| Date | Subject |
|---|
23/10/2019
13:58 | bernie37: The Barclays (LSE: BARC) share price is up over 16% so far this month. Major breakthroughs in the Brexit negotiations have finally helped the bank’s shares recover from their historic lows, even though Brexit is far from a done deal.
But does the Barclays share price now signal value and further expansion, or the peak of misguided expectations? Here’s a closer look at how the bank’s valuation is affected by factors beyond Brexit.
Low valuation
In a thoroughly undervalued sector, Barclays seems like the most suppressed of them all. The stock currently trades at 0.41 times net tangible book value per share and 7 times annual earnings per share. Compare that to the banking sector’s average of 0.9 and 8.
The valuation is tempting, and the underlying fundamentals seem to be holding up well. The bank has already reported tangible equity at 9.3%, while its Tier 1 capital ratio has improved to 13.4%.
Its latest robust financial results encouraged management to increase the bank’s interim dividend by 20% year-on-year to 3p per share. The stock now yields 4.23%, which is perfectly in-line with the average FTSE 100 dividend yield.
Corporate raider steps back
Barclays has been a key target of New York-based activist investor Edward Bramson. He has been trying to secure a seat on the board and push the group to slash its investment banking division.
However, earlier this year the investor lost his bid to serve on the board and reports from the Telegraph published last week suggest he may be softening his approach altogether.
With the pressure dialled down and fears of a disorderly Brexit subsiding this year, the Barclays team could refocus on improving operations.
However, with the Brexit deal now within sight and the benchmark base rate from the Bank of England standing at 0.75%, it seems the UK may be able to hold off negative rates for at least the foreseeable future. That improves the prospects of the entire banking sector.
Bank stocks have been pummelled over the past decade and there’s still not much to inspire confidence. However, some of the risks seem to have subsided now that a Brexit deal is on the table and the sector’s profits seem to have recovered.
Barclays is the most undervalued banking stock of them all, trading at a severe discount to book value and offering a healthy dividend yield, so it could offer the widest margin of safety for investors willing to take a punt on the future of Britain’s financial sector.
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04/10/2019
14:43 | bernie37: During September the Barclays share price rose more than 9%, outperforming both the FTSE 100 and the financial services sector. Barclays opened the month at 137.54p and ended September at 150.40p, a rise of 9.35%.
Barclays is one of five FTSE 100 banks, along with HSBC, Lloyds, The Royal Bank of Scotland and Standard Chartered. All five saw market share gains in September. HSBC was up 6.5%, Lloyds up 8.5%, RBS up 12%, and Standard Chartered rose 8%. This made up for the falls they each experienced in August.
Temporary progress in US-China trade talks drove the banking sector up on 13 September, with Barclays reaching a high point of 157.3p. Share prices in the banking sector are closely linked to politics, particularly when it comes to topics of trade. That’s why Brexit is forever casting its shadow on the banking stocks and if a no-deal Brexit goes through, then this could again cause the Barclays share price to fall further.
Another reason the Barclays share price increased in September was the confidence shielding its dividend, which was previously thought to be at threat of a cut. The realisation that this was safe (for now) helped boost the share price.
PPI shadow
In 2018 Barclays settled claims that it mis-sold sub-prime loans prior to the financial crisis. This £1.4bn settlement was less than expected and so preempted a plan to buy back shares, which would have been the first time the bank had done this in over 20 years.
This £1bn share buyback plan is in place for next year, but there are now worries this may be partially scuppered by the pain of payment protection insurance (PPI). The ongoing PPI refund debacle is still not over and Barclays has said it now expects its PPI compensation bill to be significantly greater than previously expected or accounted for.
This resulted in concerns that Barclays will have to cut its share buyback plan in half to make provisions for the PPI refunds it owes. At the end of June, the 329-year-old bank predicted PPI provision of £360m. This has now been raised to between £1.2bn and £1.6bn.
The overall cost to the banking industry of PPI refunds now exceeds £50bn.
Targets on track
After the 2008 financial crisis, a reformed set of international standards was created to review and monitor the capital adequacy of banks. Part of that is Common Equity Tier 1 (CET1), which is a precautionary way to protect the economy from another financial crisis. Barclays management says it is on target to meet its CET1 ratio goal of 13% for this year.
It has a trailing price-to-earnings ratio (P/E) of 8 times, which in normal circumstances would seem like a bargain, but this is not new for Barclays and even a low P/E hasn’t stopped the stock from falling in the past.
