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Reckitt Benckiser Gp (RB.)

  Print          Annual reports

Tuesday 24 March, 2020

Reckitt Benckiser Gp

Director/PDMR Shareholding

RNS Number : 4535H
Reckitt Benckiser Group PLC
24 March 2020
 

 

 

 

24 March 2020

 

RECKITT BENCKISER GROUP PLC

 

DIRECTOR/PDMR SHAREHOLDINGS

 

Reckitt Benckiser Group plc (the "Company" or "RB") 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").

 

1. Vesting of Replacement Award

 

As previously announced on 6 August 2019, Laxman Narasimhan, Chief Executive Officer, was granted an award over a maximum of 71,557 RB Shares, plus dividend equivalents.  The award was made to compensate for remuneration arrangements forfeited by Mr Narasimhan on leaving his previous employer, Pepsico and was based on Pepsico Inc.'s (Pepsico) performance over the three-year period which ended in December 2019.  Following the publication of Pepsico's proxy report, on 23 March 2020 the vesting of his award was confirmed at 75.6% of the target amount of 40,890 Shares, which equated to 30,913 Shares, plus dividend equivalents amounting to 344 Shares.   The balance of the shares have lapsed.

 

On 23 March 2020, 31,257 Shares were released to Mr Narasimhan.  He retained the net balance of 16,539 Shares, following the sale of 14,718 Shares on the same day at £58.3309 per Share to realise sufficient funds to settle resultant tax and social security liabilities. The award was satisfied using market purchased shares.  Following this transaction, Mr Narasimhan's beneficial holding has increased to 33,780 Shares, representing 0.0048% of the total voting rights of the Company.

 

Mr Narasimhan's remuneration for 2019, including details of these shares, will be set out in detail in RB's 2019 Annual Report.

 

2. Grant of Deferred Bonus Share Awards

 

On 23 March 2020, the grant of conditional share awards in respect of the year ended 31 December 2019 were made under the Reckitt Benckiser Group Deferred Bonus Plan ("DBP") to the Directors and PDMRs listed below:

 

 

Name

Director/PDMR

Number of shares

under award

L axman Narasimhan

Director

1,259

Adrian Hennah

Director

1,632

Aditya Sehgal

PDMR

362

Harold van den Broek

PDMR

604

 

 

Under the DBP, one-third of the bonus that would otherwise have been payable in cash is instead delivered in the form of conditional share awards.  The awards were made on a pre-tax basis and granted on the basis of an average share price of £58.35. These awards will normally vest in full (together with dividend equivalents in cash or ordinary shares) on the third anniversary of the award date and be released as soon as practicable thereafter. No consideration was paid for the grant of these awards.

 

In addition, based on his forfeited Pepsico annual bonus award for 2019, on the same day Mr Narasimhan was granted a conditional share award over 3,832 Shares, being the equivalent of one-third of the payment made by RB in respect of the Pepsico bonus that was forfeited by joining RB. Full details of these arrangements are set out in the 2019 Annual Report. The award was made on the same terms as the other aforementioned awards under the DBP. No consideration was paid for the grant of this award.

 

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

Director - 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

b)

Nature of the transaction

Vesting of replacement share awards in relation to former employment with Pepsico, Inc.

c)

Price(s) and volume(s)

Price(s)

Volume(s)



Nil

31,257



d)

Aggregated information

Aggregated volume

Price

 

N/A

 

e)

Date of the transaction

2020-03-23

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

 

c)

Price(s) and volume(s)

Price(s)

Volume(s)

£58.3309

14,718

 

d)

Aggregated information

Aggregated volume

Price

Aggregate Price

Aggregate Volume

Aggregate Total

£58.3309

14,718

£858,514.19

e)

Date of the transaction

2020-03-23

f)

Place of the transaction

London Stock Exchange, Main Market - XLON

 

 

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Laxman Narasimhan

2

Reason for the notification

a)

Position/status

Director - 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

b)

Nature of the transaction

Grant of conditional share awards for nil consideration under the Reckitt Benckiser Group Deferred Bonus Plan  

c)

Price(s) and volume(s)

Price(s)

Volume(s)



Nil

5,091



d)

Aggregated information

Aggregated volume

Price

 

N/A

 

e)

Date of the transaction

2020-03-23

f)

Place of the transaction

Outside a trading venue

 

 

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Adrian Hennah

2

Reason for the notification

a)

Position/status

Director - 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

b)

Nature of the transaction

Grant of conditional share awards for nil consideration under the Reckitt Benckiser Group Deferred Bonus Plan  

c)

Price(s) and volume(s)

Price(s)

Volume(s)



Nil

1,632



d)

Aggregated information

Aggregated volume

Price

 

N/A

 

e)

Date of the transaction

2020-03-23

f)

Place of the transaction

Outside a trading venue

 

 

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Aditya Sehgal

2

Reason for the notification

a)

Position/status

PDMR - Chief Operating Officer, Health

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

b)

Nature of the transaction

Grant of conditional share awards for nil consideration under the Reckitt Benckiser Group Deferred Bonus Plan  

c)

Price(s) and volume(s)

 

Price(s)

Volume(s)

Nil

362

d)

Aggregated information

Aggregated volume

Price

N/A

e)

Date of the transaction

2020-03-23

f)

Place of the transaction

Outside a trading venue

 

 

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Harold van den Broek

2

Reason for the notification

a)

Position/status

PDMR - Chief Operating Officer, Hygiene Home

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

b)

Nature of the transaction

Grant of conditional share awards for nil consideration under the Reckitt Benckiser Group Deferred Bonus Plan  

c)

Price(s) and volume(s)

 

Price(s)

Volume(s)

Nil

604

d)

Aggregated information

Aggregated volume

Price

N/A

e)

Date of the transaction

2020-03-23

f)

Place of the transaction

Outside a trading venue

 

 

For further Information:

John Dawson / Richard Joyce  Tel. +44 (0)1753 217 800

SVP, Investor Relations

 

Rupert Bondy

General Counsel & Company Secretary

 

Reckitt Benckiser Group plc's LEI code is 5493003JFSMOJG48V108

 

About RB

RB* is driven by its purpose to protect, heal and nurture in a relentless pursuit of a cleaner, healthier world. We fight to make  access to the highest-quality hygiene, wellness and nourishment a right, not a privilege, for everyone.

RB is proud to have a stable of trusted household brands found in households in more than 190 countries. These include Enfamil, Nutramigen, Nurofen, Strepsils, Gaviscon, Mucinex, Durex, Scholl, Clearasil, Lysol, Dettol, Veet, Harpic, Cillit Bang, Mortein, Finish, Vanish, Calgon, Woolite, Air Wick and more.  20 million RB products a day are bought by consumers globally.

RB's passion to put consumers and people first, to seek out new opportunities, to strive for excellence in all that we do, and to build shared success with all our partners, while doing the right thing, always is what guides the work of our 40,000+ diverse and talented colleagues worldwide.

For more information visit  www.rb.com

*RB is the trading name of the Reckitt Benckiser group of companies

 


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