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Serco Group PLC - Director/PDMR Shareholding

RNS Number : 6921B
Serco Group PLC
09 October 2020
 

 

9 October 2020

Serco Group plc (the 'Company')

Legal Entity Identifier: 549300PT2CIHYN5GWJ21

 

INITIAL NOTIFICATION OF TRANSACTIONS OF PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES ('PDMRs') IN ORDINARY SHARES OF 2p EACH IN THE COMPANY ('Ordinary Shares')

 

On 6 October 2020, the Company granted conditional share awards ('Performance Awards') to the following PDMRs under the Serco Group plc 2019 Long-Term Incentive Plan ('LTIP'):   

 

PDMR

Number of Shares subject to the Performance Award

Rupert Soames,

Group Chief Executive

1,326,673

Angus Cockburn,

Group Chief Financial Officer

 713,916

David Dacquino,

CEO Americas

 433,427

David Eveleigh,

Group General Counsel & Company Secretary

 259,462

Mark Irwin,

CEO UK & Europe

 347,276

Anthony Kirby,

Group Chief Operating Officer

 312,158

Philip Malem,

CEO Middle East

 253,764

Kate Steadman,

Group Strategy & Communications Director

 146,576

Peter Welling

CEO AsPac

 237,632

 

The Performance Awards have a normal vesting date of 6 April 2023 and vesting is conditional on continued employment and the satisfaction of five independent performance measures as follows:

 

Performance

Measure

Weighting

 

Performance Target

EPS

28.33%

Statutory Earnings Per Share (EPS) before exceptional items (adjusted to reflect tax paid on a cash basis) of 20.62p (threshold, 25% vesting) to 25.2p (maximum, 100% vesting), measured as an aggregate over the three-year performance period ending 31 December 2022.

TSR

28.33%

Total Shareholder Return (TSR) of median (threshold, 25% vesting) to upper quartile (maximum, 100% vesting) when ranked relative to companies in the FTSE250 (excluding investment trusts), measured over the three-year performance period ending 31 December 2022.

ROIC

28.33%

Pre-tax Return on Invested Capital (ROIC) of 16.4% (threshold, 25% vesting) to 20.0% (maximum, 100% vesting), measured as an average over the three-year performance period ending 31 December 2022.

Strategic objective - Order Book

7.50%

Book-to-bill ratio of 100% (target, 50% vesting) to 105% (maximum, 100% vesting) measured on a cumulative basis over the three-year performance period ending 31 December 2022.

Strategic objective - Employee Engagement

7.50%

For  the year ending 31 December 2022, achieve an engagement score of 67 points (target, 50% vesting) to 72 points (maximum, 100% vesting) in our annual employee engagement survey.

 

The Remuneration Committee retains discretion to change performance measures and targets, and the weightings attached to performance measures part-way through the performance period if there is a significant event, such as a major transaction.

 

For Executive Directors, any shares that vest will be subject to a post-vesting holding requirement that takes the total term of the award to a minimum of five years. Post-vesting clawback also applies to the Executive Directors awards. Awards to all participants are subject to pre-vesting malus.

 

This announcement is made in accordance with the requirements of the EU Market Abuse Regulation 596/2014.  The notification of dealing forms can be found below.

 

 

Transaction notification

 

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

Rupert Soames

2

 

Reason for the notification

 

a)

 

Position/status

 

 

Group Chief Executive

b)

 

Initial notification /Amendment

 

 

Initial notification

3

 

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

 

a)

 

Name

 

 

Serco Group plc

b)

 

LEI

 

 

549300PT2CIHYN5GWJ21

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

Ordinary shares of 2 pence each ("Ordinary Shares")

 



Identification code

ISIN: GB0007973794



b)

 

Nature of the transaction

 

 

The grant of conditional share awards on 6 October 2020 under the Serco Group plc 2019 Long-Term Incentive Plan.

c)

 

Price(s) and volume(s)







Price(s)

Volume(s)




n/a

1,326,673







d)

 

Aggregated information




- Aggregated volume

1,326,673



- Price

n/a



e)

 

Date of the transaction

 

6 October 2020

f)

 

Place of the transaction

n/a

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

Angus Cockburn

2

 

Reason for the notification

 

a)

 

Position/status

 

 

Group 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

 

 

Serco Group plc

b)

 

LEI

 

 

549300PT2CIHYN5GWJ21

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

Ordinary shares of 2 pence each ("Ordinary Shares")

 



Identification code

ISIN: GB0007973794



b)

 

Nature of the transaction

 

 

The grant of conditional share awards on 6 October 2020 under the Serco Group plc 2019 Long-Term Incentive Plan.

c)

 

Price(s) and volume(s)







Price(s)

Volume(s)




n/a

713,916







d)

 

Aggregated information




- Aggregated volume

713,916



- Price

n/a



e)

 

Date of the transaction

 

6 October 2020

f)

 

Place of the transaction

n/a

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

David Dacquino

2

 

Reason for the notification

 

a)

 

Position/status

 

 

CEO Americas

b)

 

Initial notification /Amendment

 

 

Initial notification

3

 

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

 

a)

 

Name

 

 

Serco Group plc

b)

 

LEI

 

 

549300PT2CIHYN5GWJ21

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

Ordinary shares of 2 pence each ("Ordinary Shares")

 



Identification code

ISIN: GB0007973794



b)

 

Nature of the transaction

 

 

The grant of conditional share awards on 6 October 2020 under the Serco Group plc 2019 Long-Term Incentive Plan.

c)

 

Price(s) and volume(s)







Price(s)

