ONE Savings Bank PLC : Director/PDMR Shareholding

Published: 29.03.2016 16:43:10 CET

Pursuant to its obligations under Disclosure and Transparency Rule 3.1.4R(1)(a), OneSavings Bank plc (the 'Company') notifies the following changes in the interests in the ordinary shares of 1p each of the Company ('Shares') of the executive directors and other persons discharging managerial responsibilities ('PDMRs') arising from awards granted under the deferred share bonus plan ("DSBP"), and performance share plan ("PSP") on 17 March 2016.  A share price of 253p per share has been applied to determine the number of Shares awarded under each of the plans.

Deferred Share Bonus Plan Awards

The purpose of the DSBP is to facilitate the deferral of all or part of the Senior Leadership Team's annual bonus into Ordinary Shares.  Awards will normally vest three years after grant, provided the participant is still employed in the Company's group. DSBP awards will not be subject to performance conditions.  On vesting, awards in the form of nil (or nominal) options will normally be exercisable up to the tenth anniversary of grant unless they lapse earlier

The following DSBP awards have been granted to the following executive directors and other PDMRs on 17 March 2016 (these grants took place at Reliance House, Sun Pier, Chatham, Kent ME4 4ET):

Number of DSBP Shares awarded 2016
Executive directors
Andy Golding 75,356
April Talintyre 51,374
     
Other PDMRs  
Jens Bech 34,980  
Zoe Bucknell 12,183  
Richard Davis 20,624  
John Eastgate 25,903  
Hasan Kazmi 7,520  
Clive Kornitzer 28,586  
Richard Wilson 22,411  

These DSBP awards vest on 18 March 2019

Performance Share Plan Awards

Any employee of the Company and its subsidiaries will be eligible to participate in the PSP at the discretion of the Remuneration Committee.  Awards will be made to Executive Directors and the Senior Leadership team, based on a mixture of internal financial performance targets and relative Total Shareholder Return.  Any vesting will be subject to an underpin, whereby the Remuneration Committee must be satisfied that the business has operated within the Board's risk appetite framework. This takes into account capital adequacy, liquidity, credit risk, operational risk and conduct & compliance risk.  The performance targets will be measured over three financial years.  Clawback and malus provisions apply and are structured as for the annual bonus.

The following PSP awards have been granted to the following executive directors and other PDMRs on 17 March 2016 (these grants took place at Reliance House, Sun Pier, Chatham, Kent ME4 4ET):

Number of PSP Shares awarded 2016
Executive directors
Andy Golding 162,055
April Talintyre 114,625
 
Other PDMRs  
Jens Bech 67,621
Richard Davis 28,000
John Eastgate 49,271
Hasan Kazmi 11,695
Clive Kornitzer 54,672
Richard Wilson 31,818
   

In summary:
1.  the beneficial interests in the ordinary share capital of the Company of those executive directors and other PDMRs who have been granted Deferred Share Bonus Plan and Performance Share Plan awards prior to these awards being made were:

 

Interest
in Company
shares
prior to these awards
Outstanding Deferred Share Bonus
awards
prior to this award
Outstanding Performance Share Plan
share awards
prior to this award
Outstanding Sharesave awards
Executive directors  
Andy Golding 0.93% 79,307 171,233 0
April Talintyre 0.40% 54,906 121,005 6,716
   
Other PDMRs        
Jens Bech 0.23% 36,754 75,114 10,680
Zoe Bucknell 0.05% 22,123 34,247 6,716
Richard Davis 0.13% 21,366 28,881 13,323
John Eastgate 0.17% 28,230 53,699 10,680
Hasan Kazmi 0 0 0 0
Clive Kornitzer 0.31% 31,731 60,731 10,680
Richard Wilson 0.13% 24,214 34,247 0

2.  the beneficial interests in the ordinary share capital of the Company of those executive directors and other PDMRs following the making of the awards detailed above on 17 March 2016 are:

Interest
in Company
shares at
17 March 2016
Deferred
Share Bonus
awards at
17 March 2016
Performance Share Plan
share awards at
17 March 2016
Sharesave awards at 17 March 2016
Executive directors  
Andy Golding 1.02% 154,663 333,288 0
April Talintyre 0.46% 106,280 235,630 6,716
       
Other PDMRs        
Jens Bech 0.27% 71,734 142,735 10,680
Zoe Bucknell 0.05% 34,306 34,247 6,716
Richard Davis 0.15% 41,990 56,881 13,323
John Eastgate 0.20% 54,133 102,970 10,680
Hasan Kazmi 0.01% 7,520 11,695 0
Clive Kornitzer 0.34% 60,317 115,403 10,680
Richard Wilson 0.15% 46,625 66,065 0

Enquiries:

OneSavings Bank plc
Alastair Pate, Head of Investor Relations       t: 01634 838973

Brunswick                                                     t:  020 7404 5959
Robin Wrench / Simone Selzer

Notes to Editors

About OneSavings Bank plc

OneSavings Bank plc ('OSB') began trading as a bank on 1 February 2011 when the trade and assets of Kent Reliance Building Society ('KRBS') were transferred into the business. OSB is a specialist lending and retail savings group authorised by the Prudential Regulation Authority, part of the Bank of England, and regulated by the Financial Conduct Authority and Prudential Regulation Authority.

OSB focuses on selected sub-sectors of the lending market in which it has established expertise, platforms and capabilities, and where opportunities have been identified for both high returns on a risk-adjusted basis and strong growth. These include Residential Mortgages (comprising first charge, second charge and shared ownership), Buy-to-Let/SME and Personal Loans. OSB originates organically through specialist brokers and independent financial advisors.

OSB is predominantly funded by retail savings originated through the established Kent Reliance franchise, which includes a network of branches in the South East of England, as well as online and postal channels. Diversification of funding is currently provided by a securitisation and OSB joined the Funding for Lending Scheme in early 2014.