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Drax Group Plc - Director/PDMR Shareholding

RNS Number : 1952I
Drax Group PLC
31 March 2020
 

31 March 2020

Drax Group plc

("Drax" or the "Company")

Symbol: DRX

 

Notification of Transactions of Directors,

Persons Discharging Managerial Responsibility ("PDMR") or Connected Persons

 

The notifications below are in accordance with DTR 3.1.4 R(1)(a) and DTR 3.1.4 R(1)(b) and the dealings were in respect of ordinary shares of 11 16/29 pence each in the share capital of the Company. As at the date of announcement, there are 410,571,755 ordinary shares of 11 16/29 pence each, of which 13,841,295 ordinary shares are held in treasury. Treasury shares do not carry voting rights.

 

 

Vesting of Bonus Matching Plan Deferred Shares

The individuals detailed in this notice, each a PDMR, had nil cost conditional share awards granted on 28 March 2017 under the Company's Bonus Matching Plan ("the Plan"), being the benefit of the deferred element of their annual bonus for the financial year ended 31 December 2017. The third anniversary of the date of grant was Saturday 28 March 2020 and the first dealing date after vesting was Monday 30 March 2020.

 

The Company was notified that on Monday 30 March 2020, the individuals had completed transactions in the Company's ordinary shares as detailed in the tables below. Each of the PDMRs listed below sold sufficient of the shares to satisfy their liability to Income Tax and National Insurance Contributions ("Tax Liability") arising on the vesting of shares at 145.26 pence per share, as explained below:

 

 

Director/PDMR

Total deferred share award vesting1

Number of shares sold to meet the Tax Liability

Net shares held

Will Gardiner

55,732

26,287

29,445

Andy Koss

44,300

20,895

23,405

 

Notes:

1.     Includes shares in lieu of accrued dividends throughout the performance period.

 

Immediately following the sale of shares to meet the tax liability, Andy Koss transferred the balance of the shares to his spouse. Following this transaction, Andy Koss's total shareholding in the Company (including those of his spouse) is 101,275 ordinary shares in the Company.

 

Following the transaction, Will Gardiner holds 291,546 ordinary shares in the Company.

 

Awards made under the Deferred Share Plan

On 30 March 2020, awards over shares were made under the Drax Group plc Deferred Share Plan ("DSP").

 

The deferred awards, made under the DSP for nil consideration as conditional awards, were made in respect of the deferred element of the annual bonus for the financial year ended 31 December 2019. The deferred element represents 35% of the annual bonus. Vesting of the DSP shares is normally deferred for three years and subject to the participant remaining in employment until the vesting date. 

 

Director/PDMR

Number of shares over which Deferred Awards made

Will Gardiner

82,195

Andy Koss

47,741

Andy Skelton

49,985

 

 

Brett Gladden

Group Company Secretary

 

 

The information below is provided in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation No 596/2014.

 

 

Notification of dealing form

1

Details of the person discharging managerial responsibilities/person closely associated

 

a)

Name

 

Will Gardiner

2

Reason for the notification

 

a)

Position/status

 

Group Chief Executive Officer

b)

Initial notification/ Amendment

 

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

Name

 

Drax Group plc

b)

LEI

 

ZGEN8HJFCYNRVN1XCJ08

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

Ordinary shares of 11 16/29 pence each

 

  

 

 GB00B1VNSX38

b)

Nature of the transaction

 

 

(i)         Shares acquired pursuant to the vesting of 2017 awards under the Bonus Matching Plan, including accrued dividend shares.

 

Will Gardiner sold 26,287 shares to cover applicable taxes and costs arising on vesting and retained the balance of 29,445 shares. 

 

(ii)        Deferred awards made pursuant to the Drax Group plc Deferred Share Plan ("DSP") in respect of the deferred element of the cash bonus earned for the financial year ended 31 December 2019.

 

 

c)

Price(s) and volume(s)

 

 


Price(s)

Volume(s)

(i)        

£1.4526

55,732

(ii)       

Nil

82,195

  

d)

Aggregated information

 

-Aggregated volume

 -Price

 

 

 

N/A

e)

Date of the transaction

 

30 March 2020

f)

Place of the transaction

 

XLON

 

 

 

1

Details of the person discharging managerial responsibilities/person closely associated

 

a)

Name

 

Andy Koss

2

Reason for the notification

 

a)

Position/status

 

Chief Executive Officer - Drax Power

b)

Initial notification/ Amendment

 

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

Name

 

Drax Group plc

b)

LEI

 

ZGEN8HJFCYNRVN1XCJ08

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

Ordinary shares of 11 16/29 pence each

 

  

 

 GB00B1VNSX38

b)

Nature of the transaction

 

 

(i)         Shares acquired pursuant to the vesting of 2017 awards under the Bonus Matching Plan, including accrued dividend shares.

 

Andy Koss sold 20,895 shares to cover applicable taxes and costs arising on vesting and transferred the balance of 23,405 shares to his spouse.

 

(ii)        Deferred awards made pursuant to the Drax Group plc Deferred Share Plan ("DSP") in respect of the deferred element of the cash bonus earned for the financial year ended 31 December 2019.

 

 

c)

Price(s) and volume(s)

 

 


Price(s)

Volume(s)

(i)        

£1.4526

44,300

(ii)       

Nil

47,741

  

d)

Aggregated information

 

-Aggregated volume

 -Price

 

 

 

N/A

e)

Date of the transaction

 

30 March 2020

f)

Place of the transaction

 

XLON

 

 

1

Details of the person discharging managerial responsibilities/person closely associated

 

a)

Name

 

Andy Skelton

2

Reason for the notification

 

a)

Position/status

 

Chief Financial Officer

b)

Initial notification/ Amendment

 

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

Name

 

Drax Group plc

b)

LEI

 

ZGEN8HJFCYNRVN1XCJ08

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

Ordinary shares of 11 16/29 pence each

 

  

 

 GB00B1VNSX38

b)

Nature of the transaction

 

 

Deferred awards made pursuant to the Drax Group plc Deferred Share Plan ("DSP") in respect of the deferred element of the cash bonus earned for the financial year ended 31 December 2019.

 

 

c)

Price(s) and volume(s)

 

 

Price(s)

Volume(s)

nil

49,985

  

d)

Aggregated information

 

-Aggregated volume

 -Price

 

 

 

N/A

e)

Date of the transaction

 

30 March 2020

f)

Place of the transaction

 

XLON

 

 

END

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: Drax Group

Price: 218.2

Market: LSE
Market Cap: £865.67 m
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