Legal & General Group Plc
Notification of
Transactions of Directors, Persons Discharging Managerial
Responsibilities ("PDMRs") and persons closely associated with
them
In line with the announcement made
on 15 June 2023, as part of the remuneration terms relating to the
appointment of António Simões as Group Chief Executive Officer and
as an Executive Director of Legal & General Group Plc (the
"Company"), and as set out in the Directors Remuneration Report
published on Wednesday 13 March 2024, the Company agreed to
compensate António Simões for incentive awards forfeited by
him on leaving his former employer.
In accordance with such remuneration
terms, on 20 March 2024, the Company granted António Simões
the following conditional awards of a total of 1,229,642 ordinary
shares of 2.5p each (the "Shares") in the Company under a one-off
recruitment arrangement (the "Plan"), the terms of which are
substantively equivalent to the Company's Share Bonus Plan, which
will normally vest (subject to those terms) as set out
below:
a. a conditional award of 172,617
Shares with a vesting date of 20 March 2024;
b. a conditional award of 170,512
Shares with a vesting date of 31 December 2024;
c. a conditional award of 216,096
Shares with a vesting date of 20 March 2025;
d. a conditional award of 85,256
Shares with a vesting date of 31 December 2025;
e. a conditional award of 216,096
Shares with a vesting date of 20 March 2026;
f. a conditional award of
85,256 Shares with a vesting date of 31 December 2026;
g. a conditional award of 171,359
Shares with a vesting date of 20 March 2027; and
h. a conditional award of 112,450
Shares with a vesting date of 20 March 2028.
The Awards will vest subject to
continued employment with the Company. The shareholding
requirements applicable to executive directors of the Company will
apply in accordance with the Company's Directors' Remuneration
Policy.
The Awards were granted on the basis
of an average closing share price on the London Stock Exchange
between 5 June 2023 and 7 June 2023 of £2.3767. No
consideration was paid for the grant of the Awards. No price
is payable on the vesting of the Awards.
In accordance with the remuneration
terms agreed with António Simões, the vesting date of certain
Awards correspond to the original vesting timeframe attached to the
forfeited awards. Accordingly, an Award of 172,617 shares vested on
20 March 2024 upon grant and was released under the terms of the
Plan to António Simões, subject to the sale of sufficient shares to
cover tax liabilities.
Following this
notification, António Simões has a total interest under all
share plans of the Company of 1,148,512 shares, representing
0.0192% of the total voting rights of the Company as at 20 March
2024.
This announcement, including the
notifications below, is made in accordance with the requirements of
Article 19 of the UK Market Abuse Regulation.
Awards
(grant)
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
a)
|
Name
|
António Simões
|
2
|
Reason for the notification
|
a)
|
Position/status
|
Group Chief Executive
Officer/Director
|
b)
|
Initial
notification/Amendment
|
Initial Notification
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
a)
|
Name
|
Legal & General Group
Plc
|
b)
|
LEI
|
213800JH9QQWHLO99821
|
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 £0.025
each.
GB0005603997
|
b)
|
Nature of transaction
|
Grant of conditional share awards in
accordance with agreed buy-out arrangements entered into in
connection with António Simões'
recruitment.
|
c)
|
Price(s) and volume(s)
|
Price(s)
|
Volume(s)
|
1. Nil
|
1. 172,617
|
2. Nil
|
2. 170,512
|
3. Nil
|
3. 216,096
|
4. Nil
|
4. 85,256
|
5. Nil
|
5. 216,096
|
6. Nil
|
6. 85,256
|
7. Nil
|
7. 171,359
|
8. Nil
|
8. 112,450
|
d)
|
Aggregated information
-
Aggregated volume
-
Price
|
1. Price
|
1. Volume
|
1. Total
|
1. Nil
|
1. 1,229,642
|
1. Nil
|
e)
|
Date of the transaction
|
20 March 2024
|
f)
|
Place of the transaction
|
London Stock Exchange,
XLON
|
Awards
(vesting)
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
a)
|
Name
|
António Simões
|
2
|
Reason for the notification
|
a)
|
Position/status
|
Group Chief Executive
Officer/Director
|
b)
|
Initial
notification/Amendment
|
Initial Notification
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
a)
|
Name
|
Legal & General Group
Plc
|
b)
|
LEI
|
213800JH9QQWHLO99821
|
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 £0.025 each, with
voting rights attached.
GB0005603997
|
b)
|
Nature of transaction
|
1. Vesting of
recruitment award over 172,617 shares.
2. Sale of 81,130
shares to cover tax liabilities. The balance of
91,487 shares retained.
|
c)
|
Price(s) and volume(s)
|
Price(s)
|
Volume(s)
|
1. Nil
|
1. 172,617
|
2. £2.4820
|
2. 81,130
|
d)
|
Aggregated information
-
Aggregated volume
-
Price
|
1. Price
|
1. Volume
|
1. Total
|
1. Nil
|
1. 172,617
|
1. Nil
|
|
2. Price
|
2. Volume
|
2. Total
|
|
2. £2.4820
|
2. 81,130
|
2. £201,364.64
|
e)
|
Date of the transaction
|
20 March 2024
|
f)
|
Place of the transaction
|
London Stock Exchange,
XLON
|
21 March 2024
Leanne Cornish
Head of Group Secretariat
Legal & General Group
Plc
Tel: 020 3124 4111