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Last checked at 
28 Jun 2016 16:00
Land Securities Group PLC
("Company")
Notification of transactions by
Persons Discharging Managerial Responsibilities ("PDMRs")
The Company provides notification of the following transactions effected on 27 June 2016 in respect of the following Executive Directors and other PDMRs relating to their interests in the ordinary shares of nominal value 10p each in the capital of the Company ("Shares").
The transactions arise from: (1)(a) the release and vesting on 27 June 2016 of a deferred award of Shares made on 25 June 2014 and 2015, and (b) a deferred award of Shares made on 27 June 2016, both pursuant to the rules of the Company's Deferred Share Bonus Plan, and (2) the annual award of Shares made on 27 June 2016 pursuant to the rules of the Company's Long-Term Incentive Plan ("LTIP") and Matching Share Plan ("MSP"), as appropriate.
(1)(a) Release and vesting of a deferred award of Shares made on 25 June 2014 and 2015
Name (title) | Total number of deferred Shares released and vesting¹ | Shares compulsorily sold at 911.5p per share² | Shares voluntarily sold at 911.5p per share | Shares retained |
Robert Noel, (Chief Executive) | 33,427 | 15,743 | - | 17,684 |
Martin Greenslade (Chief Financial Officer) | 22,134 | 10,405 | 11,729 | - |
Colette O'Shea (MD, London Portfolio) | 7,174 | 3,379 | - | 3,795 |
Scott Parsons (MD, Retail Portfolio) | 7,174 | 3,374 | 3,800 | - |
¹ Satisfied through the transfer of market purchased Shares from the Company's Jersey-based Employee Benefit Trust.
² To cover the individual's personal tax and social security liability that arises on vesting.
(1)(b) Deferred award of Shares made on 27 June 2016³
Name | Shares deferred till first anniversary of award (i.e. 27 June 2017) | Shares deferred till second anniversary of award (i.e. 27 June 2018) | Total number of deferred Shares awarded |
Robert Noel | 37,492 | 578 | 38,070 |
Martin Greenslade | 24,405 | 376 | 24,781 |
Colette O'Shea | 8,444 | - | 8,444 |
Scott Parsons | 6,051 | - | 6,051 |
³ As relates to the annual bonus payable in respect of the Company's 2015/16 financial year.
(2) LTIP and MSP Shares award made on 27 June 2016
Name | LTIP Shares awarded (max)⁴ | MSP Shares awarded (max)⁴ ⁵ |
Robert Noel | 229,453 | - |
Martin Greenslade | 149,361 | - |
Colette O'Shea | 50,497 | 30,298 |
Scott Parsons | 47,574 | 28,544 |
⁴ Both the LTIP and MSP awards normally vest on the third anniversary of grant subject to the Company's achievement of certain Total Shareholder Return and Total Property Return performance conditions (which applies to each 50% of the award) for the three-year financial period ending 31 March 2019, as more particularly set out in the Director's Remuneration Report of the Company's 2016 Annual Report. Vested awards are satisfied through the transfer of market purchased Shares from the Company's Jersey-based Employee Benefit Trust.
⁵ The MSP awards have been granted on a 2:1 matching basis by the Company. Therefore, the individual (directly or through their connected persons) is required to acquire within 30 days of grant, and then hold throughout the three-year term, Shares equal in value to 50% (net) of the MSP award in order to qualify for the full MSP award. The Executive Directors are not eligible to participate in the MSP.
As a result of and including the above transactions, the outstanding aggregate interest in Shares held by each individual is as follows:
Name | Interest in Shares under option⁶ | Interest in Shares under long-term incentives⁷ | Shares owned (including those held by connected persons) |
Robert Noel | - | 892,045 | 278,192⁸ |
Martin Greenslade | 1,938 | 592,285 | 386,233⁸ |
Colette O'Shea | 2,195 | 281,894 | 39,159 |
Scott Parsons | 4,366 | 261,980 | 50,067 |
⁶ Pursuant to the rules of the Company's all-employee Savings-Related Share Option Plan.
⁷ Pursuant to the rules of the Company's discretionary Long-Term Incentive Plan, Matching Share Plan and Deferred Share Bonus Plan (as applicable).
⁸ These interests are in excess of the required holding levels (250% x salary for the Chief Executive and 200% x salary for the Chief Financial Officer) pursuant to the Company's share ownership guidelines.
This notice is given in fulfilment of the Company's obligation under DTR 3.1.2R.
END
Land Securities contact:
Michael Arnaouti +44 (0)20 7024 5219
Deputy Company Secretary
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