Form 6-K Lloyds Banking Group For: Sep 22

September 22, 2021 10:58 AM EDT

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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
 
 
22 September 2021
LLOYDS BANKING GROUP plc
(Translation of registrant's name into English)
 
5th Floor
25 Gresham Street
London
EC2V 7HN
United Kingdom
 
 
(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- ________
 
 
Index to Exhibits
 
 
Item
 
No. 1 Regulatory News Service Announcement, dated 22 September 2021
re: Director/PDMR Shareholding
 
 
 
 
22 September 2021
 
LLOYDS BANKING GROUP PLC ('GROUP') - NOTIFICATION OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES ('PDMRs') IN ORDINARY SHARES OF THE GROUP OF 10 PENCE EACH ('SHARES')
 
 
This announcement should be read in conjunction with the Summary Remuneration Announcement and disclosures in the 2020 Annual Report and Accounts published on 24 February 2021. The 2020 Annual Report and Accounts is available on the 'Financial downloads' page in the 'Investors' section of the Group's website www.lloydsbankinggroup.com. This announcement should also be read in conjunction with the announcement of Mr Nunn's appointment made on 30 November 2020.
 
BUY OUT AWARD FOR GROUP CHIEF EXECUTIVE
Charlie Nunn joined the Group on 16 August 2021. As previously announced, it was agreed that Mr Nunn would on appointment be granted deferred cash and deferred share awards to replace, like for like, unvested HSBC awards that have been forfeited as a result of him joining the Group. The awards to be granted match the vesting and retention periods applying to the awards being forfeited.
 
In addition, it was announced that Mr. Nunn would be granted a 'lost opportunity' bonus award for the loss of his bonus award from HSBC for the 2020 performance year. The value of this award was to be calculated by reference to Mr Nunn's 2019 bonus, adjusted downwards to reflect HSBC's total group bonus pool as disclosed in their 2020 Annual Report and Accounts and a further 20% pre-agreed discount.  The value of the 'lost opportunity' bonus award is £1,316,564.
 
These awards have now been granted.  A gross cash award has been made of £369,703 and deferred Share awards have been made under the Lloyds Banking Group Deferred Bonus Plan over 8,301,708 Shares. 
 
Mr Nunn has voluntarily opted to take the deferred cash amounts totalling £1,430,717 that he forfeited from HSBC in Shares. This equates to 3,076,112 Shares which are included within the overall number of Shares awarded.  The number of Shares was calculated using the five-day average mid-market closing prices of Mr Nunn's previous employer and the Group up to Mr Nunn's starting date on 16 August 2021.
 
The awards are subject to the vesting schedules and retention periods that match the vesting schedule and retention periods of the awards forfeited. As a result, the awards will vest in tranches on various vesting dates from September 2021 until March 2028. The awards were granted in accordance with the regulatory requirements for buy-outs to which the Group is subject, as detailed in the PRA Rulebook and corresponding FCA requirements.
 
As a number of the awards would have already vested at the time Mr Nunn joined on 16 August 2021 they have immediately vested on grant. In this respect, the Group announces that after settlement of income tax & national insurance 454,168 Shares were released to Mr Nunn of which 297,772 continue to be subject to a retention period of 12 months.
 
 
FIXED SHARE AWARDS
This announcement also details the number of Shares acquired by PDMRs in respect of the third quarter of 2021 under the Group's Fixed Share Award. In this respect, the PDMRs listed in the table below acquired on 22 September 2021, after the settlement of income tax and national insurance contributions, the number of Shares as set out by their name. The acquisition price was 43.34 pence per Share.
 
The Shares will be held on behalf of the PDMRs and will be released over a three year period, with one-third being released each year on 22 September.
 
