7th Oct 2025 15:24
Ricardo PLC
Director / PDMR Shareholdings
Notification of transactions by persons disclosing managerial responsibilities and persons closely associated with them
7 October 2025
On 11 June 2025, the boards of directors of WSP Group Limited ("WSP UK") a wholly-owned subsidiary of WSP Global Inc. ("WSP Global") and Ricardo PLC ("Ricardo") announced that they had reached agreement on the terms and conditions of a recommended all cash acquisition by WSP UK, or another wholly-owned subsidiary of WSP Global, of the entire issued and to be issued share capital of Ricardo, other than the Ricardo Shares acquired pursuant to the SG Share Purchase Agreement (the "Acquisition"), to be effected by means of a Court-sanctioned scheme of arrangement under Part VIII of the Companies Act 2003 (the "Scheme").
On 23 June 2025, Ricardo published a Scheme document in connection with the Acquisition, setting out the terms and conditions of the Scheme. On 15 July 2025, the requisite approvals from Shareholders for the implementation of the Scheme were obtained.
On 7 October 2025, Ricardo, WSP Global and WSP UK announced that the Court had granted the Court Order sanctioning the Scheme pursuant to which the Acquisition is being implemented. Following the Court sanctioning the Scheme, the Remuneration Committee of Ricardo's board of directors determined the extent to which outstanding awards under Ricardo's various share plans would vest, with the awards lapsing in respect of unvested shares.
As a result of the above, Ricardo shares vested in various directors and PDMRs, or as the case may be, the holding periods ended in respect of any post-vesting withholding periods, as set out in the tables below. All of these shares will be sold to WSP UK as part of the Scheme.
The relevant information set out below is provided in accordance with the requirements of Article 19 of the Market Abuse Regulation as retained in UK law.
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||||||||||||||
a)
| Name
| Graham Ritchie | ||||||||||||||||
2
| Reason for the notification
| |||||||||||||||||
a)
| Position/status
| Executive Director: 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
| Ricardo plc | ||||||||||||||||
b)
| LEI
| 213800ZNYAY35F4XB814 | ||||||||||||||||
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 of 25p each ("Shares")
GB0007370074 | ||||||||||||||||
b)
| Nature of the transaction
| (a) Release of shares in respect of award granted on 27 October 2021 pursuant to the terms of the Ricardo 2020 Long Term Incentive Plan following expiry of holding period (b) Vesting of award granted on 6 October 2022 pursuant to the terms of the Ricardo 2021 Deferred Bonus Plan (c) Vesting of award granted on 6 October 2022 pursuant to the terms of the Ricardo 2020 Long Term Incentive Plan (d) Vesting of award granted on 16 November 2023 pursuant to the terms of the Ricardo 2020 Long Term Incentive Plan (e) Vesting of award granted on 16 November 2023 pursuant to the terms of the Ricardo 2021 Deferred Bonus Plan (f) Vesting of award granted on 28 October 2024 pursuant to the terms of the Ricardo 2020 Long Term Incentive Plan (g) Vesting of award granted on 28 October 2024 pursuant to the terms of the Ricardo 2021 Deferred Bonus Plan | ||||||||||||||||
c)
| Price(s) and volume(s)
|
| ||||||||||||||||
d)
| Aggregated information
- Aggregated volume
- Price |
535,131
Nil
| ||||||||||||||||
e)
| Date of the transaction
| (a) 7 October 2025 (b) 6 October 2025 (c) 7 October 2025 (d) 7 October 2025 (e) 7 October 2025 (f) 7 October 2025 (g) 7 October 2025 | ||||||||||||||||
f)
| Place of the transaction
| (a) Outside a trading venue (b) Outside a trading venue (c) Outside a trading venue (d) Outside a trading venue (e) Outside a trading venue (f) Outside a trading venue (g) Outside a trading venue | ||||||||||||||||
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||||||
a)
| Name
| Judith Cottrell | ||||||||
2
| Reason for the notification
| |||||||||
a)
| Position/status
| Executive Director: Chief Finance Officer | ||||||||
b)
| Initial notification /Amendment
| Initial Notification | ||||||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||||||
a)
| Name
| Ricardo plc | ||||||||
b)
| LEI
