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M&G PLC

Remuneration Information Apr 3, 2020

5031_dirs_2020-04-03_a5aae04a-1966-42ac-a3a5-6b28af92fff9.html

Remuneration Information

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RNS Number : 7767I

M&G PLC

03 April 2020

M&G plc NEWS RELEASE

3 April 2020

M&G plc

Notification of transactions by Persons Discharging Managerial Responsibilities (PDMR)

Release of shares under the Prudential Deferred Annual Incentive Plan, the Prudential Long Term Incentive Plan and the Prudential Group Deferred Bonus Plan (the "Prudential Plans")

M&G plc (the "Company") announces that on 2 April 2020, shares were released to the below PDMRs in accordance with the replacement awards granted under the Prudential Plans on 27 November 2019. Shares were sold to cover the PDMRs' tax liabilities and sales costs and the PDMRs retained the balance of the shares.  

Awards under the M&G Deferred Incentive Plan 2019

On 3 April 2020, the Company made deferred bonus awards to PDMRs under the M&G Deferred Incentive Plan 2019. An award representing a proportion of the PDMRs' annual cash bonus has been deferred into a conditional award over shares which is due to vest in April 2023. The awards have been made using the three day average market share price of £1.135.

Awards under the M&G Performance Share Plan 2019

On 3 April 2020,  the Company granted nil-cost options to the following PDMRs under the M&G Performance Share Plan 2019. The options granted in 2020 are subject to the achievement of performance conditions over a three-year period plus a subsequent holding period of two years, except as noted below.

The grant price used for the M&G Performance Share Plan awards of £1.135 was based on an average of the 3 days preceding the grant date of 3 April 2020, consistent with all other participants in the scheme. The Remuneration Committee considered that whilst the share price has traded lower in recent times due to various external factors, they do not believe these are specific to M&G and that it is appropriate to base the grant on this market-typical methodology. The Remuneration Committee also noted the discretion that exists under the rules of the M&G Performance Share Plan to adjust awards if outcomes are not reflective of the performance of the Group taking consideration of all relevant factors including market movements over the period of vesting.

Summary table

The below table summarises the above transactions for each PDMR:

Name Number of shares released under the Prudential Plans Number of shares sold to cover tax liabilities and sales costs Number of shares awarded under the M&G Deferred Incentive Plan 2019 Number of nil-cost options granted under the M&G Performance Share Plan 2019
Julian Adams 338,244 159,454 101,806 442,621
Clare Bousfield 176,097 83,030 130,837 1,106,563
Jonathan Daniels 30,847 14,542 168,634 737,702
John Foley 761,462 358,965 459,295 2,158,590
David Macmillan - - 58,837 637,107
Graham Mason 143,635 67,712 51,718 570,043
Irene McDermott Brown 137,310 64,743 64,581 563,336
Alan Porter 379,823 179,055 77,709 704,171
Roddy Thomson - - 68,546 603,574

The notification below, which has been made in accordance with the requirements of the Market Abuse Regulation, provides further detail.

Contact

Alan Porter, Group General Counsel and Company Secretary - 0203 977 4064

Helen Archbold, Head of Secretariat - 0203 977 0057

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Julian Adams

2

Reason for the notification

a)

Position/status

Director, Public Policy and Regulation

b)

Initial notification/Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

M&G plc 

b)

LEI

254900TWUJUQ44TQJY84

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 5 pence each

GB00BKFB1C65

b) 

Nature of the transaction

a.    Vesting of nil-cost conditional awards under the Prudential Deferred Annual Incentive Plan

b.    Vesting of nil-cost conditional awards under the Prudential Long Term Incentive Plan

c)

Price(s) and volume(s)

Item Price (s) Volume (s)
a. Nil 155,984
b. Nil 182,260

Aggregated information

-Aggregated volume

-Price

338,244

Nil

Date of the transaction

2020-04-02

Place of the transaction

Outside a trading venue

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 5 pence each

GB00BKFB1C65

b) 

Nature of the transaction

a.    Sale of shares to cover applicable withholding tax and other deductions arising on release of conditional awards under the Prudential Deferred Annual Incentive Plan

b.    Sale of shares to cover applicable withholding tax and other deductions arising on release of conditional awards under the Prudential Long Term Incentive Plan

c)

Price(s) and volume(s)

