Director/PDMR Shareholding

RNS Number : 2516C

Drax Group PLC

13 March 2014

 



13 March 2014

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 of which there were 402,570,658 shares in issue immediately prior to dealing. There are 404,697,592 shares in issue post dealing.

The Company was notified today, 13 March 2014, that on 10 March 2014, the individuals detailed in this notice, each a PDMR, had nil cost conditional share awards vest in relation to the matching share awards and deferred element of annual bonus awards made on 7 March 2011 under the Company's long term incentive plan ("the Plan") and entered into transactions in the Company's ordinary shares as detailed in the tables below.

Details of the share awards vested and lapsed are as follows:

	Matching share awards vested1	Matching share awards lapsed2	Deferred share awards vested1
Directors
Dorothy Thompson	277,367	3,452	46,893
Tony Quinlan	174,100	2,167	29,434
Peter Emery	143,376	1,785	24,239
Paul Taylor	87,474	1,089	14,788
Other PDMRs
Philip Hudson	83,208	1,036	14,067
Andrew Koss	36,785	304	-

Notes:

1.     Includes Distribution Shares added at vesting based on accrued dividends throughout the performance period.

2.     Due to the Performance Conditions not being fully met.

The rules of the Plan permit the Company to procure the sale of sufficient of the individuals' vested shares to satisfy their liability to Income Tax and National Insurance Contributions ("Tax Liability") arising on the vesting of shares.  The Company has accordingly procured the sale of vested shares to meet Tax Liability.

In addition, the Company was notified today that between 10 March 2014 and 12 March 2014, the individuals have sold further shares. All shares were sold at 783.4702 pence per share and details of the sales are in the table below:

	Number of shares sold to meet Tax Liability	Number of further shares sold
Directors
Dorothy Thompson	154,845	40,000
Tony Quinlan	97,196	40,000
Peter Emery	80,043	60,000
Paul Taylor	48,834	20,000
Other PDMRs
Philip Hudson	46,453	40,000
Andrew Koss	17,567	10,000

The total holdings of each of the PDMRs following the transactions detailed above are:

	Total shares held following transactions
Directors
Dorothy Thompson	229,124
Tony Quinlan	85,253
Peter Emery	75,867
Paul Taylor	49,915
Other PDMRs
Philip Hudson	24,273
Andrew Koss	17,863

Enquiries:

Drax Investor Relations: Michael Scott

[phone]

Media:

Drax Communications: Melanie Wedgbury

[phone]

Brunswick: Richard Jacques / Nina Coad

[phone]

Website: www.drax.com

END

 

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