| 213800ZNYAY35F4XB814 | ||||||||
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 of 25p each ("Shares")
GB0007370074 | ||||||||
b)
| Nature of the transaction
| (a) Vesting of award granted on 16 November 2023 pursuant to the terms of the Ricardo 2020 Long Term Incentive Plan (b) Vesting of award granted on 28 October 2024 pursuant to the terms of the Ricardo 2021 Deferred Bonus Plan (c) Vesting of award granted on 28 October 2024 pursuant to the terms of the Ricardo 2020 Long Term Incentive Plan | ||||||||
c)
| Price(s) and volume(s)
|
| ||||||||
d)
| Aggregated information
- Aggregated volume
- Price |
240,161
Nil
| ||||||||
e)
| Date of the transaction
| 7 October 2025 | ||||||||
f)
| Place of the transaction
| Outside a trading venue | ||||||||
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||||||||||||
a)
| Name
| Rachel White | ||||||||||||||
2
| Reason for the notification
| |||||||||||||||
a)
| Position/status
| PDMR: Global President - Clean Energy and Environmental Solutions | ||||||||||||||
b)
| Initial notification /Amendment
| Initial Notification | ||||||||||||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||||||||||||
a)
| Name
| Ricardo plc | ||||||||||||||
b)
| LEI
| 213800ZNYAY35F4XB814 | ||||||||||||||
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 of 25p each ("Shares")
GB0007370074 | ||||||||||||||
b)
| Nature of the transaction
| (a) Vesting of award granted on 8 December 2022 pursuant to Ricardo 2020 Long Term Incentive Plan (b) Vesting of award granted on 16 November 2023 pursuant to Ricardo 2021 Deferred Bonus Plan (c) Vesting of award granted on 16 November 2023 pursuant to Ricardo 2020 Long Term Incentive Plan (d) Vesting of award granted on 28 October 2024 pursuant to Ricardo 2021 Deferred Bonus Plan (e) Vesting of award granted on 28 October 2024 pursuant to Ricardo 2020 Long Term Incentive Plan (f) Vesting of award granted on 28 October 2024 pursuant to Ricardo 2020 Long Term Incentive Plan | ||||||||||||||
c)
| Price(s) and volume(s)
|
| ||||||||||||||
d)
| Aggregated information
- Aggregated volume
- Price
|
95,441
Nil
| ||||||||||||||
e)
| Date of the transaction
| 7 October 2025 | ||||||||||||||
f)
| Place of the transaction
| Outside a trading venue | ||||||||||||||
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||||||||
a)
| Name
| Clive Wotton | ||||||||||
2
| Reason for the notification
| |||||||||||
a)
| Position/status
| PDMR: Group Director, Sustainability, Quality and Risk | ||||||||||
b)
| Initial notification /Amendment
| Initial Notification | ||||||||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||||||||
a)
| Name
| Ricardo plc | ||||||||||
b)
| LEI
| 213800ZNYAY35F4XB814 | ||||||||||
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 of 25p each ("Shares")
GB0007370074 | ||||||||||
b)
| Nature of the transaction
| (a) Vesting of award granted on 6 October 2022 pursuant to the terms of the Ricardo 2020 Long Term Incentive Plan (b) Vesting of award granted on 16 November 2023 pursuant to the terms of the Ricardo 2020 Long Term Incentive Plan (c) Vesting of award granted on 28 October 2024 pursuant to the terms of the Ricardo 2021 Deferred Bonus Plan (d) Vesting of award granted on 28 October 2024 pursuant to the terms of the Ricardo 2020 Long Term Incentive Plan | ||||||||||
c)
| Price(s) and volume(s)
|
| ||||||||||
d)
| Aggregated information
- Aggregated volume
- Price
|
47,942
Nil
| ||||||||||
e)
| Date of the transaction
| 7 October 2025 | ||||||||||
f)
| Place of the transaction
| (a) Outside a trading venue (b) Outside a trading venue (c) Outside a trading venue (d) Outside a trading venue | ||||||||||
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||||||||
a)
| Name
| Natasha Perfect | ||||||||||
2
| Reason for the notification
| |||||||||||
a)
| Position/status
| PDMR: Group Marketing and 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
| Ricardo plc | ||||||||||
b)
| LEI
| 213800ZNYAY35F4XB814 | ||||||||||
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 of 25p each ("Shares")
GB0007370074 | ||||||||||
b)
| Nature of the transaction