Item Price (s) Volume (s)
a. £1.1284 73,534
b. £1.1284 85,920

Aggregated information

-Aggregated volume

-Price

159,454

£1.1284

Date of the transaction

2020-04-02

Place of the transaction

XLON

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 5 pence each

GB00BKFB1C65

b) 

Nature of the transaction

a.    Award granted under the Performance Share Plan due to vest in April 2023

b.    Award granted under the Deferred Incentive Plan to be released in April 2023

c)

Price(s) and volume(s)

Item Price (s) Volume (s)
a. £1.135 442,621
b. £1.135 101,806

Aggregated information

-Aggregated volume

-Price

544,427

£1.135

Date of the transaction

2020-04-03

Place of the transaction

Outside a trading venue

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Clare Bousfield

2

Reason for the notification

a)

Position/status

Chief Financial Officer 

b)

Initial notification/Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

M&G plc 

b)

LEI

254900TWUJUQ44TQJY84

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 5 pence each

GB00BKFB1C65

b) 

Nature of the transaction

a.    Vesting of nil-cost conditional awards under the Prudential Group Deferred Bonus Plan

b.    Vesting of nil-cost conditional awards under the Prudential Long Term Incentive Plan

c)

Price(s) and volume(s)

Item Price (s) Volume (s)
a. Nil 5,547
b. Nil 170,550

Aggregated information

-Aggregated volume

-Price

176,097

Nil

Date of the transaction

2020-04-02

Place of the transaction

Outside a trading venue

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 5 pence each

GB00BKFB1C65

b) 

Nature of the transaction

a.    Sale of shares to cover applicable withholding tax and other deductions arising on release of conditional awards under the Prudential Group Deferred Bonus Plan

b.    Sale of shares to cover applicable withholding tax and other deductions arising on release of conditional awards under the Prudential Long Term Incentive Plan

c)

Price(s) and volume(s)

Item Price (s) Volume (s)
a. £1.1284 2,630
b. £1.1284 80,400

Aggregated information

-Aggregated volume

-Price

83,030

£1.1284

Date of the transaction

2020-04-02

Place of the transaction

XLON

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 5 pence each

GB00BKFB1C65

b) 

Nature of the transaction

a.    Award granted under the Performance Share Plan due to vest in April 2023 subject to the achievement of performance conditions 

b.    Award granted under the Deferred Incentive Plan to be released in April 2023

c)

Price(s) and volume(s)

Item Price (s) Volume (s)
a. £1.135 1,106,563
b. £1.135 130,837

Aggregated information

-Aggregated volume

-Price

1,237,400

£1.135

Date of the transaction

2020-04-03

Place of the transaction

Outside a trading venue

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Jonathan Daniels

2

Reason for the notification

a)

Position/status

Chief Investment Officer

b)

Initial notification/Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

M&G plc 

b)

LEI

254900TWUJUQ44TQJY84

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 5 pence each

GB00BKFB1C65

b) 

Nature of the transaction

Vesting of nil-cost conditional awards under the Prudential Long Term Incentive Plan

c)

Price(s) and volume(s)

Price (s) Volume (s)
Nil 30,847

Aggregated information

-Aggregated volume

-Price

30,847

Nil

Date of the transaction

2020-04-02

Place of the transaction

Outside a trading venue

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 5 pence each

GB00BKFB1C65

b) 

Nature of the transaction

Sale of shares to cover applicable withholding tax and other deductions arising on release of conditional awards under the Prudential Long Term Incentive Plan

c)

Price(s) and volume(s)

Price (s) Volume (s)
£1.1284 14,542

Aggregated information

-Aggregated volume

-Price

14,542

£1.1284

Date of the transaction

2020-04-02

Place of the transaction

XLON

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 5 pence each

GB00BKFB1C65

b) 

Nature of the transaction

a.    Award granted under the Performance Share Plan due to vest in April 2023 subject to the achievement of performance conditions 

b.    Award granted under the Deferred Incentive Plan to be released in April 2023

c)

Price(s) and volume(s)

Item Price (s) Volume (s)
a. £1.135 737,702
b. £1.135 168,634

Aggregated information

-Aggregated volume

-Price

906,336

£1.135

Date of the transaction

2020-04-03

Place of the transaction

Outside a trading venue

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

John Foley

2

Reason for the notification

a)

Position/status

Chief Executive Officer

b)

Initial notification/Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

M&G plc 

b)

LEI

254900TWUJUQ44TQJY84

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 5 pence each

GB00BKFB1C65

b) 