Volume(s)




n/a

433,427







d)

 

Aggregated information




- Aggregated volume

433,427



- Price

n/a



e)

 

Date of the transaction

 

6 October 2020

f)

 

Place of the transaction

n/a

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

David Eveleigh

2

 

Reason for the notification

 

a)

 

Position/status

 

 

Group General Counsel & Company Secretary

b)

 

Initial notification /Amendment

 

 

Initial notification

3

 

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

 

a)

 

Name

 

 

Serco Group plc

b)

 

LEI

 

 

549300PT2CIHYN5GWJ21

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

Ordinary shares of 2 pence each ("Ordinary Shares")

 



Identification code

ISIN: GB0007973794



b)

 

Nature of the transaction

 

 

The grant of conditional share awards on 6 October 2020 under the Serco Group plc 2019 Long-Term Incentive Plan.

c)

 

Price(s) and volume(s)







Price(s)

Volume(s)




n/a

259,462







d)

 

Aggregated information




- Aggregated volume

259,462



- Price

n/a



e)

 

Date of the transaction

 

6 October 2020

f)

 

Place of the transaction

n/a

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

Mark Irwin

2

 

Reason for the notification

 

a)

 

Position/status

 

 

CEO UK & Europe

b)

 

Initial notification /Amendment

 

 

Initial notification

3

 

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

 

a)

 

Name

 

 

Serco Group plc

b)

 

LEI

 

 

549300PT2CIHYN5GWJ21

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

Ordinary shares of 2 pence each ("Ordinary Shares")

 



Identification code

ISIN: GB0007973794



b)

 

Nature of the transaction

 

 

The grant of conditional share awards on 6 October 2020 under the Serco Group plc 2019 Long-Term Incentive Plan.

c)

 

Price(s) and volume(s)







Price(s)

Volume(s)




n/a

347,276







d)

 

Aggregated information




- Aggregated volume

347,276



- Price

n/a



e)

 

Date of the transaction

 

6 October 2020

f)

 

Place of the transaction

n/a

 

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

Anthony Kirby

2

 

Reason for the notification

 

a)

 

Position/status

 

 

Group Chief Operating Officer

b)

 

Initial notification /Amendment

 

 

Initial notification

3

 

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

 

a)

 

Name

 

 

Serco Group plc

b)

 

LEI

 

 

549300PT2CIHYN5GWJ21

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

Ordinary shares of 2 pence each ("Ordinary Shares")

 



Identification code

ISIN: GB0007973794



b)

 

Nature of the transaction

 

 

The grant of conditional share awards on 6 October 2020 under the Serco Group plc 2019 Long-Term Incentive Plan.

c)

 

Price(s) and volume(s)







Price(s)

Volume(s)




n/a

312,158







d)

 

Aggregated information




- Aggregated volume

312,158



- Price

n/a



e)

 

Date of the transaction

 

6 October 2020

f)

 

Place of the transaction

n/a

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

Philip Malem

2

 

Reason for the notification

 

a)

 

Position/status

 

 

CEO Middle East

b)

 

Initial notification /Amendment

 

 

Initial notification

3

 

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

 

a)

 

Name

 

 

Serco Group plc

b)

 

LEI

 

 

549300PT2CIHYN5GWJ21

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

Ordinary shares of 2 pence each ("Ordinary Shares")

 



Identification code

ISIN: GB0007973794



b)

 

Nature of the transaction

 

 

The grant of conditional share awards on 6 October 2020 under the Serco Group plc 2019 Long-Term Incentive Plan.

c)

 

Price(s) and volume(s)







Price(s)

Volume(s)




n/a

253,764







d)

 

Aggregated information




- Aggregated volume

253,764



- Price

n/a



e)

 

Date of the transaction

 

6 October 2020

f)

 

Place of the transaction

n/a

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

Kate Steadman

2

 

Reason for the notification

 

a)

 

Position/status

 

 

Group Strategy & Communications Director

b)

 

Initial notification /Amendment

 

 

Initial notification

3

 

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

 

a)

 

Name

 

 

Serco Group plc

b)

 

LEI

 

 

549300PT2CIHYN5GWJ21

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

Ordinary shares of 2 pence each ("Ordinary Shares")

 



Identification code

ISIN: GB0007973794



b)

 

Nature of the transaction

 

 

The grant of conditional share awards on 6 October 2020 under the Serco Group plc 2019 Long-Term Incentive Plan.

c)

 

Price(s) and volume(s)







Price(s)

Volume(s)




n/a

146,576







d)

 

Aggregated information




- Aggregated volume

146,576



- Price

n/a



e)

 

Date of the transaction

 

6 October 2020

f)

 

Place of the transaction

n/a

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

Peter Welling

2

 

Reason for the notification

 

a)

 

Position/status

 

 

CEO AsPac

b)

 

Initial notification /Amendment

 

 

Initial notification

3

 

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

 

a)

 

Name

 

 

Serco Group plc

b)

 

LEI

 

 

549300PT2CIHYN5GWJ21

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

Ordinary shares of 2 pence each ("Ordinary Shares")

 



Identification code

ISIN: GB0007973794



b)

 

Nature of the transaction

 

 

The grant of conditional share awards on 6 October 2020 under the Serco Group plc 2019 Long-Term Incentive Plan.

c)

 

Price(s) and volume(s)







Price(s)

Volume(s)




n/a

237,632







d)

 

Aggregated information




- Aggregated volume

237,632



- Price

n/a



e)

 

Date of the transaction

 

6 October 2020

f)

 

Place of the transaction

n/a

 

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END
 
 
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