Director/PDMR Shareholding

RNS Number : 5692B

Old Mutual PLC

04 April 2013

 



Old Mutual plc

Ref 35/13

4 April 2013

THE NEDBANK GROUP (2005) SHARE OPTION, MATCHED SHARE AND RESTRICTED SHARE SCHEME

2013 matched share scheme

On 2 April 2013, Mr M W T Brown, Chief Executive of Nedbank Group Limited (Nedbank) and a member of the Group Executive Committee of Old Mutual plc, committed 16,099 Nedbank shares to Nedbank's 2013 Matched Share Scheme.

16,099 Nedbank ordinary shares were acquired and committed at a price of R195.66 per share, this being the average price of Nedbank shares between 20 and 27 March 2013. These shares were committed by Mr Brown under the compulsory bonus deferral scheme introduced by the Nedbank Remuneration Committee in 2010, under which deferred amounts could be invested in the Matched Share Scheme described above. The deferred amount would be forfeited should Mr Brown resign before the end of the deferral period as well as in cases where, in the sole opinion of the board of Nedbank, material irregularities or misrepresentation of financial results come to light during the deferral period.

In addition, 1,533 shares were acquired and committed in respect of voluntary participation in the Matched Share Scheme in terms of which Mr Brown could commit shares up to an equivalent value of 50% of his after-tax bonus (less the amount already deferred under the compulsory deferral scheme described above). Mr Brown may dispose of these shares at any time prior to the vesting date, but this would cancel his participation in the Scheme in respect of these shares. On the vesting date, 50% of the shares still held in trust in respect of Mr Brown's portfolio will be matched on a one-for-one basis if he remains employed by Nedbank at that time and a further 50% of the shares held on the vesting date will be matched on a one-for-one basis if a predetermined company performance target for the period 2013 to 2015 is met.

2010 matched share scheme

On 31 March 2010 (the Inception Date), Mr Brown pledged 9,246 Nedbank ordinary shares under the 2010 Matched Share Scheme, on the basis that on the vesting date (the day following three years after the Inception Date) 50% of the shares held in trust would be matched on a one-for-one basis if Mr Brown remained employed by Nedbank and a further 50% of the shares would be matched on a one-for-one basis if a predetermined Nedbank company performance target was met.

Mr Brown remained employed by Nedbank on the vesting date, but the predetermined Nedbank company performance target for the period 2010 to 2012 was not met, resulting in 4,624 shares (being the 50% relating to the requirement for Mr Brown to remain employed) being matched.

Enquiries

External communications

Patrick Bowes                           UK        [phone]

Investor relations

Dominic Lagan                           UK        [phone]

Kelly de Kock                            SA        [phone]

Media

William Baldwin-Charles                         [phone]

                                                            [phone]

Notes to Editors

Old Mutual provides life assurance, asset management, banking and general insurance to more than 14 million customers in Africa, the Americas, Asia and Europe. Originating in South Africa in 1845, Old Mutual has been listed on the London and Johannesburg Stock Exchanges, among others, since 1999.

In the year ended 31 December 2012, the Group reported adjusted operating profit before tax of £1.6 billion (on an IFRS basis) and had £262 billion of funds under management from core operations.

For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com

 

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