Director/PDMR Shareholding

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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