Director/PDMR Shareholding - LTIP Grant

Source: RNS
RNS Number : 6322V
Aviva PLC
10 August 2020
 

10 August 2020

 

AVIVA PLC ("Aviva")

 

NOTIFICATION OF TRANSACTIONS OF DIRECTORS AND PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES ("PDMRs")

 

Aviva announces that:

 

·    On 6 August 2020, the undernoted PDMRs were granted conditional awards over Aviva plc ordinary shares under the Aviva Long Term Incentive Plan 2011 ("LTIP"). The LTIP awards have been granted based on the award price, vesting schedule and performance conditions as applied to the LTIP awards made on 23 March 2020. The Group CEO LTIP award is consistent with the level set out in our announcement of 6 July 2020 following the appointment of Amanda Blanc.

 

·    The LTIP awards for the PDMRs will vest in 2023 in accordance with the plan rules. LTIP awards for Executive Directors are subject to an additional two-year post-vesting holding period and therefore will be released in 2025.

 

·    The LTIP awards are subject to the achievement of performance targets (50% based on Solvency II Return on Equity and 50% based on relative Total Shareholder Return against a comparator group). The Solvency II Shareholder Cover Ratio is to meet or exceed the minimum of the stated working range - currently 160% to 180% as a gateway hurdle. These targets will be measured over a three-year performance period from 1 January 2020 to 31 December 2022. The amounts shown below represent the maximum possible opportunity.

 

·    Under each of the LTIP awards, additional shares are awarded at vesting in lieu of dividends on shares that vest.

 

·    The awards were made for nil consideration.

 

·    The price used to calculate the number of LTIP shares awarded was £2.29, being the average of the mid-market closing price of an Aviva ordinary share on the three consecutive business days immediately preceding 23 March 2020, and in line with the method of calculation used for awards granted to other employees. It is also noted that under the terms of the awards granted, the Remuneration Committee has full discretion to ensure that the final vesting outcomes are justified based on the performance of the Group in light of all relevant factors.  The Committee is mindful of the need to ensure there are not any windfall gains as a result of share price movements.

 

PDMRs

Number of LTIP Shares Awarded

Amanda Blanc

641,921

Nitinbhai Amin

436,681

 

 

 

 

 

 

This announcement, in relation to transactions in London, United Kingdom, is made pursuant to with Article 19 of the EU Market Abuse Regulation 596/2014.

 

 

Media Enquiries:

Andrew Reid                                                                             +44 (0)207 662 3131

Sarah Swailes                                                                           +44 (0)207 662 6700

 

Share Award Enquiries:

Elena Petrou, Company Secretarial                                         +44 (0)7800 694 843

 

 

Template for notification and public disclosure of transactions by persons discharging managerial responsibilities (PDMRs) and persons closely associated with them

 

1

Details of the person discharging managerial responsibilities

a)

Name

Amanda Blanc

2

Reason for the notification

a)

Position/status

Group Chief Executive Officer

 

b)

Initial notification/Amendment

INITIAL NOTIFICATION

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

AVIVA PLC

b)

LEI

YF0Y5B0IB8SM0ZFG9G81

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

 

-      SHARES

 

-      GB0002162385

b)

Nature of transaction

Grant of conditional awards over Aviva plc ordinary shares under the Aviva Long Term Incentive Plan 2011 (LTIP)

 

c)

Price(s) and volume(s)

Price(s)

Volume(s)

 

 

Nil cost option

641,921

d)

Aggregated information

-      Aggregated volume

-      Price

 

 

Nil cost option

 

 

641,921

e)

Date of the transaction

2020-08-06

f)

Place of the transaction

LONDON STOCK EXCHANGE, XLON

 

 

 

Template for notification and public disclosure of transactions by persons discharging managerial responsibilities (PDMRs) and persons closely associated with them

 

1

Details of the person discharging managerial responsibilities

a)

Name

Nitinbhai Amin

2

Reason for the notification

a)

Position/status

Chief Operating Officer (subject to regulatory approval)

 

b)

Initial notification/Amendment

INITIAL NOTIFICATION

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

AVIVA PLC

b)

LEI

YF0Y5B0IB8SM0ZFG9G81

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

 

-      SHARES

 

-      GB0002162385

b)

Nature of transaction

Grant of conditional awards over Aviva plc ordinary shares under the Aviva Long Term Incentive Plan 2011 (LTIP)

 

c)

Price(s) and volume(s)

Price(s)

Volume(s)

 

 

Nil cost option

436,681

d)

Aggregated information

-      Aggregated volume

-      Price

 

 

Nil cost option

 

 

436,681

e)

Date of the transaction

2020-08-06

f)

Place of the transaction

LONDON STOCK EXCHANGE, XLON

 


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