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Reckitt Benckiser Group PLC Director's Dealing 2021
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Director's Dealing
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RNS Number : 4591A
Reckitt Benckiser Group PLC
01 June 2021
1 June 2021
RECKITT BENCKISER GROUP PLC
DIRECTOR/PDMR SHAREHOLDING
Reckitt Benckiser Group plc (the "Company" or "Reckitt") announces the following changes in the interests of Directors and Persons Discharging Managerial Responsibility ("PDMR") in ordinary shares of 10 pence each in the share capital of the Company ("Shares").
2015 Long Term Incentive Plan ("LTIP")
Grant of Performance Share Options and Performance Share Awards
On 28 May 2021, the grant of performance share options and performance share awards ("2021 LTIP awards") were made under the LTIP to the Directors and PDMRs listed below:
| Name | Director/PDMR | Number of performance share options |
Number of performance shares |
| Laxman Narasimhan | Director and PDMR | 150,000 | 75,000 |
| Jeff Carr | Director and PDMR | 80,000 | 40,000 |
| Volker Kuhn | PDMR | 50,000 | 25,000 |
| Aditya Sehgal | PDMR | 50,000 | 25,000 |
| Kris Licht | PDMR | 50,000 | 25,000 |
The number of performance share options and performance share awards shown is the maximum available if the stretching performance conditions for the three-year performance period ending on 31 December 2023 are satisfied in full.
At the time of publication of the 2020 Annual Report the Remuneration Committee had not finalised the targets for the 2021 LTIP awards and committed to disclosing targets when the awards were made. As set out in the 2020 Annual Report, the performance measures and weightings are unchanged from last year; the definitions of the measures are set out on page 149 of the 2020 Annual Report.
The targets that will apply to the 2021 LTIP awards for the 2021-2023 performance period are set out below.
| Performance Condition | Proportion of 2021 Award subject to Performance Condition | Target to achieve threshold (20%) vesting | Target to achieve maximum (100%) vesting |
| Like-for-like Net Revenue growth (3-year CAGR) | 50% | 1% | 5% |
| ROCE (final year) | 25% | 12.3% | 14.0% |
| EPS (final year) on a constant foreign exchange basis | 12.5% | 327 pence | 401 pence |
| EPS (final year) on an actual foreign exchange basis | 12.5% | 308 pence | 379 pence |
Vesting between achievement of threshold and maximum performance is on a straight-line basis. In addition to the above performance conditions, before determining the final vesting level, the Remuneration Committee will continue to take a broader assessment of performance in the round and has an overriding discretion to adjust vesting outcomes where, acting fairly and reasonably, it considers the formulaic outcome to be inappropriate.
In line with the Directors' Remuneration Policy, for Executive Directors there is a further two-year holding period commencing after the end of the performance period.
Performance share options will be exercisable at £64.67 per share. No consideration was paid for the grant of these awards.
Vesting of share awards
On 28 May 2021, a time-vested share award granted to Kris Licht on 4 November 2019 under the Reckitt Benckiser Group plc 2015 Long Term Incentive Plan vested.
4,578 Shares were sold on 28 May 2021 at £63.52 per Share to realise sufficient funds to settle resultant tax and social security liabilities arising from the vesting.
Also on 28 May 2021, a time-vested share award granted to Volker Kuhn on 3 August 2020 under the Reckitt Benckiser Group plc 2015 Long Term Incentive Plan vested.
382 Shares were sold on 28 May 2021 at £63.52 per Share to realise sufficient funds to settle resultant tax and social security liabilities arising from the vesting.
The following notifications are made in accordance with DTR 3.1.2-A, incorporating article 19(1) of the Market Abuse Regulation.
