Director/PDMR Shareholding

RNS Number : 8970S

Serco Group PLC

28 June 2018

 

28 June 2018

Serco Group plc (the 'Company')

Legal Entity Identifier: 549300PT2CIHYN5GWJ21

INITIAL NOTIFICATION OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES ('PDMRs') IN ORDINARY SHARES OF 2 PENCE EACH IN THE COMPANY IN ACCORDANCE WITH ARTICLE 19 OF THE EU MARKET ABUSE REGULATION 596/2014

On 25 June 2018, the Company granted awards ('Performance Awards') in the form of nominal cost options (with the exception of Dave Dacquino who was granted a conditional share award) to the following PDMRs under the Serco Group plc 2009 Performance Share Plan ('PSP').   

In addition, on 25 June 2018 the Company granted nominal cost options to Anthony Kirby, a PDMR, under the PSP in connection with his recruitment as Group HR Director ('Recruitment Award'). 

The Performance Awards and the Recruitment Award (together, the 'Awards') have a normal vesting date of the third anniversary of grant.  The vesting of the Awards is conditional on 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 13.7p (threshold, 25% vesting) to 16.7p (maximum, 100% vesting), measured as an aggregate over the three-year performance period ending 31 December 2020.
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 2020.
ROIC	28.33%	Pre-tax Return on Invested Capital (ROIC) of 9.9% (threshold, 25% vesting) to 12.2% (maximum, 100% vesting), measured as an average over the three-year performance period ending 31 December 2020.
Strategic objective - Order Book	7.50%	Book-to-bill ratio of 100% (target, 50% vesting) to 105% (maximum, 100% vesting) measured as an average over the three-year performance period ending 31 December 2020.
Strategic objective - Employee Engagement	7.50%	By 31 December 2020, achieve an engagement score of 56% engaged (target, 50% vesting) to 60% engaged (maximum, 100% vesting) in our annual employee engagement survey.

In exceptional circumstances 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 the 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.

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
	Identification code	ISIN: GB0007973794
b)	Nature of the transaction	The grant of nominal cost options on 25 June 2018 under the Serco Group plc 2009 Performance Share Plan.
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			£0.02	1,753,481
d)	Aggregated information
	- Aggregated volume	1,753,481
	- Price	£35,069.62
e)	Date of the transaction	25 June 2018
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
	Identification code	ISIN: GB0007973794
b)	Nature of the transaction	The grant of nominal cost options on 25 June 2018 under the Serco Group plc 2009 Performance Share Plan.
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			£0.02	902,527
d)	Aggregated information
	- Aggregated volume	902,527
	- Price	£18,050.54
e)	Date of the transaction	25 June 2018
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
	Identification code	ISIN: GB0007973794
b)	Nature of the transaction	The grant of nominal cost options on 25 June 2018 under the Serco Group plc 2009 Performance Share Plan.
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			£0.02	299,123
d)	Aggregated information
	- Aggregated volume	299,123
	- Price	£5,982.46
e)	Date of the transaction	25 June 2018
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 HR 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
	Identification code	ISIN: GB0007973794
b)	Nature of the transaction	The grant of nominal cost options on 25 June 2018 under the Serco Group plc 2009 Performance Share Plan.
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			£0.02	297,060
d)	Aggregated information
	- Aggregated volume	297,060
	- Price	£5,941.20
e)	Date of the transaction	25 June 2018
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
	Identification code	ISIN: GB0007973794
b)	Nature of the transaction	The grant of nominal cost options on 25 June 2018 under the Serco Group plc 2009 Performance Share Plan.
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			£0.02	185,662
d)	Aggregated information
	- Aggregated volume	185,662
	- Price	£3,713.24
e)	Date of the transaction	25 June 2018
f)	Place of the transaction	n/a

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Kevin Craven
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
	Identification code	ISIN: GB0007973794
b)	Nature of the transaction	The grant of nominal cost options on 25 June 2018 under the Serco Group plc 2009 Performance Share Plan.
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			£0.02	433,212
d)	Aggregated information
	- Aggregated volume	433,212
	- Price	£8,664.24
e)	Date of the transaction	25 June 2018
f)	Place of the transaction	n/a

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Dave 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
	Identification code	ISIN: GB0007973794
b)	Nature of the transaction	The grant of a conditional share award on 25 June 2018 under the Serco Group plc 2009 Performance Share Plan.
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			£0.02	516,071
d)	Aggregated information
	- Aggregated volume	516,071
	- Price	£10,321.42
e)	Date of the transaction	25 June 2018
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 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
	Identification code	ISIN: GB0007973794
b)	Nature of the transaction	The grant of nominal cost options on 25 June 2018 under the Serco Group plc 2009 Performance Share Plan.
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			£0.02	408,948
d)	Aggregated information
	- Aggregated volume	408,948
	- Price	£8,178.96
e)	Date of the transaction	25 June 2018
f)	Place of the transaction	n/a

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	David Greer
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
	Identification code	ISIN: GB0007973794
b)	Nature of the transaction	The grant of nominal cost options on 25 June 2018 under the Serco Group plc 2009 Performance Share Plan.
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			£0.02	322,473
d)	Aggregated information
	- Aggregated volume	322,473
	- Price	£6,449.46
e)	Date of the transaction	25 June 2018
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 HR 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
	Identification code	ISIN: GB0007973794
b)	Nature of the transaction	The grant of nominal cost options on 25 June 2018 under the Serco Group plc 2009 Performance Share Plan in connection with the recruitment of the PDMR.
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			£0.02	297,060
d)	Aggregated information
	- Aggregated volume	297,060
	- Price	£5,941.20
e)	Date of the transaction	25 June 2018
f)	Place of the transaction	n/a

 

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