15 December 2023
Paragon Banking Group PLC
Director Shareholding
On 15 December 2023, Paragon Banking Group PLC (the "Company") granted awards over the Company's Ordinary Shares of £1.00 each to the following directors under the Paragon Performance Share Plan 2023 ("PPSP") and under the Paragon Deferred Share Bonus Plan 2023 ("PDSBP") in respect of bonuses for the year ended 30 September 2023.
| Director | Role | Number of shares awarded under PPSP | Number of shares awarded under PDSBP |
| N S Terrington | Chief Executive Officer | 265,164 | 22,102 |
| R J Woodman | Chief Financial Officer | 167,539 | 13,965 |
No consideration was paid for the grant of the awards, which have been structured as nil-cost options.
The number of shares awarded under each tranche of the PPSP and DBSP is based on a share price of £5.667, which is the average closing mid-market price of the Company's shares on each of the five dealing days following the announcement of the Company's results for the year ended 30 September 2023. This share price is discounted to allow for the fact that no dividend equivalents are payable in connection with this grant, in line with the remuneration policy approved by shareholders in 2023. The adjusted price used for the tranche that becomes exercisable on the third anniversary of the grant is £4.678, with the prices of the tranches which become exercisable in the four succeeding years being £4.388, £4.116, £3.862 and £3.622 respectively. This dividend adjustment was based on market estimates of the expected dividend yield.
The PPSP awards will vest subject to the satisfaction of performance conditions, which will be measured over the period of three financial years ending on 30 September 2026. The awards, to the extent they vest, will become exercisable in tranches from the third anniversary of the date of grant until the seventh anniversary of the date of grant in accordance with regulatory requirements.
The PDSBP awards will vest in tranches from the third anniversary of the date of grant until the seventh anniversary of the date of grant in accordance with regulatory requirements.
Both the PPSP and PDSBP awards will, ordinarily, remain exercisable until the day before the tenth anniversary of the date of grant. All of the DSBP and PSP awards vesting will be subject to a one year holding period post vesting and will operate with all associated shareholder rights, with the exception of the right to transfer or sell shares, which will only be permissible after a year has lapsed from the date of the award, after which the shares can then be transferred or sold.
Enquiries:
Carolyn Sharpe
Deputy Company Secretary, Tel: 07984 810427
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name | Nigel Stewart Terrington | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | Chief Executive Officer (PDMR) | ||||
| b) | Initial notification/ Amendment | Initial notification | ||||
| 3 | Details of the issuer | |||||
| a) | Name | Paragon Banking Group PLC | ||||
| b) | LEI code
| 213800S1TDKIB1IUTS72 | ||||
| 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 Identification code | Ordinary shares of £1.00 each in Paragon Banking Group PLC GB00B2NGPM57 | ||||
| c) | Nature of the transaction | Grant of awards, in the form of nil-cost options, under the Paragon Performance Share Plan ("PPSP").
| ||||
| d) | Price(s) and volume(s)
|
| ||||
| e) | Aggregated information | N/A | ||||
| f) | Date of the transaction | 15 December 2023
| ||||
| g) | Place of the transaction | Outside a trading venue | ||||
| Details of the person discharging managerial responsibilities/person closely associated | |||||
| Name | Nigel Stewart Terrington | ||||
| Reason for the notification | |||||
| Position/status | Chief Executive Officer (PDMR) | ||||
| Initial notification/ Amendment | Initial notification | ||||
| Details of the issuer | |||||
| Name | Paragon Banking Group PLC | ||||
| LEI code
| 213800S1TDKIB1IUTS72 | ||||
| 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 | |||||
| Description of the financial instrument, type of instrument Identification code Identification code | Ordinary shares of £1.00 each in Paragon Banking Group PLC GB00B2NGPM57 | ||||
| Nature of the transaction | Grant of awards, in the form of nil-cost options, under the Paragon Deferred Share Bonus Plan ("PDSBP").
| ||||
| Price(s) and volume(s)
|
| ||||
| Aggregated information | N/A | ||||
| Date of the transaction | 15 December 2023
| ||||
| Place of the transaction | Outside a trading venue | ||||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name | Richard James Woodman | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | Chief Financial Officer (PDMR) | ||||
| b) | Initial notification/ Amendment | Initial notification | ||||
| 3 | Details of the issuer | |||||
| a) | Name | Paragon Banking Group PLC | ||||
| b) | LEI code
| 213800S1TDKIB1IUTS72 | ||||
| 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 Identification code | Ordinary shares of £1.00 each in Paragon Banking Group PLC GB00B2NGPM57 | ||||
| b) | Nature of the transaction | Grant of awards, in the form of nil-cost options, under the Paragon Performance Share Plan ("PPSP").
| ||||
| c) | Price(s) and volume(s)
|
| ||||
| d) | Aggregated information | N/A | ||||
| e) | Date of the transaction | 15 December 2023
| ||||
| f) | Place of the transaction | Outside a trading venue | ||||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name | Richard James Woodman | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | Chief Financial Officer (PDMR) | ||||
| b) | Initial notification/ Amendment | Initial notification | ||||
| 3 | Details of the issuer | |||||
| a) | Name | Paragon Banking Group PLC | ||||
| b) | LEI code
| 213800S1TDKIB1IUTS72 | ||||
| 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 Identification code | Ordinary shares of £1.00 each in Paragon Banking Group PLC GB00B2NGPM57 | ||||
| b) | Nature of the transaction | Grant of awards, in the form of nil-cost options, under the Paragon Deferred Share Bonus Plan ("PDSBP").
| ||||
| c) | Price(s) and volume(s)
|
| ||||
| d) | Aggregated information | N/A | ||||
| e) | Date of the transaction | 15 December 2023
| ||||
| f) | Place of the transaction | Outside a trading venue | ||||
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