Director/PDMR Shareholding

RNS Number : 1952I

Drax Group PLC

31 March 2020

 

31 March 2020

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. As at the date of announcement, there are 410,571,755 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 Bonus Matching Plan Deferred Shares

The individuals detailed in this notice, each a PDMR, had nil cost conditional share awards granted on 28 March 2017 under the Company's Bonus Matching Plan ("the Plan"), being the benefit of the deferred element of their annual bonus for the financial year ended 31 December 2017. The third anniversary of the date of grant was Saturday 28 March 2020 and the first dealing date after vesting was Monday 30 March 2020.

The Company was notified that on Monday 30 March 2020, the individuals had completed transactions in the Company's ordinary shares as detailed in the tables below. Each of the PDMRs listed below sold sufficient of the shares to satisfy their liability to Income Tax and National Insurance Contributions ("Tax Liability") arising on the vesting of shares   at 145.26 pence per share, as explained below:

Director/PDMR	Total deferred share award vesting1	Number of shares sold to meet the Tax Liability	Net shares held
Will Gardiner	55,732	26,287	29,445
Andy Koss	44,300	20,895	23,405

Notes:

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

Immediately following the sale of shares to meet the tax liability, Andy Koss transferred the balance of the shares to his spouse. Following this transaction, Andy Koss's total shareholding in the Company (including those of his spouse) is 101,275 ordinary shares in the Company.

Following the transaction, Will Gardiner holds 291,546 ordinary shares in the Company.

Awards made under the Deferred Share Plan

On 30 March 2020, awards over shares were made under the Drax Group plc Deferred Share Plan ("DSP").

The deferred awards, made under the DSP for nil consideration as conditional awards, were made in respect of the deferred element of the annual bonus for the financial year ended 31 December 2019. The deferred element represents 35% of the annual bonus. Vesting of the DSP shares is normally deferred for three years and subject to the participant remaining in employment until the vesting date. 

Director/PDMR	Number of shares over which Deferred Awards made
Will Gardiner	82,195
Andy Koss	47,741
Andy Skelton	49,985

Brett Gladden

Group Company Secretary

The information below is provided in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation 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 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	ZGEN8HJFCYNRVN1XCJ08
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	(i)  Shares acquired pursuant to the vesting of 2017 awards under the Bonus Matching Plan, including accrued dividend shares. Will Gardiner sold 26,287 shares to cover applicable taxes and costs arising on vesting and retained the balance of 29,445 shares.  (ii)  Deferred awards made pursuant to the Drax Group plc Deferred Share Plan ("DSP") in respect of the deferred element of the cash bonus earned for the financial year ended 31 December 2019.
c)	Price(s) and volume(s)	Price(s) Volume(s) (i)  £1.4526 55,732 (ii)  Nil 82,195
d)	Aggregated information - Aggregated volume   - Price	N/A
e)	Date of the transaction	30 March 2020
f)	Place of the transaction	XLON

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Andy Koss
2	Reason for the notification
a)	Position/status	Chief Executive Officer - Drax Power
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	ZGEN8HJFCYNRVN1XCJ08
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	(i)  Shares acquired pursuant to the vesting of 2017 awards under the Bonus Matching Plan, including accrued dividend shares. Andy Koss sold 20,895 shares to cover applicable taxes and costs arising on vesting and transferred the balance of 23,405 shares to his spouse. (ii)  Deferred awards made pursuant to the Drax Group plc Deferred Share Plan ("DSP") in respect of the deferred element of the cash bonus earned for the financial year ended 31 December 2019.
c)	Price(s) and volume(s)	Price(s) Volume(s) (i)  £1.4526 44,300 (ii)  Nil 47,741
d)	Aggregated information - Aggregated volume   - Price	N/A
e)	Date of the transaction	30 March 2020
f)	Place of the transaction	XLON

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	ZGEN8HJFCYNRVN1XCJ08
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	Deferred awards made pursuant to the Drax Group plc Deferred Share Plan ("DSP") in respect of the deferred element of the cash bonus earned for the financial year ended 31 December 2019.
c)	Price(s) and volume(s)	Price(s) Volume(s) nil 49,985
d)	Aggregated information - Aggregated volume   - Price	N/A
e)	Date of the transaction	30 March 2020
f)	Place of the transaction	XLON

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