Nature of the transaction

a.    Vesting of nil-cost conditional awards under the Prudential Deferred Annual Incentive Plan

b.    Vesting of nil-cost conditional awards under the Prudential Long Term Incentive Plan

c)

Price(s) and volume(s)

Item Price (s) Volume (s)
a. Nil 224,694
b. Nil 536,768

Aggregated information

-Aggregated volume

-Price

761,462

Nil

Date of the transaction

2020-04-02

Place of the transaction

Outside a trading venue

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 5 pence each

GB00BKFB1C65

b) 

Nature of the transaction

a.    Sale of shares to cover applicable withholding tax and other deductions arising on release of conditional awards under the Prudential Deferred Annual Incentive Plan

b.    Sale of shares to cover applicable withholding tax and other deductions arising on release of conditional awards under the Prudential Long Term Incentive Plan

c)

Price(s) and volume(s)

Item Price (s) Volume (s)
a. £1.1284 105,924
b. £1.1284 253,041

Aggregated information

-Aggregated volume

-Price

358,965

£1.1284

Date of the transaction

2020-04-02

Place of the transaction

XLON

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 5 pence each

GB00BKFB1C65

b) 

Nature of the transaction

a.    Award granted under the Performance Share Plan due to vest in April 2023 subject to the achievement of performance conditions 

b.    Award granted under the Deferred Incentive Plan to be released in April 2023

c)

Price(s) and volume(s)

Item Price (s) Volume (s)
a. £1.135 2,158,590
b. £1.135 459,295

Aggregated information

-Aggregated volume

-Price

2,617,885

£1.135

Date of the transaction

2020-04-03

Place of the transaction

Outside a trading venue

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

David Macmillan 

2

Reason for the notification

a)

Position/status

Chief Customer & Distribution Officer

b)

Initial notification/Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

M&G plc 

b)

LEI

254900TWUJUQ44TQJY84

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 5 pence each

GB00BKFB1C65

b) 

Nature of the transaction

a.    Award granted under the Performance Share Plan due to vest in April 2023 subject to the achievement of performance conditions 

b.    Award granted under the Deferred Incentive Plan to be released in April 2023

c)

Price(s) and volume(s)

Item Price (s) Volume (s)
a. £1.135 637,107
b. £1.135 58,837

Aggregated information

-Aggregated volume

-Price

695,944

£1.135

Date of the transaction

2020-04-03

Place of the transaction

Outside a trading venue

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Graham Mason 

2

Reason for the notification

a)

Position/status

Chief International Officer

b)

Initial notification/Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

M&G plc 

b)

LEI

254900TWUJUQ44TQJY84

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 5 pence each

GB00BKFB1C65

b) 

Nature of the transaction

Vesting of nil-cost conditional awards under the Prudential Group Deferred Bonus Plan

c)

Price(s) and volume(s)

Price (s) Volume (s)
Nil 143,635

Aggregated information

-Aggregated volume

-Price

143,635

Nil

Date of the transaction

2020-04-02

Place of the transaction

XLON

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 5 pence each

GB00BKFB1C65

b) 

Nature of the transaction

Sale of shares to cover applicable withholding tax and other deductions arising on release of conditional awards under the Prudential Group Deferred Bonus Plan

c)

Price(s) and volume(s)

Price (s) Volume (s)
£1.1284 67,712

Aggregated information

-Aggregated volume

-Price

67,712

£1.1284

Date of the transaction

2020-04-02

Place of the transaction

XLON

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 5 pence each

GB00BKFB1C65

b) 

Nature of the transaction

a.    Award granted under the Performance Share Plan due to vest in April 2023 subject to the achievement of performance conditions 

b.    Award granted under the Deferred Incentive Plan to be released in April 2023

c)

Price(s) and volume(s)

Item Price (s) Volume (s)
a. £1.135 570,043
b. £1.135 51,718

Aggregated information

-Aggregated volume

-Price

621,761

£1.135

Date of the transaction

2020-04-03

Place of the transaction

Outside a trading venue

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Irene McDermott Brown

2

Reason for the notification

a)

Position/status

Chief Human Resources Officer

b)

Initial notification/Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

M&G plc 

b)

LEI

254900TWUJUQ44TQJY84

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 5 pence each

GB00BKFB1C65

b) 

Nature of the transaction

a.    Vesting of nil-cost conditional awards under the Prudential Group Deferred Bonus Plan

b.    Vesting of nil-cost conditional awards under the Prudential Long Term Incentive Plan

c)

