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Form 6-K PRUDENTIAL PLC For: Mar 31

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March 31, 2015 10:05 AM EDT
 
SECURITIES AND EXCHANGE COMMISSION
 
 
Washington, D.C. 20549
 
 
FORM 6-K
 
 
REPORT OF FOREIGN PRIVATE ISSUER
 
 
Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934
 
 
For the month of March, 2015
 
 
PRUDENTIAL PUBLIC LIMITED COMPANY
 
 
(Translation of registrant's name into English)
 
 
LAURENCE POUNTNEY HILL,

LONDON, EC4R 0HH, ENGLAND
(Address of principal executive offices)





 
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.



Form 20-F X           Form 40-F





Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

 
Yes              No X


 
If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82-



 
 
Prudential plc (the Company)
 
Notification of interests of Persons Discharging Managerial Responsibility (PDMRs) and connected persons
 
Prudential plc (the Company) announces that in line with its normal timetable it has released to PDMRs shares under its various group wide incentive arrangements. Disposals have also been made to cover the cost of taxes and sales fees. Further awards under current incentive arrangements have been made to PDMRs.
 
In addition, Prudential has today published its Annual Report on the Company's website www.prudential.co.uk which contains the Directors Remuneration Report for 2014. The report summarises Prudential's Remuneration policy and provides more details of share awards made to the executive directors of the Company.
 
This announcement is made in accordance with the requirements of DTR 3.1.4R(1)(a).
 
Release of awards under Company incentive arrangement; notifications of disposal of interests and awards under the Annual Incentive Plan (AIP)
 
The Company advises that on 30 March 2015 the Prudential plc Employee Share Trust (the Trust) released ordinary shares of 5p and American Depositary Receipts (ADRs) for the benefit of PDMRs in the Company. Details are shown in table 1 and 2 below.
 
On 31 March 2015, the Company made awards to PDMRs under its AIP arrangement. Under the AIP a percentage of an executive's annual bonus award must be deferred in shares for a period of three years. As a result of bonus awards approved by the Remuneration Committee for the 2014 financial year, the awards shown in the table below have been made at a market price of £16.88. A further award in ADRs has been made at a market price of $50.48. AIP deferred share awards will be released to participants in March 2018. Shares and ADRs acquired to meet these awards will be registered in the name of the Trust and carry an entitlement to dividends which will be used to purchase additional shares on behalf of the recipient to be held in the Trust until the release date. Details of the AIP awards released and made are shown in table 1 and 2 below.
Table 1
 
The Company was notified on 31 March 2015 that sales to cover taxes and fees were made in London on 30 March 2015 at £16.9047 per share on behalf of PDMRs, as follows:
 
Name
Beneficial interest in shares before release of award
Number of conditional awards released
Number of 2012 AIP shares released[1]
Number of shares sold to cover taxes and costs
Number of shares awarded under the 2015 AIP
Total beneficial interest following award
% of issued share capital held following transaction
T Thiam
690,902
569,381
110,079
319,666
50,284
990,901
0.0386
P-O Bouée
81,665
51,242
11,505
29,521
22,682
126,028
0.0049
J Hunt
86,824
97,948
-
46,082
24,069
162,759
0.0063
M McLintock
443,779
51,242
39,191
42,547
54,312
506,786
0.0197
N Nicandrou
289,845
201,773
47,365
117,213
28,112
402,517
0.0157
M Coltman
90,459
91,099
25,416
54,818
15,630
142,370
0.0055
J Foley
223,207
217,076
48,413
124,905
41,058
356,436
0.0139
J Murray
46,134
119,567
-
56,253
16,876
126,324
0.0050
T Rolfe
15,947
35,582
6,182
19,650
4,146
36,025
0.0014
 
Table 2
 
The Company was notified on 31 March 2015 that sales to cover taxes and fees were made in New York on 30 March 2015 at $50.43 per ADR on behalf of PDMRs, as follows:
 
Name
Beneficial interest in ADRs before release of award
Number of conditional awards of ADRs
released
Number of 2012 AIP ADRs released1
Number of ADRs relinquished or sold to cover taxes and costs
Number of ADRs awarded under the 2015 AIP
Total beneficial interest following award
% of issued share capital held following transaction
B Stowe
142,144
101,011
27,577
64,309
13,662
192,508
0.0150
M Wells
222,790
216,998
50,657
112,282
56,759
384,265
0.0262
 
 
Awards under the Prudential Long Term Incentive Plan
 
On 31 March 2015, the Company made the following awards to PDMRs under the Prudential Long Term Incentive Plan (LTIP).
 
Under the LTIP the Remuneration Committee can make conditional share awards over both ordinary shares of 5p and ADRs to executives. The awards made in 2015 are in line with Prudential's Directors' remuneration policy and will only be released in March 2018 subject to the achievement of performance criteria. As set out in detail in the 2014 Directors' Remuneration Report, awards will only be released in full if stretching performance targets in respect of Total Shareholder Return and IFRS Operating Profit are met.
 
Details of the LTIP awards made are shown in tables 3 and 4 below.
 
Table 3
 
The following awards of ordinary shares of 5p in the Company have been made at a market price of £16.88:
 
Name
Number of conditional shares awarded
Total number of conditional shares held following award
% of issued share capital held as conditional share awards following transactions
P-O Bouée
96,119
249,458
0.0097
J Hunt
98,341
328,881
0.0128
M McLintock
35,011
126,185
0.0049
N Nicandrou
104,117
359,046
0.0140
J Adams
59,241
59,241
0.0023
M Coltman
41,516
149,644
0.0058
J Foley
122,808
409,988
0.0159
J Murray
54,502
196,380
0.0076
T Rolfe
54,502
99,617
0.0039
 
Table 4
 
The following awards of ADRs have been made at a market price of US$50.48:
 
Name
Number of conditional ADRs awarded
Total number of conditional ADRs held following award
% of issued share capital held as conditional share awards following transactions
B Stowe
56,970
183,084
0.0140
M Wells
104,611
360,823
0.0281
 
The Prudential Savings-Related Share Option Scheme (the Scheme)
 
The Prudential Savings-Related Share Option Scheme is an HMRC approved share option scheme available to all employees of participating companies including UK based executive directors and PDMRs.
 
Table 5
 
The Company has been advised by Yorkshire Building Society, the Scheme administrator, that on 30 March 2015 the following transactions took place:
 
Name
Number of options exercised
Exercise price
Total beneficial interest following release
% of issued share capital held following transaction
T Thiam
965
£4.658666
991,866
0.0386
J Murray
1,931
£4.658666
128,255
0.0050
 
 
Additional Information
 
Mr Stowe's beneficial interest in shares is made up of 192,508 ADRs (representing 385,016 ordinary shares) and Mr Wells' beneficial interest in shares is made up of 384,265 ADRs (representing 768,530 ordinary shares).
 
Prudential plc ADRs are issued at a ratio of 1 ADR being equal to 2 Prudential plc ordinary shares of 5p each.
 
Prudential plc is not affiliated in any manner with Prudential Financial Inc, a company whose principal place of business is in the United States of America.
 
Date of Notification 31 March 2015
 
Contact
 
Jennie Webb, Share Plans Manager, 020 7548 2027
 
Stefan Bort, Deputy Group Secretary, 020 7548 2115
 
 
 
[1] Shares and ADRs released under the AIP have previously been disclosed as part of the PDMRs' beneficial interest in shares.
 
 
 
 
 
 
 
SIGNATURES
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.





 
 
Date: 31 March 2015
 
 
PRUDENTIAL PUBLIC LIMITED COMPANY
   
 
By: /s/Stefan Bort
 
   
 
Stefan Bort
  Deputy Group Secretary
 

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