pru201604016k2.htm
 
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
 
 
For the month of April, 2016

 
 
PRUDENTIAL PUBLIC LIMITED COMPANY
 
 
(Translation of registrant's name into English)
 
 
LAURENCE POUNTNEY HILL,

LONDON, EC4R 0HH, ENGLAND
(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-


 
 
 
Prudential plc (the Company)
 
Notification of interests of Persons Discharging Managerial Responsibility (PDMRs) and connected persons
 
Prudential plc (the Company) announces that in line with its normal timetable it has released to PDMRs shares under its various group wide incentive arrangements. Disposals have also been made to cover the cost of taxes and sales fees, together with other requested sales. Further awards under current incentive arrangements have been made to PDMRs.
 
This announcement is made in accordance with the requirements of DTR 3.1.4R(1)(a).
 
Notifications of disposal of interests and awards under the Annual Incentive Plan (AIP) and other Deferred Bonus Plans
 
The Company advises that on 31 March 2016 the Prudential plc Employee Share Trust (the Trust) released ordinary shares of 5p and American Depositary Receipts (ADRs) for the benefit of PDMRs in the Company. Details are shown in table 1 and 2 below.
 
On 1 April 2016, the Company made awards to PDMRs under its AIP arrangement. Under the AIP a percentage of an executive's annual bonus award must be deferred in shares for a period of three years. As a result of bonus awards approved by the Remuneration Committee for the 2015 financial year, the awards shown in the table below have been made at a market price of £12.99. A further award in ADRs has been made at a market price of $37.29. AIP deferred share awards will be released to participants in March 2019. Shares and ADRs acquired to meet these awards will be registered in the name of the Trust and carry an entitlement to dividends which will be used to purchase additional shares on behalf of the recipient to be held in the Trust until the release date. Details of the deferred awards released and made are shown in table 1 and 2 below.
 
Prudential has published its Annual Report on the Company's website www.prudential.co.uk which contains the Directors' Remuneration Report for 2015. The report summarises Prudential's Remuneration policy and provides more details of share awards made to the executive directors of the Company.
 
 
 
Table 1
 
The Company was notified on 31 March 2016 that sales were made in New York on 31 March 2016 at $37.63 per ADR on behalf of PDMRs, as follows:
 
Name
Beneficial interest before release of award
Number of ADRs released1
Number of ADRs sold
Number of shares awarded under the 2016 AIP
Number of ADRs awarded under the 2016 AIP
Total beneficial interest following award
M Wells (ADRs)
232,594
43,293
18,180
-
-
214,414
M Wells (shares)
141
-
-
103,210
-
103,351
B Stowe (ADRs)
123,328
20,323
3,530
-
53,783
173,581
 
Following the transactions detailed above the percentage of the issued capital beneficially held by the following PDMRs are:
 
M Wells 0.0207%
B Stowe 0.0135%
 
 
Table 2
 
The Company was notified on 31 March 2016 that sales were made in London on 31 March 2016 at £13.05 per share on behalf of PDMRs, as follows:
 
Name
Beneficial interest in shares before release of award
Number of shares released
Number of shares sold
Number of deferred shares awarded
Total beneficial interest following award
% of issued share capital beneficially held following transaction
J Foley
218,688
37,396
17,594
63,320
264,414
0.0103
P James
15,358
5,677
2,671
13,290
25,977
0.0010
M McLintock
210,928
38,664
81,214
65,515
195,229
0.0076
N Nicandrou
265,261
41,821
19,676
37,683
283,268
0.0110
T Wilkey
189,592
70,831
70,831
34,625
153,386
0.0060
J Adams
117
-
-
25,365
25,482
0.0010
R Hariharan
8,862
-
-
5,697
14,559
0.0006
J Oliver
14,252
2,026
954
4,201
17,499
0.0007
A Porter
11,996
2,771
1,304
13,841
24,533
0.0010
T Rolfe
14,230
4,781
2,250
19,705
31,685
0.0012
 
Awards under the Prudential Long Term Incentive Plan
 
On 1 April 2016, the Company made the following awards to PDMRs under the Prudential Long Term Incentive Plan (PLTIP).
 
Under the PLTIP the Remuneration Committee can make conditional share awards over both ordinary shares of 5p and ADRs to executives. The awards made in 2016 are in line with Prudential's Directors' remuneration policy and will only be released in March 2019 subject to the achievement of performance criteria. As set out in detail in the 2015 Directors' Remuneration Report, awards will only be released in full if stretching performance targets in respect of Total Shareholder Return and IFRS Operating Profit are met. Details of the PLTIP awards made are shown in tables 3 and 4 below.
 
Table 3
 
The following awards of ordinary shares of 5p in the Company have been made at a market price of £12.99:
 
Name
Number of conditional shares awarded
Total number of conditional shares held following award
% of issued share capital held as conditional share awards following transaction
M Wells
332,870
1,084,648
0.0422
J Foley
144,340
554,328
0.0215
P James
116,628
196,436
0.0076
N Nicandrou
136,836
495,882
0.0193
T Wilkey
153,742
511,766
0.0199
J Adams
85,604
144,845
0.0056
R Hariharan
57,736
119,059
0.0046
J Oliver
28,020
62,644
0.0024
A Porter
68,514
158,458
0.0062
A Ramji
76,982
76,982
0.0030
T Rolfe
71,592
171,209
0.0067
 
Table 4
 
The following award of ADRs has been made at a market price of US$ 37.29:
 
Name
Number of conditional ADRs awarded
Total number of conditional ADRs held following award
% of issued share capital held as conditional share awards following transactions
B Stowe
137,050
342,399
0.0266
 
Additional Information
 
Mr Wells' beneficial interest in shares is made up of 214,414 ADRs (representing 428,828 ordinary shares) and 103,351 ordinary shares. Mr Wells' conditional share awards are over 332,870 ordinary shares and 375,889 ADRs (representing 751,778 ordinary shares).
 
Mr Stowe's beneficial interest in shares is made up of 173,581 ADRs (representing 347,162 ordinary shares).
 
Prudential plc ADRs are issued at a ratio of 1 ADR being equal to 2 Prudential plc ordinary shares of 5p each.
 
Prudential plc is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America.
 
Date of Notification 1 April 2016
 
Contact
 
Jennie Webb, Share Plans Manager, + 44 (0)20 7548 2027
 
Stefan Bort, Deputy Group Secretary, + 44 (0) 20 7548 2115
  

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.




 
 
Date 01 April 2016
 
 
PRUDENTIAL PUBLIC LIMITED COMPANY
   
 
By: /s/ Stefan Bort  
   
 
Stefan Bort
 
Deputy Group Secretary