Notification of Transactions of Directors/PDMRs

RNS Number : 4663E

Royal Mail PLC

09 April 2014

 



9 April 2014

Royal Mail plc

Notification of Transactions of Directors/Persons Discharging Managerial Responsibility

In accordance with Rule 3.1.2R of the Disclosure and Transparency Rules, Royal Mail plc (the Company) was notified today of certain transactions by Directors/Persons Discharging Managerial Responsibilities in shares of the Company.  In compliance with Rule 3.1.4R of the Disclosure and Transparency Rules, the Company notifies the market of details of the following transactions:

Name of Director or PDMR	Number of Ordinary Shares
Executive Directors
Moya Greene	116
Mark Higson	116
Matthew Lester	116
PDMRs
Stephen Agar	116
Catherine Doran	116
Derek Foster	116
Neil Harnby	116
Nicholas Landon	116
Jon Millidge	116
Michael Newnham	116
Shane O'Riordain	116
Emily Pang	116
Gary Simpson	116
Stuart Simpson	116
Susan Whalley	116

These transactions took place on 9 April 2014 in London.

As Eligible Employees, each of the Executive Directors and PDMRs listed above has been awarded 116 free Ordinary Shares as part of the Employee Free Shares Offer.  The Employee Free Shares Offer was put in place upon the listing of Royal Mail plc by the Secretary of State for Business Innovation and Skills as part of the employee share scheme it was required to establish under section 3 of the Postal Services Act 2011. The Executive Directors and PDMRs have been awarded the same number of free Ordinary Shares as each other full-time Eligible Employee who did not opt out of the Employee Free Shares Offer. These Ordinary Shares were awarded at nil cost and will be held in trust by the trustee of the Royal Mail Share Incentive Plan (the "Plan"). The Plan has been approved by HMRC under Schedule 2 to the Income Tax (Earnings and Pensions) Act 2003. 

Under HMRC rules at the time of allocation on 15 October 2013, the maximum amount of free Ordinary shares that could be given to an individual employee in any tax year was £3,000. The initial market value of the free Ordinary shares that eligible full-time employees were entitled to exceeded this limit. Therefore, Eligible Employees are receiving the free Ordinary shares they are entitled to in two allocations. This second award is being made in the new tax year to any Eligible Employee who did not opt out of the Employee Free Shares Offer. This is in accordance with the Plan rules and Clause 6.2 of Part VIII of the Securities Note to the Prospectus.

The Non-Executive Directors, while eligible to receive Employee Free Shares as part of the Employee Free Shares Offer, decided it would be inappropriate, as independent non-executive directors, to receive Employee Free Shares and so opted out of receiving Employee Free Shares.

Enquiries

Royal Mail plc             Mish Tullar Phone: [phone] Email: [e-mail]  Beth Longcroft Phone: [phone] Email: [e-mail] Royal Mail press office out of hours: 0203 338 1007

 

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