| (a) Vesting of award granted on 6 October 2022 pursuant to the terms of the Ricardo 2020 Long Term Incentive Plan (b) Vesting of award granted on 16 November 2023 pursuant to the terms of the Ricardo 2020 Long Term Incentive Plan (c) Vesting of award granted on 28 October 2024 pursuant to the terms of the Ricardo 2021 Deferred Bonus Plan (d) Vesting of award granted on 28 October 2024 pursuant to the terms of the Ricardo 2020 Long Term Incentive Plan | ||||||||||
c)
| Price(s) and volume(s)
|
| ||||||||||
d)
| Aggregated information
- Aggregated volume
- Price
|
38,116
Nil
| ||||||||||
e)
| Date of the transaction
| 7 October 2025 | ||||||||||
f)
| Place of the transaction
| (a) Outside a trading venue (b) Outside a trading venue (c) Outside a trading venue (d) Outside a trading venue | ||||||||||
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||||||||||||
a)
| Name
| Jason O'Donnell | ||||||||||||||
2
| Reason for the notification
| |||||||||||||||
a)
| Position/status
| PDMR: Managing Director, Global A&I | ||||||||||||||
b)
| Initial notification /Amendment
| Initial Notification | ||||||||||||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||||||||||||
a)
| Name
| Ricardo plc | ||||||||||||||
b)
| LEI
| 213800ZNYAY35F4XB814 | ||||||||||||||
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 of 25p each ("Shares")
GB0007370074 | ||||||||||||||
b)
| Nature of the transaction
| (a) Vesting of award granted on 6 October 2022 pursuant to the terms of the Ricardo 2020 Long Term Incentive Plan (b) Vesting of award granted on 16 November 2023 pursuant to the terms of the Ricardo 2020 Long Term Incentive Plan (c) Vesting of award granted on 15 December 2023 pursuant to the terms of the Ricardo 2020 Long Term Incentive Plan (d) Vesting of award granted on 15 December 2023 pursuant to the terms of the Ricardo 2020 Long Term Incentive Plan (e) Vesting of award granted on 28 October 2024 pursuant to the terms of the Ricardo 2020 Long Term Incentive Plan (f) Vesting of award granted on 28 October 2024 pursuant to the terms of the Ricardo 2020 Long Term Incentive Plan | ||||||||||||||
c)
| Price(s) and volume(s)
|
| ||||||||||||||
d)
| Aggregated information
- Aggregated volume
- Price
|
66,480
Nil
| ||||||||||||||
e)
| Date of the transaction
| 7 October 2025 | ||||||||||||||
f)
| Place of the transaction
| (a) Outside a trading venue (b) Outside a trading venue (c) Outside a trading venue (d) Outside a trading venue (e) Outside a trading venue (f) Outside a trading venue | ||||||||||||||
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||||||
a)
| Name
| Harpreet Sagoo | ||||||||
2
| Reason for the notification
| |||||||||
a)
| Position/status
| PDMR: General Counsel and 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
| Ricardo plc | ||||||||
b)
| LEI
| 213800ZNYAY35F4XB814 | ||||||||
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 of 25p each ("Shares")
GB0007370074 | ||||||||
b)
| Nature of the transaction
| (a) Vesting of award granted on 16 November 2023 pursuant to the terms of the Ricardo 2020 Long Term Incentive Plan (b) Vesting of award granted on 28 October 2024 pursuant to the terms of the Ricardo 2021 Deferred Bonus Plan (c) Vesting of award granted on 28 October 2024 pursuant to the terms of the Ricardo 2020 Long Term Incentive Plan | ||||||||
c)
| Price(s) and volume(s)
|
| ||||||||
d)
| Aggregated information
- Aggregated volume
- Price
|
37,306
Nil
| ||||||||
e)
| Date of the transaction
| 7 October 2025 | ||||||||
f)
| Place of the transaction
| (a) Outside a trading venue (b) Outside a trading venue (c) Outside a trading venue (d) Outside a trading venue | ||||||||
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||
a)
| Name
| Diane Christensen | ||||
2
| Reason for the notification
| |||||
a)
| Position/status
| PDMR: Chief People Officer | ||||
b)
| Initial notification /Amendment
| Initial Notification | ||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||
a)
| Name
| Ricardo plc | ||||
b)
| LEI
| 213800ZNYAY35F4XB814 | ||||
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 of 25p each ("Shares")
GB0007370074 | ||||
b)
| Nature of the transaction
| Vesting of the award granted on 28 October 2024 pursuant to the terms of the Ricardo 2020 Long Term Incentive Plan. | ||||
c)
| Price(s) and volume(s)
|
| ||||
d)
| Aggregated information
- Aggregated volume
- