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.