Directors' Shares Interests
Old Mutual PLC
29 April 2005
Directors' interests in shares in Old Mutual plc (the 'Company')
The following options over shares in the Company were granted on 26 April 2005
under the Company's executive share option scheme (the 'SOP') to the following
directors of the Company:
Director Number of shares Exercise price
J V F Roberts 304,348 126.5 pence
J H Sutcliffe 434,783 126.5 pence
All of the above options are for a period of six years, but may not generally,
under the rules of the SOP, be exercised until the third anniversary of grant
and then only subject to the fulfilment of performance targets set by the
Remuneration Committee of the Company. No consideration was payable for these
grants.
The total numbers of shares now held under option by the above directors under
the SOP (following the above grants) are as follows:
Director Total shares under option under the SOP
J V F Roberts 2,111,172
J H Sutcliffe 3,064,036
The following deferred short-term incentive awards over shares in the Company
were granted on 27 April 2005 under the Company's Restricted Share Plan (the
'RSP') to the following directors of the Company:
Director Number of shares Price per share
J V F Roberts 109,520 124.6 pence
J H Sutcliffe 159,508 124.6 pence
The shares will generally only be released three years after the date of the
award if the director remains in employment with the Group until then and the
performance conditions applicable thereto have been fulfilled.
Mr Roberts and Mr Sutcliffe have elected to use some or all of their annual
bonus for the year ended 31 December 2004 to purchase shares in the Company
under a matching scheme pursuant to the RSP. The following shares in the Company
were purchased with that part of their net of tax bonus for which they made such
elections and the following related awards were made under the RSP on 27 April
2005:
Director Gross incentive No. of shares Price per No. of shares
used to bought share under the RSP
purchase matching
shares award
J V F Roberts £218,334 101,448 125.8 pence 173,538
J H Sutcliffe £397,487 184,690 125.8 pence 315,933
The matching awards will generally only be released three years after the date
of the award if the director remains in employment with the Group until then and
the performance conditions applicable thereto have been fulfilled. The shares
bought are held in trust for the director until the date of vesting or lapse
(whichever first occurs) of the matching award.
The conditions relating to each of the SOP awards, the deferred short-term
incentive awards and the matching awards are:
• as to one half of the awards, that the Company's adjusted earnings per
share in Sterling ('Sterling EPS') in the year ending 31 December 2007
exceed the Sterling EPS for the year ended 31 December 2004 by a factor of
9% or more above the increase in the UK RPI over that period; and
• as to the other half of the awards, that the Company's adjusted earnings
per share in Rand ('Rand EPS') in the year ending 31 December 2007 exceed
the Rand EPS for the year ended 31 December 2004 by a factor of 9% or more
above the increase in the South African Consumer Price Index over that
period.
The total numbers of shares in the Company contingently held under the RSP by
the directors concerned (including the above awards) are now as follows:
Director No. of Restricted No. of Restricted Total
Shares awarded on Shares under the
joining bonus matching
arrangement
J V F Roberts 50,200 387,904 438,104
J H Sutcliffe - 715,283 715,283
The total numbers of shares in the Company in which the directors concerned are
now beneficially interested are as follows:
Director Number of shares in the Company
J V F Roberts 828,834
J H Sutcliffe 1,784,600
The various awards described in this announcement were delayed beyond the usual
42-day period following the Company's preliminary results release dated 28
February 2005 because of the closed period that prevailed under the Company's
Model Code until 19 April 2005, when the Company's Black Economic Empowerment
proposals were announced.
29 April 2005
ENQUIRIES:
Old Mutual plc UK
Miranda Bellord +44 (0) 20 7002 7133
Old Mutual plc SA
Nad Pillay +27 (0) 21 504 8026
For further information about Old Mutual plc visit www.oldmutual.com
This information is provided by RNS
The company news service from the London Stock Exchange
Latest directors dealings
- 22 minutes ago MING YANG SMART ENERGY GROUP LIMITED
- 2 hours ago Trekor Metals Limited
- 2 hours ago ECR Minerals
- 2 hours ago Zotefoams
- 16 hours ago Luceco