There are worries the dividend yield could be impacted if a recession rears its ugly head, or political tensions escalate. As far as banks go, Barclays has been performing better than Lloyds, but I see the sector as extremely vulnerable right now and therefore consider it risky for new investors.
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22/8/2019
20:00 | bernie37: While the income returns on Cash ISAs may have improved over recent months, they offer an average interest rate of just 1%. Since this rate of return is behind inflation, it means that your savings could be losing their spending power.
By contrast, the FTSE 100 offers a variety of companies that have improving income prospects. When purchased in a Stocks and Shares ISA or a SIPP, they could deliver impressive long-term income prospects.
With that in mind, here are two large-cap shares that could deliver improving dividend investing prospects.
Compass Group
While support services company Compass Group (LSE: CPG) may offer a dividend yield of just 1.9% at the present time, its potential to rapidly raise dividends is high.
In the last four years, for example, the company has been able to increase shareholder payouts at an annualised rate of over 9%. This growth rate has been catalysed by the company’s rising bottom line, with its net profit increasing at a double-digit pace in all but one year during the period.
Compass Group offers a high degree of consistency in terms of its financial performance. This is partly due to its geographical diversity, with it having exposure to a wide range of markets that reduce its overall risk.
Looking ahead, the company is expected to post a rise in net profit of 9% in the current year. This is forecast to lead to an increase in dividends per share of around 6%, which is significantly above inflation and suggests that the company’s income investing prospects could improve over the long run.
Barclays
Another FTSE 100 stock that is expected to deliver a rising dividend over the long run is Barclays (LSE: BARC). Although its dividend was cut by more than 50% in 2016 in order to strengthen its financial position, the company has subsequently decided to increase dividends at a rapid rate.
In the last financial year, for example, dividends increased from 3p per share to 6.5p per share. Further growth is expected in the current year, with the company’s dividends per share expected to reach 7.9p. This puts the stock on a forward yield of 5.7% after what has been a disappointing period for its share price.
While there may be further uncertainty ahead for Barclays and the wider banking sector due to risks such as a global trade war and Brexit, the company’s income investing prospects appear to be improving.
Since the stock trades on a price-to-earnings (P/E) ratio of around 6 and is expected to post a rise in net profit in the current year, it may offer a favourable risk/reward ratio. While it may not have a strong track record of dividend growth and remains an unloved stock among investors, the long-term dividend growth potential of the business may prove to be relatively high.
|
25/6/2019
13:15 | bernie37: The last time I covered the Barclays (LSE: BARC) share price, I concluded that, despite all of the problems facing the business, the stock could ultimately be worth 80% more than its value at the time “when Barclays finally gets its act together.“
More than a month on, and I still believe shares in the bank could double from current levels, even though activist investor Edward Bramson recently failed in his attempt to get Barclays’ management to shake up the business and prioritise shareholder returns.
Legal troubles
There’s no denying the bank has struggled to recover from the financial crisis. Even though a decade has passed since the entire UK banking sector was brought to the brink, Barclays just hasn’t been able to shake off its past issues.
Indeed, only a few weeks ago, it was fined €210m by the EU for its part in a foreign exchange cartel. It seems to me as if investors just can’t get past the constant string of lawsuits and fines Barclays appears to be facing. And I can’t blame them.
However, these issues are also camouflaging the fact there’s a fundamentally strong business under all of the problems, which is producing fantastic profits. Last year, for example, the bank reported a net income from operations of £2.2bn.
This year, analysts have pencilled in a net profit of £3.8bn. So far, there seems to be little reason to doubt the City’s growth projections for the firm.
CEO Jes Staley is targeting a return on tangible equity (a measure of profitability) of more than 9% for 2019, and 10% for 2020. Insiders have described this goal as “sacrosanct221; and Staley isn’t taking any prisoners in his quest to meet the target.
Back in April, it was revealed he is planning to cut bonuses as part of a cost-cutting drive to boost returns at the underperforming investment division, a drastic decision that has risked staff ire. Nonetheless, it’s clear the bank needs to take these actions if its ever going to pull itself out of the doldrums.
Undervalued
Only time will tell if I’m correct in my assertation that the Barclays share price could double from current, but I reckon the odds are in my favour. Even if earnings stay where they are for the next 10 years, there’s still a good chance the stock could double as, right now, it’s dealing at a historical P/E of just 6.8 and price to book ratio of 0.4.
By comparison, shares in international peer HSBC command a P/E of 11.4 and deal at a book value of one. And as well as earnings growth, the City is expecting Barclays’ dividend to rise a double-digit percentage this year as well.