Name
Shares
Charlie Nunn
170,957
William Chalmers
188,803
Dave Gledhill
69,276
Antonio Lorenzo
152,799
Vim Maru
152,799
David Oldfield
149,803
Janet Pope
107,002
Stephen Shelley
151,943
Andrew Walton
107,002
 
 
ENQUIRIES:
 
Investor Relations
Douglas Radcliffe
Group Investor Relations Director
Email: douglas.radcliffe@lloydsbanking.com
 
Group Corporate Affairs
Matt Smith
Head of Media Relations
Email: matt.smith@lloydsbanking.com
 
+44 (0) 20 7356 1571
 
 
 
 
+44 (0) 20 7356 3522
 
 
 
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM
 
 
1
Details of the person discharging managerial responsibilities / person closely associated
 
a)
Name
 
Charlie Nunn
2
Reason for the notification
 
a)
Position/status
 
Group Chief Executive
b)
Initial notification / Amendment
 
Initial Notification
3
 
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
 
a)
Name
 
Lloyds Banking Group plc
b)
LEI
 
549300PPXHEU2JF0AM85
 
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 financial instrument, type of instrument
 
Identification code
 
Ordinary Shares of 10p each
 
GB0008706128
b)
Nature of the transaction
 
Grant of awards under the Group's Deferred Bonus Plan 2021 in the form of options and/or conditional awards
c)
Price(s) and volume(s)
 
 
 
 
 
 
Price(s)
Volume(s)
 
 
 
GBP00.00
8,301,708
 
 
 
 
 
 
d)
Aggregated information
 
- Aggregated volume
 
- Price
 
 
 
 
N/A (single transaction)
 
e)
Date of the transaction
 
2021-09-22
f)
Place of the transaction
Outside a trading venue
 
 
 
1
Details of the person discharging managerial responsibilities / person closely associated
 
a)
Name
 
Charlie Nunn
2
Reason for the notification
 
a)
Position/status
 
Group Chief Executive
b)
Initial notification / Amendment
 
Initial Notification
3
 
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
 
a)
Name
 
Lloyds Banking Group plc
b)
LEI
 
549300PPXHEU2JF0AM85
 
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 financial instrument, type of instrument
 
Identification code
 
Ordinary Shares of 10p each
 
GB0008706128
b)
Nature of the transaction
 
Acquisition of shares following the vesting of awards under the Group's Deferred Bonus Plan 2021
c)
Price(s) and volume(s)
 
 
 
 
 
 
Price(s)
Volume(s)
 
 
 
GBP00.0000
454,168
 
 
 
 
 
 
d)
Aggregated information
 
- Aggregated volume
 
- Price
 
 
 
 
 N/A (single transaction)
 
e)
Date of the transaction
 
2021-09-22
f)
Place of the transaction
Outside a trading venue
 
 
 
1
Details of the person discharging managerial responsibilities / person closely associated
 
a)
Name
 
Charlie Nunn
 
2
Reason for the notification
 
a)
Position/status
 
Group Chief Executive
 
b)
Initial notification / Amendment
 
Initial Notification
3
 
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
 
a)
Name
 
Lloyds Banking Group plc
b)
LEI
 
549300PPXHEU2JF0AM85
 
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 financial instrument, type of instrument
 
Identification code
Ordinary Shares of 10p each
 
GB0008706128
 
b)
Nature of the transaction
 
Acquisition of Shares - In respect of the third quarter of 2021 under the Group's Fixed Share Award.
c)
Price(s) and volume(s)
 
 
 
 
 
 
Price(s)
Volume(s)
 
Fixed Share Award
 
GBP00.433400
170,957
 
 
 
 
 
 
d)
Aggregated information
 
- Aggregated volume
 
- Price
 
 
N/A (single transaction)
 
 
 
e)
Date of the transaction
 
2021-09-22
f)
Place of the transaction
London Stock Exchange (XLON)
 
 
 
1
Details of the person discharging managerial responsibilities / person closely associated
 
a)
Name
 
William Chalmers
 
2
Reason for the notification
 
a)
Position/status
 
Chief Financial Officer
b)
Initial notification / Amendment
 
Initial Notification
3
 
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
 
a)
Name
 
Lloyds Banking Group plc
b)
LEI
 
549300PPXHEU2JF0AM85
 
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 financial instrument, type of instrument
 
Identification code
 
Ordinary Shares of 10p each
 
GB0008706128
b)
Nature of the transaction
 
Acquisition of Shares - In respect of the third quarter of 2021 under the Group's Fixed Share Award.
c)
Price(s) and volume(s)
 
 
 
 
 
 
Price(s)
Volume(s)
 
