GlaxoSmithKline PLC Director/PDMR Shareholding (0892A)

TIDMGSK

RNS Number : 0892A

GlaxoSmithKline PLC

21 March 2017

GlaxoSmithKline plc (the 'Company')

Conditional Share Awards

As previously announced on 17 February 2017, Awards made to certain Executive Directors and Persons Discharging Managerial Responsibilities ('PDMR') made under the GlaxoSmithKline 2009 Deferred Annual Bonus Plan ('DABP') on a pre-tax basis and the associated Matching Awards, which were subject to relevant business performance conditions with the three-year performance period beginning 1 January 2014 and ended 31 December 2016, had vested on 16 February 2017.

This notification that follows relates to an award made to a PDMR on a post-tax basis and shows the vesting of the Co-investment shares purchased on 20 March 2014 including dividends accrued and the proportion of the Matching Award i.e., conditional award that vested including dividends accrued on the award which vested in the same proportion subject to performance, as the underlying shares on 20 March 2017, the third anniversary of the award in accordance with the Plan rules. The balance of the Matching Award made to this PDMR has lapsed.

The performance measure vesting details are as follows:

 
 Portion                      Measure                      Outcome    Overall 
  of the                                                               outcome 
   Award 
---------  --------------------------------------------  ----------  --------- 
            Adjusted free cash flow - The Company 
             did not meet the threshold level of 
             performance for adjusted free cash           Lapsed 
 1/3(rd)     flow for the three year period.               in full          0% 
---------  --------------------------------------------  ----------  --------- 
            TSR measure - For the three years 
             ending 31 December 2016, the Company's 
             TSR ranked 9(th) (i.e. below median) 
             against a comparator group of 10 global 
             pharmaceutical companies including           Lapsed 
 1/3(rd)     GSK.                                          in full          0% 
---------  --------------------------------------------  ----------  --------- 
            R&D New Products sales measure - For 
             the three year period, the Company 
             achieved New Product sales calculated 
             in accordance with the principles 
             for the measure of GBP6.717bn, which 
             was above the maximum vesting level 
             of GBP4.428bn (the threshold level 
             was GBP3.623bn) after appropriate 
             adjustments for the implications of          Vested 
 1/3(rd)     the three-part transaction with Novartis.     in full      33.33% 
---------  --------------------------------------------  ----------  --------- 
                                       Total vesting for 2014 award     33.33% 
                                                             Lapsed     66.67% 
 --------------------------------------------------------            --------- 
 

The closing price of an Ordinary Share at the point of vesting on 20 March 2017 was GBP16.89.

Transaction notification

 
 1.   Details of PDMR/person closely associated with them 
       ('PCA') 
===  ======================================================================== 
 a)   Name                     Ms C Thomas 
===  ========================  ============================================== 
 b)   Position/status          SVP, Human Resources 
===  ========================  ============================================== 
 c)   Initial notification/    Initial notification 
       amendment 
===  ========================  ============================================== 
 2.   Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
===  ======================================================================== 
 a)   Name                     GlaxoSmithKline plc 
===  ========================  ============================================== 
 b)   LEI                      5493000HZTVUYLO1D793 
===  ========================  ============================================== 
 3.   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 transaction(s) 
       has been conducted 
===  ======================================================================== 
 a)   Description of           Ordinary shares of 25 pence each ('Ordinary 
       the financial            Shares') 
       instrument               ISIN: GB0009252882 
===  ========================  ============================================== 
 b)   Nature of the            The number of Ordinary Shares released 
       transaction              on awards granted in 2014 under the Company's 
                                2009 Deferred Annual Bonus Plan on a post-tax 
                                basis - Co-investment shares and Matching 
                                Award. 
===  ========================  ============================================== 
 c)   Price(s) and               Price(s)   Volume(s) 
       volume(s)                 ---------  ----------------------------- 
                                  GBP0.00    2,965 (Co-investment shares) 
                                 ---------  ----------------------------- 
                                  GBP0.00    989 (Matching - nil-cost 
                                              option) 
                                 ---------  ----------------------------- 
===  ========================  ============================================== 
 d)   Aggregated information 
       Aggregated volume 
       Price                     3,954 
                                 GBP0.00 
===  ========================  ============================================== 
 e)   Date of the transaction  2017-03-20 
===  ========================  ============================================== 
 f)   Place of the             London Stock Exchange (XLON) 
       transaction 
===  ========================  ============================================== 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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March 21, 2017 08:19 ET (12:19 GMT)