After cutting the distribution to save money in 2016, management decided to double the payout in 2018, and analysts believe an increase of 15% is on the cards for 2019. If this comes to fruition, the stock will end the year with a dividend yield of 5%.
So, overall, not only is the Barclays share price deeply undervalued compared to its peers, but it also supports a market-beating dividend yield, so there’s something for everyone.
|
10/6/2019
10:52 | bernie37: APR 2019
Barclays vs Lloyds
Barclays and Lloyds are the key banks in the UK sector and despite some similarities there is also glaring differences. I often get asked by clients,
which is the better of the two? One is the “boring” but steady and the other is “exciting̶1;,but can also be unstable. In this report I have looked at the pair and drawn up some key comparisons. Both have caused investors huge frustrations over recent years but both for very different reasons.
Barclays Plc (BARC) Yield 4.32%
Identity Crisis
There’s no doubting that Barclays has some great businesses when you scratch the surface.
It is of course one of the UK’s big four banks with over 23 million customers. It’s also the UK’s leading issuer of credit cards, the leading stockbroker, a leading wealth manager and has a leading investment bank.
It is fair to say that Barclays is not the global bank it once was. With the exception of the US, it has largely retreated from foreign markets. Only a few years ago it had major operations in Europe and Africa in particular, but these have been sold off.
What we have left is a UK-US focused bank. Expansion is no longer the name of the game. Today it’s all about profits and dividends.
Prized Asset
One thing that sets Barclays apart from the UK’s other big four banks is its large and sometimes successful investment bank.
Investment banking is seen as the riskier but more lucrative cousin of retail banking. Instead of mortgages and current accounts, it involves things like advice on takeovers, raising debt and equity for large corporations and trading of bonds and shares.
Barclays is the only British bank to make serious headway in investment banking, boosted by its opportunistic buy of Lehman Brothers core business during the financial crisis. This gave Barclays a leg up to compete with Wall Street’s titans such as Goldman Sachs and Morgan Stanley.
Becoming a major player has not come easy or cheap, so it’s understandable why Barclays is reluctant to part with one of its best assets, even if it is unfashionable. While investment banking adds extra volatility to earnings it can also generate mega-money in good times – on a scale that retail banking can never do. While investment banking adds extra volatility to earnings it can also generate mega-money in good times, on a scale that retail banking can never do. And those worried about another financial crisis should note that Barclays has been the first of the major British banks to successfully ring-fence its UK retail operations.
The Revolving Door
Shareholders like stable leadership and a clear strategy, which is fair enough, but in the last decade, Barclays has provided neither.
Barclays vs Lloyds 01
www.atlanticmarkets.co.uk
Since 2011, Barclays has had four different CEOs.
The principal reason for the high turnover of CEOs has been a continuous series of scandals. As we know, whenever there is a big scandal, the media and politicians call for someone’s head, and in Barclay’s case, that’s been the CEO. Even the current CEO, Jes Staley, has been lucky to survive several scandals. As you’d expect, every CEO has had his own vision for Barclays and has set about making it happen, only to be replaced before he gets the job done. The new guy has then come in and taken the bank in a different direction.
While there are no guarantees the present CEO will be around for the long-term, the hope is that the Board of Directors understands that the share price has been hampered by the lack of continuity, so will endeavour to create more stable leadership.
Even if it has yet to be rewarded, the new strategy for Barclays seems a lot less complicated. A focus on transatlantic operations will be much easier to understand and manage.
We’ve noted that Barclays is now taking a leaf out of Lloyd’s book and continuously using the words simple and straightforward. I don’t think Barclays will ever be a simple as Lloyds, but nor should it try to be. It’s got a better spread of assets and products. You can’t be simple and diversified at the same time.
Lloyds Bank (LLOY) Yield 6.19%
Lloyds is back to doing what it does best – current accounts, mortgages, personal and business loans, life insurance...sound dull? Thank goodness.
Fund managers in the City used to mockingly call Lloyds “the world’s most boring bank”, who knew that would become a compliment. It’s taken many years for Lloyds to recover from the financial crisis, not only financially, but also on a reputational level.
As we know, Lloyds made a near fatal error when it bought HBOS in the thick of the fog back in 2008. In the four years that followed, the HBOS side of the business would incur a mammoth £45 billion of loan impairments in addition to £10 billion from the Lloyds side.
It was enough to bring any financial institution to its knees and Lloyds was forced into a £20 billion government bailout.
The UKs First ‘SuperbankR17;
Bailout aside, the purchase of HBOS propelled Lloyds to become the UK’s first ‘super bank’.
