third quarter of 2021 under
the Group's Fixed Share Award.
---------------------------------- -----------------------------------------------
c) Price(s) and volume(s)
----------------------- --------------
Price(s) Volume(s)
----------------------- --------------
Fixed Share Award GBP00.433400 149,803
---------------------------- --------------
d) Aggregated information
- Aggregated volume N/A (single transaction)
- Price
---------------------------------- -----------------------------------------------
e) Date of the transaction 2021-09- 22
---------------------------------- -----------------------------------------------
f) Place of the transaction London Stock Exchange (XLON)
---------------------------------- -----------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Janet Pope
------------------------------------ ----------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------------
a) Position/status Chief of Staff and Group Director,
Responsible Business & Inclusion
------------------------------------ ----------------------------------------------
b) Initial notification Initial Notification
/ Amendment
------------------------------------ ----------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------------
a) Name Lloyds Banking Group plc
------------------------------------ ----------------------------------------------
b) LEI 549300PPXHEU2JF0AM85
------------------------------------ ----------------------------------------------
Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
4 (iii) each date; and (iv) each place where transactions
have been conducted
-----------------------------------------------------------------------------------
a) Description of the Ordinary Shares of 10p each
financial instrument,
type of instrument
Identification code GB0008706128
---------------------------------- -----------------------------------------------
b) Nature of the transaction Acquisition of Shares - In respect
of the third quarter of 2021 under
the Group's Fixed Share Award.
---------------------------------- -----------------------------------------------
c) Price(s) and volume(s)
----------------------- --------------
Price(s) Volume(s)
----------------------- --------------
Fixed Share Award GBP00.433400 107,002
---------------------------- --------------
d) Aggregated information
- Aggregated volume N/A (single transaction)
- Price
---------------------------------- -----------------------------------------------
e) Date of the transaction 2021-09-22
---------------------------------- -----------------------------------------------
f) Place of the transaction London Stock Exchange (XLON)
---------------------------------- -----------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Stephen Shelley
------------------------------------ ----------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------------
a) Position/status Chief Risk Officer
------------------------------------ ----------------------------------------------
b) Initial notification Initial Notification
/ Amendment
------------------------------------ ----------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------------
a) Name Lloyds Banking Group plc
------------------------------------ ----------------------------------------------
b) LEI 549300PPXHEU2JF0AM85
------------------------------------ ----------------------------------------------
Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
4 (iii) each date; and (iv) each place where transactions
have been conducted
-----------------------------------------------------------------------------------
a) Description of the Ordinary Shares of 10p each
financial instrument,
type of instrument
Identification code GB0008706128
---------------------------------- -----------------------------------------------
b) Nature of the transaction Acquisition of Shares - In respect
of the third quarter of 2021 under
the Group's Fixed Share Award.
---------------------------------- -----------------------------------------------
c) Price(s) and volume(s)
----------------------- --------------
Price(s) Volume(s)
----------------------- --------------
Fixed Share Award GBP00.433400 151,943
---------------------------- --------------
d) Aggregated information
- Aggregated volume N/A (single transaction)
- Price
---------------------------------- -----------------------------------------------
e) Date of the transaction 2021-09-22
---------------------------------- -----------------------------------------------
f) Place of the transaction London Stock Exchange (XLON)
---------------------------------- -----------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Andrew Walton
------------------------------------ ----------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------------
a) Position/status Group Corporate Affairs Director
------------------------------------ ----------------------------------------------
b) Initial notification Initial Notification
/ Amendment
------------------------------------ ----------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------------
a) Name Lloyds Banking Group plc
------------------------------------ ----------------------------------------------
b) LEI 549300PPXHEU2JF0AM85
------------------------------------ ----------------------------------------------
Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
4 (iii) each date; and (iv) each place where transactions
have been conducted
-----------------------------------------------------------------------------------
a) Description of the Ordinary Shares of 10p each
financial instrument,
type of instrument
Identification code GB0008706128
---------------------------------- -----------------------------------------------
b) Nature of the transaction Acquisition of Shares - In respect
of the third quarter of 2021 under
the Group's Fixed Share Award.
---------------------------------- -----------------------------------------------
c) Price(s) and volume(s)
----------------------- --------------
Price(s) Volume(s)
----------------------- --------------
Fixed Share Award GBP00.433400 107,002
---------------------------- --------------
d) Aggregated information
- Aggregated volume N/A (single transaction)
- Price
---------------------------------- -----------------------------------------------
e) Date of the transaction 2021-09-22
---------------------------------- -----------------------------------------------
f) Place of the transaction London Stock Exchange (XLON)
---------------------------------- -----------------------------------------------
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END
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