Virgin Money UK PLC Director/PDMR Shareholding (0339F)
March 16 2022 - 12:18PM
UK Regulatory
TIDMVMUK TIDM91XR
RNS Number : 0339F
Virgin Money UK PLC
16 March 2022
VIRGIN MONEY UK PLC
(Company)
LEI: 213800ZK9VGCYYR6O495
16 March 2022
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), VIRGIN MONEY LONG-TERM INVESTMENT PLAN (VM LTIP) AND
DEFERRED EQUITY PLAN (DEP)
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 15 March 2022 vestings took place under the VM DBSP, VM LTIP
and DEP in respect of awards made to Hugh Chater in line with the
PRA Remuneration Code. In line with Company policy, share sales
were executed by the Company to cover the 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 five year deferral of the VM
DBSP award for the full year of 2016; the third tranche of the VM
LTIP award granted in 2016, the second tranche of the VM LTIP award
granted in 2017 and the three year deferral of a DEP award for the
full year 2018 .
The net shares are subject to a further six-month holding period
for the VM DBSP and 2016 VM LTIP award, and twelve-months for the
2017 VM LTIP award and the DEP award.
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 2017 VM LTIP
4) Vesting of the DEP FY18
---------------------------- -------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
1) Nil-Consideration 4,535
------------------ ----------
2) Nil-Consideration 11,038
------------------ ----------
3) Nil-Consideration 19,868
------------------ ----------
4) Nil-Consideration 7,072
------------------ ----------
---------------------------- -------------------------------------------
d) Aggregated information
- Aggregated volume 42,513
- Price Nil Consideration
---------------------------- -------------------------------------------
e) Date of the transaction 15 March 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 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) 2017 VM LTIP
---------------------------- -------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
GBP1.6385 16,717
----------
---------------------------- -------------------------------------------
d) Aggregated information N/A
- Aggregated volume
- Price
---------------------------- -------------------------------------------
e) Date of the transaction All transactions took place on 15 March
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 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
DEP FY18.
---------------------------- -------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
GBP1.631428 3,337
----------
---------------------------- -------------------------------------------
d) Aggregated information N/A
- Aggregated volume
- Price
---------------------------- -------------------------------------------
e) Date of the transaction All transactions took place on 15 March
2022
---------------------------- -------------------------------------------
f) Place of the transaction London / London Stock Exchange (LON:LSE)
---------------------------- -------------------------------------------
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