Bear in mind, if the acquisition had taken place in ordinary times, such a major move would have faced tremendous opposition and likely to have been blocked altogether by competition regulators. Together, the two banks had relationships with four out of ten consumers.
The timing of the deal was terrible, but the cost savings have been tremendous. The initial aim was to achieve a target of £1 billion of annual cost savings, but it wasn’t long before this was revised up to £1.5 billion, then to over £2 billion.
Road to Recovery
Lloyds continues to make progress with a strong start to the Group’s latest strategic plan and the planned integration of Zurich and MBNA and launch of Lloyds Bank Corporate Markets all
Barclays vs Lloyds 02
www.atlanticmarkets.co.uk
going to plan. The biggest appeal for the potential share buyer is the recent increase to the interim ordinary dividend. This and the overall Improved guidance offer investors some respite and positivity to look forward to.
One thing that Lloyds has long been known for is its ability to keep a tight rein on costs, and that’s where a lot of the profit improvement is coming from. Lloyds has the lowest cost base of the big four banks. It also has a very strong capital position, more than double the minimum allowable level. What’s more, Lloyds has no net reliance on wholesale funding – meaning it’s self-funded.
PPI Pay-outs
The total PPI provisions for Lloyds now stands at a staggering £19.4bn since 2011. The compensation payments have been so vast that the Financial Times mockingly referred to Lloyds as “a cash dispenser to the people”. On the bright side, it’s a big achievement that Lloyds’ has been able to pay out billions in compensation and not only survive, but resume making good profits. Given the strength of the underlying business, it shouldn’t be too long before Lloyds switches over to being a cash dispenser to its shareholders.
How They Compare
Lloyds is a better run business with a far superior cost to income ratio. It is also safer with a substantially higher capital ratio. It offers investors an attractive and growing dividend yield at a modest forecast PE ratio. While its business has a narrow focus, it is the UK’s most straightforward bank. In short, it’s an income play with good upside potential. The net asset value per share is not so appealing to investors compared to Barclays. Lloyds NAV (exc intangibles) is 55.51p compared to Barclays far more appealing 318.58p.
Barclays has a lot of catching up to do. Its costs are way too high, and its capital could do with a boost. Both of these points are being addressed. The recent dividend increases are now appealing to the income investor, but this has weighed on the company’s overall dividend cover. Barclays dividend cover is 1.45 compared to a healthier cover for Lloyds at 1.71. The biggest attraction
of Barclays is its deep discount to net assets. The dividend cover does also offer investors the comfort. There’s a lot of potential upside that could be unlocked if the management team can run the business in a cohesive and consistent manner. For investors prepared to take a longer view,
Barclays is a bargain.
Barclays vs Lloyds 03
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02/6/2019
11:15 | bernie37: Article from motley fool uk 2019
The last time I covered the Barclays (LSE: BARC) share price, I concluded that, despite all of the problems facing the business, the stock could ultimately be worth 80% more than its value at the time “when Barclays finally gets its act together.“
More than a month on, and I still believe shares in the bank could double from current levels, even though activist investor Edward Bramson recently failed in his attempt to get Barclays’ management to shake up the business and prioritise shareholder returns.
Legal troubles
There’s no denying the bank has struggled to recover from the financial crisis. Even though a decade has passed since the entire UK banking sector was brought to the brink, Barclays just hasn’t been able to shake off its past issues.
Indeed, only a few weeks ago, it was fined €210m by the EU for its part in a foreign exchange cartel. It seems to me as if investors just can’t get past the constant string of lawsuits and fines Barclays appears to be facing. And I can’t blame them.
However, these issues are also camouflaging the fact there’s a fundamentally strong business under all of the problems, which is producing fantastic profits. Last year, for example, the bank reported a net income from operations of £2.2bn.
This year, analysts have pencilled in a net profit of £3.8bn. So far, there seems to be little reason to doubt the City’s growth projections for the firm.
CEO Jes Staley is targeting a return on tangible equity (a measure of profitability) of more than 9% for 2019, and 10% for 2020. Insiders have described this goal as “sacrosanct221; and Staley isn’t taking any prisoners in his quest to meet the target.
Back in April, it was revealed he is planning to cut bonuses as part of a cost-cutting drive to boost returns at the underperforming investment division, a drastic decision that has risked staff ire. Nonetheless, it’s clear the bank needs to take these actions if its ever going to pull itself out of the doldrums.
Undervalued
Only time will tell if I’m correct in my assertation that the Barclays share price could double from current, but I reckon the odds are in my favour. Even if earnings stay where they are for the next 10 years, there’s still a good chance the stock could double as, right now, it’s dealing at a historical P/E of just 6.8 and price to book ratio of 0.4.
