Last checked at 9 Nov 2023 14:00
9 November 2023
NatWest Group plc
INITIAL NOTIFICATION OF TRANSACTIONS OF PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY (PDMRs) in accordance with Article 19 of the Market Abuse Regulation
1. NatWest Group plc (the Company) announces that ordinary shares of £1.0769* each in the Company (Shares) (ISIN:GB00BM8PJY71) were delivered to PDMRs on 7 November under the NatWest Group 2014 Employee Share Plan (Plan), as set out below.
The Shares delivered represent payment of a fixed share allowance for the three month period ending 31 December 2023 and have been calculated using a Share price of £1.8025.
The number of Shares delivered, the number of Shares withheld to meet associated tax liabilities and the number of Shares retained by each PDMR is as follows:-
Name of PDMR | Position of PDMR | No. of Shares delivered
| No. of Shares withheld to satisfy associated tax liability
| No. of Shares retained |
Robert Begbie
| CEO, Commercial & Institutional Non Ring-Fenced Bank, Interim CEO, Commercial & Institutional Ring-Fenced Bank, and CEO, NatWest Markets | 20,805 | 10,210 | 10,595 |
Keiran Foad | Group Chief Risk Officer | 57,213 | 26,931 | 30,282 |
David Lindberg
| CEO, Retail Banking | 45,077 | 21,219 | 23,858 |
Scott Marcar |
Group Chief Information Officer
| 57,213 | 26,931 | 30,282 |
Katie Murray |
Group Chief Financial Officer
| 109,286 | 51,442 | 57,844 |
Paul Thwaite |
Group Chief Executive Officer
| 145,632 | 68,550 | 77,082 |
Jen Tippin |
Group Chief People & Transformation Officer
| 57,213 | 26,931 | 30,282 |
* Note: the nominal value of ordinary shares without rounding is £1.076923076923077 per share
The market price used to determine the number of Shares withheld to meet associated tax liabilities was £1.9555. Shares retained after payment of associated tax liabilities will be held on behalf of PDMRs and will be released in instalments over a three or five year period.
2. The Company announces that on 7 November 2023, a conditional Buy-out award (Award) was granted under the Plan to the PDMR set out below in order to replace awards forfeited on leaving their previous employer.
Name of PDMR | Position of PDMR | Award price | No. of Shares granted |
Keiran Foad | Group Chief Risk Officer | £2.63921 | 386,086 |
1. The Award price has been calculated using a 5 day average Share price taken immediately prior to the PDMR joining the Group. | |||
Mr Foad's Awards are eligible to vest between 2023 and 2028. The Awards are subject to malus and clawback provisions, where applicable.
3. The Company announces that on 7 November 2023, a conditional buy-out over Shares vested to the PDMR set out below. The number of Shares withheld to meet associated tax liabilities arising on vesting and the number of vested Shares retained by the PDMR is set out below:-
Name of PDMR | Position of PDMR | Award | No. of Shares vested | No. of Shares withheld to satisfy associated tax liability | No. of vested Shares retained |
Keiran Foad | Group Chief Risk Officer | Buy-out | 12,234 | 5,759 | 6,475 |
The market price used to determine the number of Shares withheld to meet associated tax liabilities was £1.9555.
Vested Shares retained after payment of associated tax liabilities will, where applicable, be subject to retention periods which mirror the retention periods applicable to the PDMR's original awards from their previous employer.
The above transactions took place on the London Stock Exchange (XLON).
Legal Entity Identifier: 2138005O9XJIJN4JPN90
For further information contact:-
NatWest Group Investor RelationsAlexander Holcroft
Head of Investor Relations+44(0)20 7672 1758
NatWest Group Media Relations
+44(0)131 523 4205