Fixed Share Award
 
GBP00.433400
188,803
 
 
 
 
 
 
d)
Aggregated information
 
- Aggregated volume
 
- Price
 
 
N/A (single transaction)
 
 
 
e)
Date of the transaction
 
2021-09-22
f)
Place of the transaction
London Stock Exchange (XLON)
 
 
 
1
Details of the person discharging managerial responsibilities / person closely associated
 
a)
Name
 
Dave Gledhill
 
2
Reason for the notification
 
a)
Position/status
 
Group Chief Operating Officer
 
b)
Initial notification / Amendment
 
Initial Notification
3
 
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
 
Lloyds Banking Group plc
b)
LEI
 
549300PPXHEU2JF0AM85
 
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 financial instrument, type of instrument
 
Identification code
 
Ordinary Shares of 10p each
 
GB0008706128
b)
Nature of the transaction
 
Acquisition of Shares - In respect of the third quarter of 2021 under the Group's Fixed Share Award.
c)
Price(s) and volume(s)
 
 
 
 
 
 
Price(s)
Volume(s)
 
Fixed Share Award
 
GBP00.433400
69,276
 
 
 
 
 
 
d)
Aggregated information
 
- Aggregated volume
 
- Price
 
 
N/A (single transaction)
 
 
 
e)
Date of the transaction
 
2021-09-22
f)
Place of the transaction
London Stock Exchange (XLON)
 
 
 
1
Details of the person discharging managerial responsibilities / person closely associated
 
a)
Name
 
Antonio Lorenzo
 
2
Reason for the notification
 
a)
Position/status
 
Chief Executive, Scottish Widows and Group Director, Insurance and Wealth
 
b)
Initial notification / Amendment
 
Initial Notification
3
 
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
 
a)
Name
 
Lloyds Banking Group plc
b)
LEI
 
549300PPXHEU2JF0AM85
 
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 financial instrument, type of instrument
 
Identification code
 
Ordinary Shares of 10p each
 
GB0008706128
b)
Nature of the transaction
 
Acquisition of Shares - In respect of the third quarter of 2021 under the Group's Fixed Share Award.
c)
Price(s) and volume(s)
 
 
 
 
 
 
Price(s)
Volume(s)
 
Fixed Share Award
 
GBP00.433400
152,799
 
 
 
 
 
 
d)
Aggregated information
 
- Aggregated volume
 
- Price
 
 
N/A (single transaction)
 
 
 
e)
Date of the transaction
 
2021-09-22
f)
Place of the transaction
London Stock Exchange (XLON)
 
 
 
1
Details of the person discharging managerial responsibilities / person closely associated
 
a)
Name
 
Vim Maru
 
2
Reason for the notification
 
a)
Position/status
 
Group Director, Retail
 
b)
Initial notification / Amendment
 
Initial Notification
3
 
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
 
a)
Name
 
Lloyds Banking Group plc
b)
LEI
 
549300PPXHEU2JF0AM85
 
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 financial instrument, type of instrument
 
Identification code
 
Ordinary Shares of 10p each
 
GB0008706128
b)
Nature of the transaction
 
Acquisition of Shares - In respect of the third quarter of 2021 under the Group's Fixed Share Award.
c)
Price(s) and volume(s)
 
 
 
 
 
 
Price(s)
Volume(s)
 
Fixed Share Award
 
GBP00.433400
152,799
 
 
 
 
 
 
d)
Aggregated information
 
- Aggregated volume
 
- Price
 
 
N/A (single transaction)
 
 
 
e)
Date of the transaction
 
2021-09-22
f)
Place of the transaction
London Stock Exchange (XLON)
 
 
 
1
Details of the person discharging managerial responsibilities / person closely associated
 
a)
Name
 
David Oldfield
 
2
Reason for the notification
 
a)
Position/status
 
Group Director, Commercial Banking
 
b)
Initial notification / Amendment
 
Initial Notification
3
 
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
 
a)
Name
 
Lloyds Banking Group plc
b)
LEI
 
549300PPXHEU2JF0AM85
 
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 financial instrument, type of instrument
 