By comparison, shares in international peer HSBC command a P/E of 11.4 and deal at a book value of one. And as well as earnings growth, the City is expecting Barclays’ dividend to rise a double-digit percentage this year as well.
After cutting the distribution to save money in 2016, management decided to double the payout in 2018, and analysts believe an increase of 15% is on the cards for 2019. If this comes to fruition, the stock will end the year with a dividend yield of 5%.
So, overall, not only is the Barclays share price deeply undervalued compared to its peers, but it also supports a market-beating dividend yield, so there’s something for everyone.
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15/4/2019
15:31 | bernie37: Edward Bramson's stalking of Barclays bank reaps him £7m in fees since securing support from investors
Bramson is trying for a place on Barclays' board at its shareholder meeting
He helped build a 5.5% stake in the bank with backing from major institutions
Bramson will earn a hefty fee from the vehicle he set up to buy his Barclays stake
By HELEN CAHILL, FINANCIAL MAIL ON SUNDAY
PUBLISHED: 21:57, 13 April 2019 | UPDATED: 10:45, 14 April 2019
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Bramson is trying to win a place on Barclays' board at its annual shareholder meeting
Bramson is trying to win a place on Barclays' board at its annual shareholder meeting
The corporate raider stalking Barclays bank has made himself an estimated £7million in fees since securing support from investors, according to an analysis seen by The Mail on Sunday.
Edward Bramson is trying to win a place on Barclays' board at its annual shareholder meeting on May 2 after building a 5.5 per cent stake in the bank.
He raised the funds for the investment from major institutions such as Aviva, Fidelity and Invesco.
But it has now emerged that Bramson will earn a hefty fee for his work managing Sherborne Investors Guernsey C, the name of the vehicle he set up to buy his Barclays stake.
Bramson earns fees even if he does not secure a board seat at Barclays or execute his turnaround plan.
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In an attack on the bank's management last week, he said the decline in Barclays' share price was not solely to do with Brexit.
He also warned that Barclays' commitment to its investment bank was 'untenable' and that the bank may need to raise new capital if there was a downturn.
In a letter to shareholders, Sherborne said: 'We believe the market's evaluation of Barclays' shares reflects the growing risks that the corporate and investment bank poses to Barclays' overall financial position – and that the market does not share the board's optimism that the hidden merits of its strategy will eventually become apparent.'
The activist investor's fees are partly tied to how Barclays' share price performs. Payments will rise further if he secures a seat as an executive director or chairman.
Barclays last week admitted that it was 'dissatisfied' with its recent share price performance +1
Barclays last week admitted that it was 'dissatisfied' with its recent share price performance
Barclays last week slammed Bramson's letter. The bank admitted that it was 'dissatisfied' with its recent share price performance.
But it said Bramson's presence on the board would be destabilising. It added: 'Mr Bramson is not someone the board believes will help either as a board member or as a colleague.
'We believe his letter demonstrates a preconceived viewpoint and a poor understanding of Barclays and its corporate and investment bank.
'Mr Bramson misunderstands the drivers of that business and his analysis is based on a flawed understanding of complex banking organisations and reaches conclusions that are inconsistent with the data.'
Bramson is expected to continue his campaign even if he does not win shareholder support in next month's vote.
The activist investor normally holds an investment for a period of 28 months, so he could earn as much as £12million in fees even if he does not gain a seat on the Barclays' board. Barclays and Sherborne declined to comment.
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26/3/2019
13:50 | portside1: hares").
1. On 8 March 2019 the Company granted conditional awards to acquire Shares under:
a. the Barclays Long Term Incentive Plan ("LTIP");
b. the Barclays Group Share Value Plan ("SVP"); and
c. the Barclays Group Deferred Share Value Plan ("DSVP"),
in respect of the deferred Share portion of PDMRs' variable remuneration for 2018. These awards are subject to continued employment over the deferral period and, in the case of the LTIP, also to the satisfaction of performance conditions over the 3 year performance period (2019 - 2021).
