Directorate Change

RNS Number : 2336N

Drax Group PLC

30 August 2011

 



30 August 2011

Drax Group plc

(Symbol: DRX)

Appointment of new Executive Director

The Board of Drax Group plc ("Drax" or the "Company") is pleased to announce that Paul Taylor has been appointed as an executive director of the Company, in the capacity of Retail and Trading Director. His appointment to the Board takes effect from 1 September 2011.

Paul joined Drax in July 2005 as Head of Trading and subsequently became Director of Retail and Trading. He is a member of the Executive Committee and is Chairman of the Group's electricity supply business, Haven Power Limited. Paul has more than 15 years' experience in energy trading previously working for TXU Europe and Powergen/E.ON UK. At TXU Europe Paul led the UK electricity trading function responsible for trading a combined portfolio of over 7GW of power plant and a retail position of more than 50TWh. Before energy trading Paul worked in operational research.

Commenting on the appointment Charles Berry, Chairman of Drax, said: "The directors are delighted to welcome Paul to the Board. His experience, expertise and leadership of the retail and trading functions will continue to be of great value to the business."

There are no further matters which are required to be disclosed under Rule 9.6.13R of the Listing Rules of the Financial Services Authority.

Enquiries:

Drax: Investor Relations Michael Scott [phone]

Brunswick: Media Michael Harrison [phone]

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Note:

At the date of this announcement Paul Taylor has the following interests in ordinary shares of 11 ¹⁶/₂₉ pence each in the share capital of Drax Group plc of which there are 364,862,444 shares in issue.

Drax Group plc Approved Share Incentive Plan (the "SIP")

In total, 2,694 shares are held in the SIP, these are a mixture of Free Share Awards, Partnership Share Acquisitions and Matching Share Awards. In accordance with the rules of the SIP these shares are held in trust by Equiniti Trustees Limited and registered in the name Equiniti Corporate Nominees Limited a/c AESOP1.

Drax Group plc Approved Savings-Related Share Option Plan (the "SAYE")

2,922 share options are held under the SAYE. The options will mature on 1 May 2013 and will become exercisable from that date until 30 October 2013 at an exercise price of 310.50 pence per share. 

Drax Bonus Matching Plan ("BMP")

Awards under the BMP are subject to performance conditions which are measured over the three complete financial years beginning with the financial year in which awards are granted. Vesting of all or part of the awards will be subject to the satisfaction of the performance conditions.

Year of Award	Performance Period	Number of Matching Shares Awarded	Number of Deferred Shares Awarded
2009	1 January 2009, with potential vesting in April 2012.	48,256	8,042
2010	1 January 2010, with potential vesting in March 2013.	63,003	10,500
2011	1 January 2011, with potential vesting in March 2014.	76,667	12,777

 

END

 

 

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