8 Mar 2018 16:02
8 March 2018
The Royal Bank of Scotland Group plc
Legal Entity Identifier: 2138005O9XJIJN4JPN90
INITIAL NOTIFICATION OF TRANSACTIONS OF PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY ("PDMRs") IN ACCORDANCE WITH ARTICLE 19 OF THE EU MARKET ABUSE REGULATION 596/2014
1. The Royal Bank of Scotland Group plc (the "Company") announces that conditional deferred awards over ordinary shares of £1 each in the Company ("Shares") (ISIN: GB00B7T77214) vested on 7 March 2018 to the PDMRs set out below. The conditional deferred awards were granted under the RBS 2014 Employee Share Plan between March 2015 and March 2017. The number of Shares withheld to meet associated tax liabilities arising on vesting and the number of vested Shares retained by each PDMR is set out below:-
Name of PDMR | Position of PDMR | No. of Shares vested | No. of Shares withheld to satisfy associated tax liability | No. of vested Shares retained |
Mark Bailie | Chief Operating Officer | 118,314 | 55,608 | 62,706 |
Helen Cook | Chief HR Officer | 34,143 | 16,049 | 18,094 |
Chris Marks | CEO, NatWest Markets | 118,314 | 55,608 | 62,706 |
The above transactions took place outside of a trading venue. The market price used to determine the number of Shares withheld to meet associated tax liabilities was £2.61. Vested Shares retained after payment of associated tax liabilities will be subject to a six month retention period.
2. The Company announces that conditional long term incentive awards over Shares have been granted on 7 March 2018 under the RBS 2014 Employee Share Plan to the PDMRs set out below. The awards were subject to a pre-grant performance assessment and a further performance assessment will take place at the end of three years. Subject to this pre-vest assessment, awards will be eligible to vest between years 2021 and 2025. Malus provisions will apply up until vest and clawback provisions will apply for a period of seven years from the date of grant, extended to ten years if events are under investigation at the end of the seven year period.
Name of PDMR | Position of PDMR | Maximum no. of Shares eligible to vest |
Mark Bailie | Chief Operating Officer | 507,710 |
Helen Cook | Chief HR Officer | 225,649 |
Chris Marks | CEO, NatWest Markets | 564,122 |
Les Matheson | CEO, Personal & Business Banking | 394,886 |
Ross McEwan | Chief Executive | 592,328 |
Simon McNamara | Chief Administrative Officer | 394,886 |
Alison Rose | CEO, Commercial & Private Banking | 488,906 |
Ewen Stevenson | Chief Financial Officer | 541,557 |
David Wheldon | Chief Marketing Officer | 206,845 |
The above transactions took place outside of a trading venue. The market price per Share used on the grant of the above awards was £2.659. Vested Shares retained after payment of associated tax liabilities will be subject to a twelve month retention period.
3. The Company also announces that it was notified on 6 March 2018 that Frank Dangeard, Non-executive director, purchased 5,000 Shares on that date at a price of £2.626 per Share. The transaction took place on the London Stock Exchange (XLON).
4. The Company also announces that it was notified on 8 March 2018 that Les Matheson, CEO, Personal & Business Banking, sold 107,372 Shares on that date at a price of £2.617 per Share. The transaction took place on the London Stock Exchange (XLON).
For further information contact:-
RBS Investor RelationsAlexander HolcroftHead of Equity Investor Relations+44 20 7672 1758
RBS Media Relations
+44(0)131 523 4205