Director/ PDMR SVP/DSVP LTIP Total Gross Gross value Net value
(Shares) (Shares) (Shares) at award at award
(GBP) (GBP)
Jes Staley 443,951 2,681,618 3,125,569 GBP3,956,200 n/a
------------------------- ---------- ------------ -------------- ----------
Tushar Morzaria 220,968 1,806,625 2,027,593 GBP2,549,000 n/a
------------------------- ---------- ------------ -------------- ----------
Paul Compton 1,592,332 1,592,332 GBP2,075,000 n/a
------------------------- ---------- ------------ -------------- ----------
Bob Hoyt 1,132,127 1,132,127 GBP1,560,469 n/a
------------------------- ---------- ------------ -------------- ----------
Laura Padovani 225,828 225,828 GBP277,500 n/a
------------------------- ---------- ------------ -------------- ----------
Tristram Roberts 618,319 618,319 GBP800,000 n/a
------------------------- ---------- ------------ -------------- ----------
Tim Throsby 2,340,536 2,340,536 GBP3,050,000 n/a
------------------------- ---------- ------------ -------------- ----------
Ashok Vaswani 901,682 901,682 GBP1,175,000 n/a
------------------------- ---------- ------------ -------------- ----------
C.S. Venkatakrishnan 805,758 805,758 GBP1,050,000 n/a
------------------------- ---------- ------------ -------------- ----------
Total 8,281,501 4,488,243 12,769,744 GBP16,493,169 n/a
------------------------- ---------- ------------ -------------- ----------
The number of Shares awarded is based on the 10 a.m. Share price on the London Stock Exchange on 8 March 2019 of GBP1.5952, discounted to the spot rate at grant to reflect the absence of dividend equivalents during the deferral period.
2. On 8 March 2019 the trustee of the Barclays Group (PSP) Employees' Benefit Trust ("Trustee") notified the Company that on that date it delivered Shares in respect of the delivery of the non-deferred Share portion of PDMRs' variable remuneration for 2018 performance year (the Share Incentive Award (Holding Period) Shares ("SIA (HP)")). The Shares are subject to a 12 month holding period during which they cannot be charged, pledged, transferred or otherwise encumbered.
Director/ PDMR Gross - SIA Net - SIA Gross value Net value
(HP) (Shares) (HP) (Shares) (GBP) (GBP)
Jes Staley 125,376 53,072 GBP200,000 GBP84,660
------------------------- --------------- ------------- -----------
Tushar Morzaria 125,376 66,450 GBP200,000 GBP106,001
------------------------- --------------- ------------- -----------
Paul Compton 125,376 55,580 GBP200,000 GBP88,661
------------------------- --------------- ------------- -----------
Bob Hoyt 125,376 66,450 GBP200,000 GBP106,001
------------------------- --------------- ------------- -----------
Laura Padovani 115,972 61,466 GBP185,000 GBP98,051
------------------------- --------------- ------------- -----------
Tristram Roberts 125,376 66,450 GBP200,000 GBP106,001
------------------------- --------------- ------------- -----------
Tim Throsby 125,376 66,450 GBP200,000 GBP106,001
------------------------- --------------- ------------- -----------
Ashok Vaswani 125,376 66,450 GBP200,000 GBP106,001
------------------------- --------------- ------------- -----------
C.S. Venkatakrishnan 125,376 61,410 GBP200,000 GBP97,961
------------------------- --------------- ------------- -----------
Total 1,118,980 563,778 GBP1,785,000 GBP899,339
------------------------- --------------- ------------- -----------
The number of Shares delivered is based on the 10 a.m. Share price on the London Stock Exchange on 8 March 2019 of GBP1.5952.
3. On 8 March 2019 the Trustee notified the Company that on that date it delivered Shares in respect of the quarterly payment of the Share element of PDMRs' fixed remuneration for the three month period to 31 March 2019. The Shares are subject to a holding period with restrictions lifting in equal tranches over five years (20% each year).
Director/ PDMR Gross - Fixed Net - Fixed Gross value Net value
Pay (Shares) Pay (Shares) (GBP) (GBP)
Jes Staley 184,146 77,950 GBP293,750 GBP124,346
-------------------------- -------------- ------------- -------------
Tushar Morzaria 129,294 68,526 GBP206,250 GBP109,313
-------------------------- -------------- ------------- -------------
Paul Compton 172,392 76,422 GBP275,000 GBP121,908
-------------------------- -------------- ------------- -------------
Bob Hoyt 148,884 78,909 GBP237,500 GBP125,876
-------------------------- -------------- ------------- -------------
Laura Padovani 70,524 37,378 GBP112,500 GBP59,625
-------------------------- -------------- ------------- -------------
Tristram Roberts 113,622 60,220 GBP181,250 GBP96,063
-------------------------- -------------- ------------- -------------
Tim Throsby 344,784 182,736 GBP550,000 GBP291,500
-------------------------- -------------- ------------- -------------
Ashok Vaswani 129,294 68,526 GBP206,250 GBP109,313
-------------------------- -------------- ------------- -------------
C.S. Venkatakrishnan 168,474 82,519 GBP268,750 GBP131,634
-------------------------- -------------- ------------- -------------
Total 1,461,414 733,186 GBP2,331,250 GBP1,169,578
-------------------------- -------------- ------------- -------------
The number of Shares delivered is based on the 10 a.m. Share price on the London Stock Exchange on 8 March 2019 of GBP1.5952.
