Business Context and Reporting Period
This Form 6-K filing by Lloyds TSB Group plc, dated March 21, 2005, reports on regulatory news regarding director shareholdings. The document details Schedule 11 notifications of interests for five directors: John Eric Daniels, Michael Edward Fairey, Archibald Gerald Kane, George Truett Tate, and Helen Alison Weir. The transactions reported occurred on March 18, 2005.
Key Financial Metrics
The filing does not provide financial performance metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The document is strictly a disclosure of equity compensation and shareholding changes.
Material Changes and Transactions
On March 18, 2005, the following transactions occurred under the Lloyds TSB performance share plan for the named directors:
- Share Acquisition: Bonus shares were acquired at a price of 479p per share. These shares are held by Hill Samuel Offshore Trust Company Limited (HSOTC) until the release date of March 18, 2008.
- Conditional Awards: Conditional awards of performance shares were granted to each director. The final number of shares to be received depends on meeting relevant performance targets.
- Specific Holdings:
- John Eric Daniels: Acquired 57,737 bonus shares; awarded 195,720 conditional shares. Total options held: 2,699,270.
- Michael Edward Fairey: Acquired 31,901 bonus shares; awarded 108,140 conditional shares. Total options held: 2,210,376.
- Archibald Gerald Kane: Acquired 22,171 bonus shares; awarded 75,156 conditional shares. Total options held: 1,887,352.
- George Truett Tate: Acquired 22,710 bonus shares; awarded 76,982 conditional shares. Total options held: 1,113,056.
- Helen Alison Weir: Acquired 16,628 bonus shares; awarded 56,366 conditional shares. Total options held: 861,775.
Guidance, Outlook, and Risks
The filing contains no management commentary, financial guidance, or outlook. The primary contingency noted is that the realization of conditional performance shares is dependent on the extent to which relevant performance targets are met by the release date in 2008. The document includes a standard disclaimer stating the FSA accepts no liability for errors or omissions.
Investor Verification Checklist
- Verify the specific performance targets required to vest the conditional awards granted on March 18, 2005.
- Confirm the total number of outstanding options held by each director as of the filing date.
- Review the terms of the Lloyds TSB performance share plan regarding the release date of March 18, 2008.
- Note that the percentage of issued class held by these directors is reported as "MINIMAL."