Director/PDMR Shareholding

RNS Number : 4702G

Drax Group PLC

30 March 2022

 

30 March 2022

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 all in accordance with the requirements of Article 19(3) of the Market Abuse Regulation (EU) No 596/2014 as incorporated into the law of England and Wales, Scotland and Northern Ireland by the European Union (Withdrawal) Act 2018, and the dealings were in respect of ordinary shares of 11 ¹⁶/₂₉ pence each in the share capital of Drax Group plc (the "Company"). As at the date of announcement, there are in issue 414,209,370 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 Performance Share Plan Shares

The individuals detailed below, each a PDMR, had nil cost conditional share awards granted on 28 March 2019 under the Drax Group plc Performance Share Plan ("PSP"), which vested on 28 March 2022 in proportion to the partial satisfaction of the performance conditions set at the time of grant.

The Company was notified on 29 March 2022 that the individuals below had completed transactions in the Company's ordinary shares as detailed in the tables below. Will Gardiner, Andy Skelton and Penny Small each sold sufficient shares to satisfy their liability to Income Tax and National Insurance Contributions ("Tax Liability") arising on the vesting of shares   at 770.5712 pence per share and retained the balance of the shares as explained below. Paul Sheffield sold all shares at 770.5712 pence per share: 

Director/PDMR	Total PSP award vesting1	Number of shares sold	Net shares held
Will Gardiner	221,632	104,429	117,203
Andy Skelton	148,450	69,947	78,503
Paul Sheffield	17,389	17,389	0
Penny Small	63,321	29,843	33,478

Notes:

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

Shares awarded to Executive Directors are subject to a post-vesting holding period of two years. The net shares acquired by Will Gardiner following the vesting of the PSP award, 117,203 shares, will be held in trust for two years, until 28 March 2024. The net shares acquired by Andy Skelton following the vesting of the PSP award, 78,503 shares, will be held in trust for two years, until 28 March 2024.

Vesting of Deferred Share Plan Shares

On 28 March 2022, Will Gardiner had a nil cost conditional share award vest, which had been granted on 28 March 2019 under the Company's Deferred Share Plan (the "DSP"), representing the benefit of the deferred element of his annual bonus for the financial year ended 31 December 2018.

The Company was notified on 29 March 2022 that Will Gardiner sold sufficient shares to satisfy his liability to Income Tax and National Insurance Contributions ("Tax Liability") arising on the vesting of shares   at 770.5712 pence per share and retained the balance of the shares as explained below.

Director/PDMR	Total DSP award vesting1	Number of shares sold to meet the tax liability	Net shares held
Will Gardiner	45,168	21,282	23,886

Notes:

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

Following the vesting of the DSP and PSP awards, Will Gardiner holds 743,375 shares in the Company, of which 267,687 (being the benefit of the 2017 PSP award, which vested 15 May 2020, the 2018 PSP award, which vested 5 March 2021, and the 2019 PSP award mentioned above) are held in trust.

Following the vesting of the PSP awards, Andy Skelton holds 221,479 shares in the Company, of which 78,503 (being the benefit of the 2019 PSP award mentioned above) are held in trust.

Following the vesting of the PSP awards, Paul Sheffield holds 25,871 shares in the Company and Penny Small holds 33,478 shares in the Company.

Brett Gladden

Group Company Secretary

The information below is provided in accordance with the requirements of Article 19(3) of the Market Abuse Regulation (EU) 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
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	549300YPSNTXR4ZHSR98
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 o f 11 16/29 p ence each   GB00B1VNSX38
b)	Nature of the transaction	Shares acquired pursuant to the vesting of awards respectively under the Company's Performance Share Plan and Deferred Share Plan, both granted on 28 March 2019 and including accrued dividend shares. Will Gardiner sold 125,711 shares to cover applicable taxes and costs and retained the balance of 141,089 shares
c)	Price(s) and volume(s)	Price(s) Volume(s) £7.705712 125,711
d)	Aggregated information - Aggregated volume   - Price	N/A
e)	Date of the transaction	28 - 29 March 2022
f)	Place of the transaction	London Stock Exchange

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	549300YPSNTXR4ZHSR98
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 o f 11 16/29 p ence each   GB00B1VNSX38
b)	Nature of the transaction	Shares acquired pursuant to the vesting of an award under the Company's Performance Share Plan granted on 28 March 2019 and including accrued dividend shares. Andy Skelton sold 69,947 shares to cover applicable taxes and costs and retained the balance of 78,503 shares
c)	Price(s) and volume(s)	Price(s) Volume(s) £7.705712 69,947
d)	Aggregated information - Aggregated volume   - Price	N/A
e)	Date of the transaction	28 - 29 March 2022
f)	Place of the transaction	London Stock Exchange

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Paul Sheffield
2	Reason for the notification
a)	Position/status	Chief Commercial 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	549300YPSNTXR4ZHSR98
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 o f 11 16/29 p ence each   GB00B1VNSX38
b)	Nature of the transaction	Shares acquired pursuant to the vesting of an award under the Company's Performance Share Plan granted on 28 March 2019, including accrued dividend shares. Paul Sheffield sold all the shares.
c)	Price(s) and volume(s)	Price(s) Volume(s) £7.705712 17,389
d)	Aggregated information - Aggregated volume   - Price	N/A
e)	Date of the transaction	28 - 29 March 2022
f)	Place of the transaction	London Stock Exchange

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Penny Small
2	Reason for the notification
a)	Position/status	Group Generation Director
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	549300YPSNTXR4ZHSR98
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 o f 11 16/29 p ence each   GB00B1VNSX38
b)	Nature of the transaction	Shares acquired pursuant to the vesting of an award under the Company's Performance Share Plan granted on 28 March 2019, including accrued dividend shares. Penny Small sold 29,843 shares to cover applicable taxes and costs and retained the balance of 33,478 shares.
c)	Price(s) and volume(s)	Price(s) Volume(s) £7.705712 29,843
d)	Aggregated information - Aggregated volume   - Price	N/A
e)	Date of the transaction	28 - 29 March 2022
f)	Place of the transaction	London Stock Exchange

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