4. On 8 March 2019 the Trustee notified the Company that on that date it delivered Shares in respect of the release of Share awards granted in prior years (including the buy-out of former-employer awards forfeited on joining Barclays) under:
a. the LTIP;
b. the SVP;
c. Schedule 1 to the SVP (the "JSVP");
d. the DSVP; and
e. Schedule 1 to the DSVP (the "JDSVP").
Director/ SVP/DSVP JSVP/JDSVP LTIP 2016-2018 Total Total Gross Net value
PDMR (Shares) (Shares) (Shares) Gross net (Shares) value (GBP)
(Shares) (GBP)
Tushar Morzaria 90,671 0 529,660 620,331 328,776 GBP989,552 GBP524,463
---------- ----------- --------------- ---------- -------------- ------------- -------------
Paul Compton 420,527 924,199 0 1,344,726 596,118 GBP2,145,107 GBP950,927
---------- ----------- --------------- ---------- -------------- ------------- -------------
Bob Hoyt 239,921 0 0 239,921 127,159 GBP382,722 GBP202,844
---------- ----------- --------------- ---------- -------------- ------------- -------------
Laura Padovani 21,257 0 0 21,257 11,267 GBP33,909 GBP17,973
---------- ----------- --------------- ---------- -------------- ------------- -------------
Tristram Roberts 136,814 0 0 136,814 72,512 GBP218,246 GBP115,671
---------- ----------- --------------- ---------- -------------- ------------- -------------
Tim Throsby 0 2,252,440 0 2,252,440 1,193,793 GBP3,593,092 GBP1,904,339
---------- ----------- --------------- ---------- -------------- ------------- -------------
Ashok Vaswani 194,015 0 0 194,015 102,828 GBP309,493 GBP164,031
---------- ----------- --------------- ---------- -------------- ------------- -------------
C.S.
Venkatakrishnan 0 393,884 0 393,884 192,925 GBP628,324 GBP307,754
---------- ----------- --------------- ---------- -------------- ------------- -------------
Total 1,103,203 3,570,523 529,660 5,203,388 2,625,378 GBP8,300,445 GBP4,188,005
---------- ----------- --------------- ---------- -------------- ------------- -------------
The number of Shares delivered is based on the 10 a.m. Share price on the London Stock Exchange on 8 March 2019 of GBP1.5952.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Jes Staley
-------------------------- ---------------------------------------------
2 Reason for the notification
-------------------------------------------------------------------------
a) Position/status Group Chief Executive Officer
-------------------------- ---------------------------------------------
b) Initial notification Initial notification
/Amendment
-------------------------- ---------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------------
a) Name Barclays PLC
-------------------------- ---------------------------------------------
b) LEI 213800LBQA1Y9L22JB70
-------------------------- ---------------------------------------------
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 Ordinary shares with a nominal value
financial instrument, of 25 pence each ("Shares")
type of instrument
GB0031348658
Identification code
-------------------------- ---------------------------------------------
b) Nature of the transaction The Company granted the individual described
above a conditional award to acquire
Shares under the Barclays Share Value
Plan (the "Award"). Shares under the
Award typically vest in two tranches
over two years.
-------------------------- ---------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s): Number
of Shares received
GBP1.5952 per
share 443,951
--------------------
-------------------------- ---------------------------------------------
d) Aggregated information Not applicable
- Aggregated volume
- Price
-------------------------- ---------------------------------------------
e) Date of the transaction 2019-03-08
-------------------------- ---------------------------------------------
f) Place of the transaction London Stock Exchange (XLON)
-------------------------- ---------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Tushar Morzaria
-------------------------- ---------------------------------------------
2 Reason for the notification
-------------------------------------------------------------------------
a) Position/status Group Finance Director
-------------------------- ---------------------------------------------
b) Initial notification Initial notification
/Amendment
-------------------------- ---------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------------
a) Name Barclays PLC
-------------------------- ---------------------------------------------
b) LEI 213800LBQA1Y9L22JB70
-------------------------- ---------------------------------------------
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 Ordinary shares with a nominal value
financial instrument, of 25 pence each ("Shares")
type of instrument
GB0031348658
Identification code
-------------------------- ---------------------------------------------
b) Nature of the transaction The Company granted the individual described
above a conditional award to acquire
Shares under the Barclays Share Value
Plan (the "Award"). Shares under the
Award typically vest in two tranches
over two years.
