Grant of share options under new LTIP

RNS Number : 1071N

Driver Group plc

28 January 2021

 

DRIVER GROUP PLC

("Driver" or "the Group")

Grant of share options under new Long Term Incentive Plan

Driver Group PLC (AIM: DRV), the global professional services consultancy to construction and engineering industries, has, pursuant to the rules of its newly introduced Long Term Incentive Plan ("new LTIP"), granted options to certain of its Directors and PDMRs to subscribe for up to 2,801,000 ordinary shares of 0.4p each in the capital of the Company (the "Options") as follows:

Director / PDMR	Number of new Options granted	Total Number of Options now held	% of issued share capital represented by Options now held
Mark Wheeler, Group CEO	1,500,000	1,953,336	3.6%
David Kilgour, Group CFO Tom Comerford, UK MD	500,000 267,000	613,336 317,000	1.1% 0.6%
Peter Banathy, Regional Director	267,000	267,000	0.5%
Hugo-Frans Bol, MD Europe	267,000	267,000	0.5%

It is anticipated that further Options to subscribe for up to 2,600,000 ordinary shares will be granted to other senior Group employees during the next few weeks. The Options granted and to be granted under the new LTIP have certain performance conditions attaching to them, linked to PBET, and vesting will occur in equal annual tranches, contingent upon the achievement of the relevant conditions during each of the three financial years ending from 30 September 2021 to 30 September 2023. The core performance measures which underpin the vesting of awards under the new LTIP are the delivery of cumulative Group PBET over the three year performance measurement cycle of at least £14.0 million and of Group PBET in the financial year ending 30 September 2023 of at least £6.0 million.

The Options for Mark Wheeler and David Kilgour will vest in three equal annual tranches upon the achievement of Group PBET targets over the three year period to 30 September 2023. The Options for the PDMRs and other qualifying employees will also vest in three equal annual tranches and are split as follows: 1/3 on continued employment over the period, 1/3 on achievement of regional PBET targets and 1/3 on achievement of Group PBET targets. To the extent that the performance conditions are met and Options vest, those Options will then be exercisable at nil cost after the end of the three year performance measurement cycle.  To the extent appropriate and permissible and subject to the availability of cash resources surplus to the Group's operational requirements, the Directors will seek to use the Company's annual share buy-back authority to make market purchases of Ordinary Shares in order to minimise the dilutive impact of the vesting of Options under the new LTIP.

Enquiries:
Driver Group plc	020 7377 0005
Mark Wheeler (CEO)
David Kilgour (CFO)
N+1 Singer (Nomad & Broker)	020 7496 3000
Sandy Fraser
Jen Boorer
Acuitas Communications	020 3687 0868
Simon Nayyar	[e-mail]
Catriona Foyle	[e-mail]

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	Mark Wheeler
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	Driver Group PLC
b)	LEI	213800FN83KF8AF4Y572
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 0.4 pence each
	Identification code	GB00B0L9C092
b)	Nature of the transaction	Grant of options
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			Exercise price of Nil per Option	1,500,000
d)	Aggregated information	N/A
	- Aggregated volume
	- Price
e)	Date of the transaction	25th January 2021
f)	Place of the transaction	London Stock Exchange

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	David Kilgour
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	Driver Group PLC
b)	LEI	213800FN83KF8AF4Y572
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 0.4 pence each
	Identification code	GB00B0L9C092
b)	Nature of the transaction	Grant of options
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			Exercise price of Nil per Option	500,000
d)	Aggregated information	N/A
	- Aggregated volume
	- Price
e)	Date of the transaction	25th January 2021
f)	Place of the transaction	London Stock Exchange

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	Tom Comerford
2	Reason for the notification
a)	Position/status	UK Managing Director
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Driver Group PLC
b)	LEI	213800FN83KF8AF4Y572
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 0.4 pence each
	Identification code	GB00B0L9C092
b)	Nature of the transaction	Grant of options
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			Exercise price of Nil per Option	267,000
d)	Aggregated information	N/A
	- Aggregated volume
	- Price
e)	Date of the transaction	25th January 2021
f)	Place of the transaction	London Stock Exchange

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	Peter Banathy
2	Reason for the notification
a)	Position/status	Regional Director
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Driver Group PLC
b)	LEI	213800FN83KF8AF4Y572
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 0.4 pence each
	Identification code	GB00B0L9C092
b)	Nature of the transaction	Grant of options
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			Exercise price of Nil per Option	267,000
d)	Aggregated information	N/A
	- Aggregated volume
	- Price
e)	Date of the transaction	25th January 2021
f)	Place of the transaction	London Stock Exchange

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	Hugo Frans Bol
2	Reason for the notification
a)	Position/status	Managing Director, Mainland Europe
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Driver Group PLC
b)	LEI	213800FN83KF8AF4Y572
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 0.4 pence each
	Identification code	GB00B0L9C092
b)	Nature of the transaction	Grant of options
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			Exercise price of Nil per Option	267,000
d)	Aggregated information	N/A
	- Aggregated volume
	- Price
e)	Date of the transaction	25th January 2021
f)	Place of the transaction	London Stock Exchange

 

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