Business Context and Reporting Period
This Form 6-K filing by GlaxoSmithKline plc covers the period ending February 2014. The report serves as a notification of transactions involving Directors and Persons Discharging Managerial Responsibility (PDMR) under the GlaxoSmithKline 2009 Performance Share Plan (PSP). The transactions were executed on February 13, 2014, and notified to the company on February 17, 2014.
Key Financial Metrics
The filing does not provide consolidated financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on equity transactions related to executive compensation.
Transaction pricing details provided:
- Ordinary Shares sold to meet tax liabilities: £16.44 per share.
- American Depositary Shares (ADS) withheld to meet tax liabilities: $54.81 per ADS.
Material Changes
The filing details specific changes in shareholdings for Directors and PDMRs resulting from the vesting of PSP awards. These changes represent sales or withholdings of shares to satisfy tax obligations rather than operational changes or strategic shifts.
| Individual | Role | Instrument | Quantity |
|---|---|---|---|
| Sir Andrew Witty | Executive Director | Ordinary Shares | 92,419 |
| Mr S Dingemans | Executive Director | Ordinary Shares | 42,698 |
| Dr M Slaoui | Executive Director | ADS | 30,818 |
| Mr A Hussain | PDMR | Ordinary Shares | 27,238 |
| Dr P Vallance | PDMR | Ordinary Shares | 31,423 |
| Ms C Thomas | PDMR | Ordinary Shares | 21,812 |
| Mr D Troy | PDMR | ADS | 15,625 |
| Mr D Redfern | PDMR | Ordinary Shares | 15,527 |
| Ms D Connelly | PDMR | ADS | 11,321 |
| Mr S Bicknell | PDMR | Ordinary Shares | 11,091 |
| Mr W Louv | PDMR | ADS | 6,860 |
Guidance, Outlook, and Risks
The filing text does not provide guidance, outlook, management commentary on business performance, risks, contingencies, or unusual items. The document is strictly a regulatory disclosure of director share transactions in compliance with Disclosure and Transparency Rule 3.1.4R(1)(a).
Investor Verification Checklist
- Verify the total number of shares sold or withheld by Executive Directors versus other PDMRs.
- Confirm the fair market value price used for the transactions (£16.44 for Ordinary Shares and $54.81 for ADS) against market data for February 13, 2014.
- Review the vesting schedule and performance criteria of the 2009 Performance Share Plan to understand the context of these awards.
- Check subsequent filings for any additional director transactions or changes in beneficial ownership.