Arbuthnot Banking Group PLC Grant of Phantom Options to Directors (3639G)
26 Juillet 2021 - 8:00AM
UK Regulatory
TIDMARBB
RNS Number : 3639G
Arbuthnot Banking Group PLC
26 July 2021
26 July 2021
Arbuthnot Banking Group PLC
(the "Company")
Grant of Phantom Options to Directors
The Company announces that it has granted phantom options over
its ordinary shares of one penny each ("Ordinary Shares", each an
"Ordinary Share") under the Arbuthnot Banking Group Phantom Share
Option Scheme 2016 ("Scheme") to two directors of the Company.
Andrew Salmon and James Cobb have been granted further phantom
options relating to 200,000 and 100,000 Ordinary Shares
respectively.
The value of each phantom option is related to the market price
of an Ordinary Share. The value of each Ordinary Share for the
purposes of this grant of phantom options is 990 pence (being the
mid-market share price at close of business on 23 July 2021). An
increase in the value of an Ordinary Share over 990 pence will give
rise to an entitlement to a cash payment by the Company on the
exercise of a phantom option. The right to exercise phantom options
is subject to the satisfaction of performance conditions.
50% of each director's individual holding of phantom options is
exercisable after 23 July 2024 and the other 50% is exercisable
after 23 July 2026. These phantom options will lapse if not
exercised within seven years of the date of grant, i.e. by 23 July
2028.
Grants of phantom options under the Scheme were previously made
to Messrs. Salmon and Cobb on 14 June 2016 relating respectively to
200,000 and 100,000 Shares at a base value on that date of 1591p,
exercisable in respect of 50% on or after 15 June 2019 and in
respect of the remaining 50% on or after 15 June 2021. The first
tranche of the share options has vested, but will lapse if not
exercised at 1591p before 14 June 2023. The second tranche has not
vested and so has lapsed as one of the performance conditions has
not been met, being the payment of dividends which was not possible
in 2020 due to the regulatory response to and the economic impact
of SARS-CoV-2 pandemic.
The Remuneration Committee has amended the Scheme Rules due to
regulatory changes to the IFPRU Remuneration Code of the Financial
Conduct Authority since 2016, particularly in relation to material
risk takers. A further change to the Scheme Rules relates to one of
the performance conditions, that relating to the payment of
dividends. Whilst the Committee is entitled to vary any condition
in accordance with the Scheme Rules, specific reference has been
added to the Rules to its ability to waive the dividend condition,
should it consider it appropriate as this is an element that is
potentially out of the control of the Board of directors.
The phantom options are associated financial instruments
referenced to the Ordinary Shares under the Market Abuse Regulation
(EU) No. 596/2014 which is part of UK law by virtue of the European
Union (Withdrawal) Act 2018 ("MAR"). The PDMR notifications below,
made in accordance with the requirements of MAR, provide further
information.
Enquiries:
Arbuthnot Banking Group
Sir Henry Angest, Chairman and Chief Executive
Andrew Salmon, Group Chief Operating Officer
James Cobb, Group Finance Director 0207 012 2400
Grant Thornton UK LLP (Nominated Adviser and
AQSE Corporate Adviser)
Colin Aaronson / Samantha Harrison / George
Grainger 0207 383 5100
Numis Securities Ltd (Joint Broker)
Stephen Westgate 0207 260 1000
Shore Capital (Joint Broker)
Hugh Morgan/ Daniel Bush 0207 408 4090
Maitland/AMO (Financial PR)
Neil Bennett / Sam Cartwright / Jonathan Cook 0207 379 5151
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them.
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name Mr. Andrew Salmon
-------------------------- --------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------
a) Position/status Group Chief Operating Officer and Chief
Executive of Arbuthnot Latham & Co.,
Limited
-------------------------- --------------------------------------------
b) Initial notification Initial notification
/Amendment
-------------------------- --------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------
a) Name Arbuthnot Banking Group PLC
-------------------------- --------------------------------------------
b) LEI 213800LAWPXT3H3SNN21
-------------------------- --------------------------------------------
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 Ordinary shares of 1p each
financial instrument, ISIN: GB0007922338
type of instrument
Identification code
-------------------------- --------------------------------------------
b) Nature of the transaction Grant of phantom options over Ordinary
shares under the Arbuthnot Banking Group
Phantom Share Option Scheme 2016; 50%
exercisable from 23 July 2024 up to
23 July 2028 and 50% from 23 July 2026
up to 23 July 2028, subject to performance
conditions.
-------------------------- --------------------------------------------
c) Price(s) and volume(s) Price Volume
nil 200,000
------- --------
-------------------------- --------------------------------------------
d) Aggregated information:
Aggregated volume Phantom options over 200,000 Ordinary
Aggregated price shares
nil
-------------------------- --------------------------------------------
e) Date of the transaction 23 July 2021
-------------------------- --------------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------- --------------------------------------------
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name Mr. James Cobb
-------------------------- --------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------
a) Position/status Group Finance Director
-------------------------- --------------------------------------------
b) Initial notification Initial notification
/Amendment
-------------------------- --------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------
a) Name Arbuthnot Banking Group PLC
-------------------------- --------------------------------------------
b) LEI 213800LAWPXT3H3SNN21
-------------------------- --------------------------------------------
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 Ordinary shares of 1p each
financial instrument, ISIN: GB0007922338
type of instrument
Identification code
-------------------------- --------------------------------------------
b) Nature of the transaction Grant of phantom options over Ordinary
shares under the Arbuthnot Banking Group
Phantom Share Option Scheme 2016; 50%
exercisable from 23 July 2024 up to
23 July 2028 and 50% from 23 July 2026
up to 23 July 2028, subject to performance
conditions.
-------------------------- --------------------------------------------
c) Price(s) and volume(s) Price Volume
nil 100,000
------- --------
-------------------------- --------------------------------------------
d) Aggregated information:
Aggregated volume Phantom options over 100,000 Ordinary
Aggregated price shares
nil
-------------------------- --------------------------------------------
e) Date of the transaction 23 July 2021
-------------------------- --------------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------- --------------------------------------------
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END
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