Identification code
 
Ordinary Shares of 10p each
 
GB0008706128
b)
Nature of the transaction
 
Acquisition of Shares - In respect of the third quarter of 2021 under the Group's Fixed Share Award.
c)
Price(s) and volume(s)
 
 
 
 
 
 
Price(s)
Volume(s)
 
Fixed Share Award
 
GBP00.433400
149,803
 
 
 
 
 
 
d)
Aggregated information
 
- Aggregated volume
 
- Price
 
 
N/A (single transaction)
 
 
 
e)
Date of the transaction
2021-09-22
 
f)
Place of the transaction
London Stock Exchange (XLON)
 
 
 
1
Details of the person discharging managerial responsibilities / person closely associated
 
a)
Name
 
Janet Pope
 
2
Reason for the notification
 
a)
Position/status
 
Chief of Staff and Group Director, Responsible Business & Inclusion
 
b)
Initial notification / Amendment
 
Initial Notification
3
 
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
 
a)
Name
 
Lloyds Banking Group plc
b)
LEI
 
549300PPXHEU2JF0AM85
 
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 financial instrument, type of instrument
 
Identification code
 
Ordinary Shares of 10p each
 
GB0008706128
b)
Nature of the transaction
 
Acquisition of Shares - In respect of the third quarter of 2021 under the Group's Fixed Share Award.
c)
Price(s) and volume(s)
 
 
 
 
 
 
Price(s)
Volume(s)
 
Fixed Share Award
 
GBP00.433400
107,002
 
 
 
 
 
 
d)
Aggregated information
 
- Aggregated volume
 
- Price
 
 
N/A (single transaction)
 
 
 
e)
Date of the transaction
 
2021-09-22
f)
Place of the transaction
London Stock Exchange (XLON)
 
 
 
1
Details of the person discharging managerial responsibilities / person closely associated
 
a)
Name
Stephen Shelley
 
2
Reason for the notification
a)
Position/status
 
Chief Risk Officer
 
b)
Initial notification / Amendment
 
Initial Notification
3
 
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
 
a)
Name
 
Lloyds Banking Group plc
b)
LEI
 
549300PPXHEU2JF0AM85
 
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 financial instrument, type of instrument
 
Identification code
 
Ordinary Shares of 10p each
 
GB0008706128
b)
Nature of the transaction
 
Acquisition of Shares - In respect of the third quarter of 2021 under the Group's Fixed Share Award.
 
c)
Price(s) and volume(s)
 
 
 
 
 
 
Price(s)
Volume(s)
 
Fixed Share Award
 
GBP00.433400
151,943
 
 
 
 
 
 
d)
Aggregated information
 
- Aggregated volume
 
- Price
 
 
N/A (single transaction)
 
 
 
e)
Date of the transaction
 
2021-09-22
f)
Place of the transaction
London Stock Exchange (XLON)
 
 
 
1
Details of the person discharging managerial responsibilities / person closely associated
 
a)
Name
 
Andrew Walton
 
2
Reason for the notification
 
a)
Position/status
 
Group Corporate Affairs Director
 
b)
Initial notification / Amendment
 
Initial Notification
3
 
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
 
a)
Name
 
Lloyds Banking Group plc
b)
LEI
 
549300PPXHEU2JF0AM85
 
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 financial instrument, type of instrument
 
Identification code
 
Ordinary Shares of 10p each
 
GB0008706128
b)
Nature of the transaction
 
Acquisition of Shares - In respect of the third quarter of 2021 under the Group's Fixed Share Award.
 
c)
Price(s) and volume(s)
 
 
 
 
 
 
Price(s)
Volume(s)
 
Fixed Share Award
 
GBP00.433400
107,002
 
 
 
 
 
 
d)
Aggregated information
 
- Aggregated volume
 
- Price
 
 
N/A (single transaction)
 
 
 
e)
Date of the transaction
 
2021-09-22
f)
Place of the transaction
London Stock Exchange (XLON)
 
 
 
 
 
 
 
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.
 
LLOYDS BANKING GROUP plc
 (Registrant)
 
 
 
By: Douglas Radcliffe
Name: Douglas Radcliffe
Title: Group Investor Relations Director
 
 
 
 
 
Date: 22 September 2021
 


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