-------------------------- ---------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s): Number
of Shares received
GBP1.5952 per
share 220,968
--------------------
-------------------------- ---------------------------------------------
d) Aggregated information Not applicable
- Aggregated volume
- Price
-------------------------- ---------------------------------------------
e) Date of the transaction 2019-03-08
-------------------------- ---------------------------------------------
f) Place of the transaction London Stock Exchange (XLON)
-------------------------- ---------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Paul Compton
-------------------------- ----------------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------
a) Position/status Group Chief Operating Officer
-------------------------- ----------------------------------------------
b) Initial notification Initial notification
/Amendment
-------------------------- ----------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------
a) Name Barclays PLC
-------------------------- ----------------------------------------------
b) LEI 213800LBQA1Y9L22JB70
-------------------------- ----------------------------------------------
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 Ordinary shares with a nominal value
financial instrument, of 25 pence each ("Shares")
type of instrument
Identification code GB0031348658
-------------------------- ----------------------------------------------
b) Nature of the transaction The Company granted the individual described
above a conditional award to acquire
Shares under the Barclays Deferred Share
Value Plan (the "Award"). Shares under
the Award typically vest in five tranches
over seven years.
-------------------------- ----------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s): Number
of Shares received
GBP1.5952 per share 1,592,332
--------------------
-------------------------- ----------------------------------------------
d) Aggregated information Not applicable
- Aggregated volume
- Price
-------------------------- ----------------------------------------------
e) Date of the transaction 2019-03-08
-------------------------- ----------------------------------------------
f) Place of the transaction London Stock Exchange (XLON)
-------------------------- ----------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Bob Hoyt
-------------------------- ---------------------------------------------
2 Reason for the notification
-------------------------------------------------------------------------
a) Position/status Group General Counsel
-------------------------- ---------------------------------------------
b) Initial notification Initial notification
/Amendment
-------------------------- ---------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------------
a) Name Barclays PLC
-------------------------- ---------------------------------------------
b) LEI 213800LBQA1Y9L22JB70
-------------------------- ---------------------------------------------
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 Ordinary shares with a nominal value
financial instrument, of 25 pence each ("Shares")
type of instrument
Identification code GB0031348658
-------------------------- ---------------------------------------------
b) Nature of the transaction The Company granted the individual described
above conditional awards to acquire
Shares under the Barclays Deferred Share
Value Plan (the "Award"). Shares under
the Award typically vest in five tranches
over five years.
-------------------------- ---------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s): Number
of Shares received
GBP1.5952 per
share 1,132,127
--------------------
-------------------------- ---------------------------------------------
d) Aggregated information Not applicable
- Aggregated volume
- Price
-------------------------- ---------------------------------------------
e) Date of the transaction 2019-03-08
-------------------------- ---------------------------------------------
f) Place of the transaction London Stock Exchange (XLON)
-------------------------- ---------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Laura Padovani
-------------------------- ---------------------------------------------
2 Reason for the notification
-------------------------------------------------------------------------
a) Position/status Group Chief Compliance Officer
-------------------------- ---------------------------------------------
b) Initial notification Initial notification
/Amendment
-------------------------- ---------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------------
a) Name Barclays PLC
-------------------------- ---------------------------------------------
b) LEI 213800LBQA1Y9L22JB70
-------------------------- ---------------------------------------------
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 Ordinary shares with a nominal value
financial instrument, of 25 pence each ("Shares")
type of instrument
GB0031348658
Identification code
-------------------------- ---------------------------------------------
b) Nature of the transaction The Company granted the individual described
above a conditional award to acquire
Shares under the Barclays Deferred Share
Value Plan (the "Award"). Shares under
the Award typically vest in five tranches
over seven years.
-------------------------- ---------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s): Number
of Shares received
GBP1.5952 per
share 225,828
--------------------
-------------------------- ---------------------------------------------
d) Aggregated information Not applicable
- Aggregated volume
- Price
-------------------------- ---------------------------------------------
e) Date of the transaction 2019-03-08
-------------------------- ---------------------------------------------
f) Place of the transaction London Stock Exchange (XLON)
-------------------------- ---------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Tristram Roberts
-------------------------- ---------------------------------------------
2 Reason for the notification
------------------------------------------------------------ |
PLUS1