Price(s) and volume(s)

Item Price (s) Volume (s)
a. Nil 6,890
b. Nil 130,420

Aggregated information

-Aggregated volume

-Price

137,310

Nil

Date of the transaction

2020-04-02

Place of the transaction

Outside a trading venue

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 5 pence each

GB00BKFB1C65

b) 

Nature of the transaction

a.    Sale of shares to cover applicable withholding tax and other deductions arising on release of conditional awards under the Prudential Group Deferred Bonus Plan

b.    Sale of shares to cover applicable withholding tax and other deductions arising on release of conditional awards under the Prudential Long Term Incentive Plan

c)

Price(s) and volume(s)

Item Price (s) Volume (s)
a. £1.1284 3,261
b. £1.1284 61,482

Aggregated information

-Aggregated volume

-Price

64,743

£1.1284

Date of the transaction

2020-04-02

Place of the transaction

XLON

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 5 pence each

GB00BKFB1C65

b) 

Nature of the transaction

a.    Award granted under the Performance Share Plan due to vest in April 2023 subject to the achievement of performance conditions 

b.    Award granted under the Deferred Incentive Plan to be released in April 2023

c)

Price(s) and volume(s)

Item Price (s) Volume (s)
a. £1.135 563,336
b. £1.135 64,581

Aggregated information

-Aggregated volume

-Price

627,917

£1.135

Date of the transaction

2020-04-03

Place of the transaction

Outside a trading venue

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Alan Porter

2

Reason for the notification

a)

Position/status

Group General Counsel & Company Secretary

b)

Initial notification/Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

M&G plc 

b)

LEI

254900TWUJUQ44TQJY84

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 5 pence each

GB00BKFB1C65

b) 

Nature of the transaction

a.    Vesting of nil-cost conditional awards under the Prudential Deferred Annual Incentive Plan

b.    Vesting of nil-cost conditional awards under the Prudential Long Term Incentive Plan

c)

Price(s) and volume(s)

Item Price (s) Volume (s)
a. Nil 124,989
b. Nil 254,834

Aggregated information

-Aggregated volume

-Price

379,823

Nil

Date of the transaction

2020-04-02

Place of the transaction

Outside a trading venue

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 5 pence each

GB00BKFB1C65

b) 

Nature of the transaction

a.    Sale of shares to cover applicable withholding tax and other deductions arising on release of conditional awards under the Prudential Deferred Annual Incentive Plan

b.    Sale of shares to cover applicable withholding tax and other deductions arising on release of conditional awards under the Prudential Long Term Incentive Plan

c)

Price(s) and volume(s)

Item Price (s) Volume (s)
a. £1.1284 58,922
b. £1.1284 120,133

Aggregated information

-Aggregated volume

-Price

179,055

£1.1284

Date of the transaction

2020-04-02

Place of the transaction

XLON

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 5 pence each

GB00BKFB1C65

b) 

Nature of the transaction

a.    Award granted under the Performance Share Plan due to vest in April 2023 subject to the achievement of performance conditions 

b.    Award granted under the Deferred Incentive Plan to be released in April 2023

c)

Price(s) and volume(s)

Item Price (s) Volume (s)
a. £1.135 704,171
b. £1.135 77,709

Aggregated information

-Aggregated volume

-Price

781,880

£1.135

Date of the transaction

2020-04-03

Place of the transaction

Outside a trading venue

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Roddy Thomson

2

Reason for the notification

a)

Position/status

Chief Operating Officer

b)

Initial notification/Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

M&G plc 

b)

LEI

254900TWUJUQ44TQJY84

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 5 pence each

GB00BKFB1C65

b) 

Nature of the transaction

a.    Award granted under the Performance Share Plan due to vest in April 2023 subject to the achievement of performance conditions 

b.    Award granted under the Deferred Incentive Plan to be released in April 2023

c)

Price(s) and volume(s)

Item Price (s) Volume (s)
a. £1.135 603,574
b. £1.135 68,546

Aggregated information

-Aggregated volume

-Price

672,120

£1.135

Date of the transaction

2020-04-03

Place of the transaction

Outside a trading venue

LEI: 254900TWUJUQ44TQJY84

Classification: 2.2 Information disclosed under article 19 of the Market Abuse Regulation.

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 [email protected] or visit www.rns.com.

END

DSHSSAFEDESSEFL

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