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
Laxman Narasimhan
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
Reckitt Benckiser Group plc
b)
LEI
5493003JFSMOJG48V108
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 10p each in Reckitt Benckiser Group plc
GB00B24CGK77 - ID code for ordinary shares
b)
Nature of the transaction
Grant of share options for nil consideration under the Reckitt Benckiser Group plc 2015 Long-Term Incentive Plan
c)
Price(s) and volume(s)
| Price(s) | Volume(s) |
| Nil | 150,000 |
d)
Aggregated information
- Aggregated volume- Price
| Aggregate Price | Aggregate Volume | Aggregate Total |
| Nil | 150,000 | Nil |
e)
Date of the transaction
2021-05-28
f)
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 10p each in Reckitt Benckiser Group plc
GB00B24CGK77 - ID code for ordinary shares
b)
Nature of the transaction
Grant of performance share awards for nil consideration under the Reckitt Benckiser Group plc 2015 Long-Term Incentive Plan
c)
Price(s) and volume(s)
| Price(s) | Volume(s) |
| Nil | 75,000 |
d)
Aggregated information
- Aggregated volume
- Price
| Aggregate Price | Aggregate Volume | Aggregate Total |
| Nil | 75,000 | Nil |
e)
Date of the transaction
2021-05-28
f)
Place of the transaction
Outside a trading venue
1
Details of the person discharging managerial responsibilities / person closely associated
a)
Name
Jeff Carr
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
Reckitt Benckiser Group plc
b)
LEI
5493003JFSMOJG48V108
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 10p each in Reckitt Benckiser Group plc
GB00B24CGK77 - ID code for ordinary shares
b)
Nature of the transaction
Grant of share options for nil consideration under the Reckitt Benckiser Group plc 2015 Long-Term Incentive Plan
c)
Price(s) and volume(s)
| Price(s) | Volume(s) |
| Nil | 80,000 |
d)
Aggregated information
- Aggregated volume
- Price
| Aggregate Price | Aggregate Volume | Aggregate Total |
| Nil | 80,000 | Nil |
e)
Date of the transaction
2021-05-28
f)
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 10p each in Reckitt Benckiser Group plc
GB00B24CGK77 - ID code for ordinary shares
b)
Nature of the transaction
Grant of performance share awards for nil consideration under the Reckitt Benckiser Group plc 2015 Long-Term Incentive Plan
c)
Price(s) and volume(s)
| Price(s) | Volume(s) |
| Nil | 40,000 |
d)
Aggregated information
- Aggregated volume
- Price
| Aggregate Price | Aggregate Volume | Aggregate Total |
| Nil | 40,000 | Nil |
e)
Date of the transaction
2021-05-28
f)
Place of the transaction
Outside a trading venue
1
Details of the person discharging managerial responsibilities / person closely associated
a)
Name
Kris Licht
2
Reason for the notification
a)
Position/status
President Health & Chief Customer Officer
b)
Initial notification/
Amendment
Initial notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Reckitt Benckiser Group plc
b)
LEI
5493003JFSMOJG48V108
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 10p each in Reckitt Benckiser Group plc
GB00B24CGK77 - ID code for ordinary shares
b)
Nature of the transaction
Grant of share options for nil consideration under the Reckitt Benckiser Group plc 2015 Long-Term Incentive Plan
c)
Price(s) and volume(s)
| Price(s) | Volume(s) |
| Nil | 50,000 |
d)
Aggregated information
- Aggregated volume
- Price
| Aggregate Price | Aggregate Volume | Aggregate Total |
| Nil | 50,000 | Nil |
e)
Date of the transaction
2021-05-28
f)
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 10p each in Reckitt Benckiser Group plc
GB00B24CGK77 - ID code for ordinary shares
b)
Nature of the transaction
Grant of performance share awards for nil consideration under the Reckitt Benckiser Group plc 2015 Long-Term Incentive Plan
c)
Price(s) and volume(s)
| Price(s) | Volume(s) |
| Nil | 25,000 |
d)
Aggregated information
- Aggregated volume
- Price
| Aggregate Price | Aggregate Volume | Aggregate Total |
| Nil | 25,000 | Nil |
e)
Date of the transaction
2021-05-28
f)
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 10p each in Reckitt Benckiser Group plc
GB00B24CGK77 - ID code for ordinary shares
b)
Nature of the transaction
Vesting/release of share awards granted on 4 November 2019 under the Reckitt Benckiser Group plc 2015 Long Term Incentive Plan
c)
Price(s) and volume(s)
| Price(s) | Volume(s) |
| Nil | 8,733 |
d)
Aggregated information
- Aggregated volume
- Price
| Aggregate Price | Aggregate Volume | Aggregate Total |
| Nil | 8,733 | Nil |
e)
Date of the transaction
2021-05-28
f)
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 10p each in Reckitt Benckiser Group plc
GB00B24CGK77 - ID code for ordinary shares
