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Reckitt Benckiser Gp (RB.)

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Friday 01 May, 2020

Reckitt Benckiser Gp

Director/PDMR Shareholding

RNS Number : 7224L
Reckitt Benckiser Group PLC
01 May 2020
 

1 May 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").

 

2015 Long Term Incentive Plan ("LTIP")

 

Grant of Performance Share Awards and Share Options

On 1 May 2020, the grant of performance share awards and share options were made under the LTIP to the Directors and PDMRs listed below:

 

 

Name

Director/PDMR

Number of

share options

Number of shares under performance award

Laxman Narasimhan

Director and PDMR

150,000

75,000

Jeff Carr

Director and PDMR

80,000

40,000

Harold van den Broek

PDMR

50,000

25,000

Aditya Sehgal

PDMR

50,000

25,000

 

The number of Shares and options shown is the maximum available if the stretching performance conditions for the three-year performance period ending on 31 December 2022 are satisfied in full. 

 

As we set out in the Company's 2019 Annual Report, at the time of publication of the report the performance conditions for the 2020 LTIP award were still under review by the Remuneration Committee, following the announcement of the findings of the CEO's strategic review in late February.  The Committee wanted to ensure that the 2020-2022 LTIP performance measures and targets aligned with the updated strategic priorities.

Following the strategic announcement, the Remuneration Committee determined the appropriate performance measures and targets and carried out a comprehensive consultation with shareholders on the proposals.  The Committee duly considered the feedback from shareholders before finalising the performance conditions.

The performance conditions that will apply to the 2020 LTIP awards for the 2020-2022 performance period are set out below.  In line with the Directors' Remuneration Policy, for Executive Directors there is a further two-year holding period after the end of the performance period.

Performance Condition

Proportion of 2020 Award subject to Performance Condition

Target to achieve threshold (20%) vesting

Target to achieve maximum (100%) vesting

1. Like-for-like Net Revenue p.a. (3 year CAGR)

50%

2%

5%

2. EPS (final year) on a constant foreign exchange basis

12.5%

323 pence

360 pence

3. EPS (final year) on an actual foreign exchange basis

12.5%

302 pence

337 pence

4. ROCE (final year)

25%

11.8%

13.1%

 

Vesting between achievement of threshold and maximum performance is on a straight-line basis. In addition to the above performance conditions, the Remuneration Committee has an overriding discretion to adjust vesting outcomes where, acting fairly and reasonably, it considers the formulaic outcome to be inappropriate.

Options will be exercisable at £65.20 per share. No consideration was paid for the grant of these awards.

 

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 - 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 of

 

c)

Price(s) and volume(s)

Price(s)

Volume(s)

£65.20

150,000

d)

Aggregated information

Aggregated volume

Price

Aggregate Price

Aggregate Volume

Aggregate Total

£65.20

150,000

£9,780,000

e)

Date of the transaction

2020-05-01

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

 

n/a

e)

Date of the transaction

2020-05-01

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

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 - 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 of

 

c)

Price(s) and volume(s)

Price(s)

Volume(s)

£65.20

80,000

d)

Aggregated information

Aggregated volume

Price

Aggregate Price

Aggregate Volume

Aggregate Total

£65.20

80,000

£5,216,000

e)

Date of the transaction

2020-05-01

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

 

n/a

e)

Date of the transaction

2020-05-01

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 - 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)

£65.20

50,000

 

 

d)

Aggregated information

Aggregated volume

Price

 

Aggregate Price

Aggregate Volume

Aggregate Total

£65.20

50,000

£3,260,000

e)

Date of the transaction

2020-05-01

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

 

n/a

e)

Date of the transaction

2020-05-01

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 - 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 of

 

c)

Price(s) and volume(s)

Price(s)

Volume(s)

£65.20

50,000

d)

Aggregated information

Aggregated volume

Price

Aggregate Price

Aggregate Volume

Aggregate Total

£65.20

50,000

£3,260,000

e)

Date of the transaction

2020-05-01

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

 

n/a

e)

Date of the transaction

2020-05-01

f)

Place of the transaction

Outside a trading venue

 

 

 

For further Information:
Rupert Bondy

Company Secretary

Tel +44 (0)1753 217 800

 

John Dawson

SVP, Investor Relations

Tel. +44 (0)7408 809474

 

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

 

Reckitt Benckiser Group plc's LEI code is 5493003JFSMOJG48V108


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