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LEI Number: 213800VFRMBRTSZ3SJ06
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16th May 2024
CHESNARA plc
("Chesnara" or "the Company")
NOTIFICATION OF TRANSACTIONS OF DIRECTORS / PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY ('PDMRs')
Further to the appointment of Tom Howard as Group Chief Financial Officer, Chesnara plc (the 'Company') today announces that, under the terms of his appointment, Tom (a PDMR) was granted awards in the ordinary shares of the Company under the Chesnara plc Buy-out Plan. These awards are to compensate him for remuneration arrangements forfeited on leaving his former employer, Aviva Investors. These awards were made in accordance with the Company's Directors' Remuneration Policy which was approved by shareholders on 16th May 2023 and are subject to the Executive Directors' Minimum Shareholding Policy.
The notification below, which is being made in accordance with the requirements of the UK Market Abuse Regulations, provides further detail of the awards granted to the PDMR.
| 1 | Details of the person discharging managerial responsibilities/person closely associated | ||
| a) b) | Natural person: Legal person | Tom Howard | |
| 2 | Reason for the notification | ||
| a) | Position/status: | Group Chief Financial Officer | |
| b) | Initial notification/amendment | Initial notification | |
| 3 | Details of the Issuer | ||
| a) | Name | Chesnara plc | |
| b) | Legal Entity Identifier: | 213800VFRMBRTSZ3SJ06 | |
| 4 | Details of the transaction(s): Parts a-d of this section are 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) | Chesnara plc Ordinary Shares of 5 pence each (GB00B00FPT80) | |
| b) | Nature of the transaction | GRANT 1 Granted under the Chesnara Buy-out Plan, the option is subject to a performance target over a period of one year.
Subject to the achievement of the performance target, the option will become exercisable on 15th May 2025 and remain exercisable up to and including 15th May 2034 if not exercised before that date.
GRANT 2 Granted under the Chesnara Buy-out Plan, the option is subject to a performance target over a period of two years.
Subject to the achievement of the performance target, the option will become exercisable on 15th May 2026 and remain exercisable up to and including 15th May 2034 if not exercised before that date.
GRANT 3 Granted under the Chesnara Buy-out Plan, the option is subject to a performance target over a period of three years.
Subject to the achievement of the performance target, the option will become exercisable on 15th May 2027 and remain exercisable up to and including 15th May 2034 if not exercised before that date.
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| c) | Price(s) and volume(s) | Price(s) | Volume(s) |
| Nil | GRANT 1 188,492 Ordinary shares of 5p each | ||
| Nil | GRANT 2 99,206 Ordinary shares of 5p each | ||
| Nil | GRANT 3 75,397 Ordinary shares of 5p each | ||
| d) | Aggregated information - Aggregated volume - Price |
- 363,095 ORDINARY SHARES OF 5P EACH - Nil | |
| e) | Date of the transaction (YYYY - MM - DD) | 2024-05-15 | |
| f) | Place of the transaction | XOFF | |
| Name of authorised official of issuer responsible for making notification: - Amanda Wright
Date of notification: - 16th May 2024
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For further information, please contact:
Investor Enquiries
Sam Perowne
Head of Strategic Development & Investor Relations
Chesnara plc
E - sam.perowne@chesnara.co.uk
Media Enquiries
Roddy Watt
Director, Capital Markets
FWD
T - 020 7280 0651 / 07714 770 493
E - roddy.watt@fwdconsulting.co.uk
Notes to Editors
Chesnara (CSN.L) is a European life and pensions consolidator listed on the London Stock Exchange. It administers approximately one million policies and operates as Countrywide Assured in the UK, as The Waard Group and Scildon in the Netherlands, and as Movestic in Sweden.
Following a three-pillar strategy, Chesnara's primary responsibility is the efficient administration of its customers' life and savings policies, ensuring good customer outcomes and providing a secure and compliant environment to protect policyholder interests. It also adds value by writing profitable new business in Sweden, the Netherlands and the UK and by undertaking value-adding acquisitions of either companies or portfolios.
Consistent delivery of the Company strategy has enabled Chesnara to increase its dividend for 19 years in succession.
Further details are available on the Company's website (www.chesnara.co.uk).
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