b)
Nature of the transaction
Sale of shares to settle tax liabilities arising from conditional share award releases
c)
Price(s) and volume(s)
| Price(s) | Volume(s) |
| £63.52 | 4,578 |
d)
Aggregated information
- Aggregated volume
- Price
| Aggregate Price | Aggregate Volume | Aggregate Total |
| £63.52 | 4,578 | £290,794.56 |
e)
Date of the transaction
2021-05-28
f)
Place of the transaction
London Stock Exchange, Main Market - XLON
1
Details of the person discharging managerial responsibilities / person closely associated
a)
Name
Volker Kuhn
2
Reason for the notification
a)
Position/status
President Hygiene
b)
Initial notification/
Amendment
Initial notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Reckitt Benckiser Group plc
b)
LEI
5493003JFSMOJG48V108
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 10p each in Reckitt Benckiser Group plc
GB00B24CGK77 - ID code for ordinary shares
b)
Nature of the transaction
Grant of share options for nil consideration under the Reckitt Benckiser Group plc 2015 Long-Term Incentive Plan
c)
Price(s) and volume(s)
| Price(s) | Volume(s) |
| Nil | 50,000 |
d)
Aggregated information
- Aggregated volume
- Price
| Aggregate Price | Aggregate Volume | Aggregate Total |
| Nil | 50,000 | Nil |
e)
Date of the transaction
2021-05-28
f)
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 10p each in Reckitt Benckiser Group plc
GB00B24CGK77 - ID code for ordinary shares
b)
Nature of the transaction
Grant of performance share awards for nil consideration under the Reckitt Benckiser Group plc 2015 Long-Term Incentive Pla
c)
Price(s) and volume(s)
| Price(s) | Volume(s) |
| Nil | 25,000 |
d)
Aggregated information
- Aggregated volume
- Price
| Aggregate Price | Aggregate Volume | Aggregate Total |
| Nil | 25,000 | Nil |
e)
Date of the transaction
2021-05-28
f)
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 10p each in Reckitt Benckiser Group plc
GB00B24CGK77 - ID code for ordinary shares
b)
Nature of the transaction
Vesting/release of share awards granted on 3 August 2020 under the Reckitt Benckiser Group plc 2015 Long Term Incentive Plan
c)
Price(s) and volume(s)
| Price(s) | Volume(s) |
| Nil | 19,000 |
d)
Aggregated information
- Aggregated volume
- Price
| Aggregate Price | Aggregate Volume | Aggregate Total |
| Nil | 19,000 | Nil |
e)
Date of the transaction
2021-05-28
f)
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 10p each in Reckitt Benckiser Group plc
GB00B24CGK77 - ID code for ordinary shares
b)
Nature of the transaction
Sale of shares to settle tax liabilities arising from conditional share award releases
c)
Price(s) and volume(s)
| Price(s) | Volume(s) |
| £63.52 | 382 |
d)
Aggregated information
- Aggregated volume
- Price
| Aggregate Price | Aggregate Volume | Aggregate Total |
| £63.52 | 382 | £24,264.64 |
e)
Date of the transaction
2021-05-28
f)
Place of the transaction
London Stock Exchange, Main Market - XLON
1
Details of the person discharging managerial responsibilities / person closely associated
a)
Name
Aditya Sehgal
2
Reason for the notification
a)
Position/status
President Nutrition, eRB & Greater China
b)
Initial notification/
Amendment
Initial notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Reckitt Benckiser Group plc
b)
LEI
5493003JFSMOJG48V108
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 10p each in Reckitt Benckiser Group plc
GB00B24CGK77 - ID code for ordinary shares
b)
Nature of the transaction
Grant of share options for nil consideration under the Reckitt Benckiser Group plc 2015 Long-Term Incentive Plan
c)
Price(s) and volume(s)
| Price(s) | Volume(s) |
| Nil | 50,000 |
d)
Aggregated information
- Aggregated volume
- Price
| Aggregate Price | Aggregate Volume | Aggregate Total |
| Nil | 50,000 | Nil |
e)
Date of the transaction
2021-05-28
f)
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 10p each in Reckitt Benckiser Group plc
GB00B24CGK77 - ID code for ordinary shares
b)
Nature of the transaction
Grant of performance share awards for nil consideration under the Reckitt Benckiser Group plc 2015 Long-Term Incentive Plan
c)
Price(s) and volume(s)
| Price(s) | Volume(s) |
| Nil | 25,000 |
d)
Aggregated information
- Aggregated volume
- Price
| Aggregate Price | Aggregate Volume | Aggregate Total |
| Nil | 25,000 | Nil |
e)
Date of the transaction
2021-05-28
f)
Place of the transaction
Outside a trading venue
For further Information:
Rupert Bondy
Company Secretary
Tel +44 (0) 1753 217 800
Sandra Azevedo-Moura
Investor Relations Director
Tel. +44 (0) 1753 446 984
Reckitt Benckiser Group plc's LEI code is 5493003JFSMOJG48V108
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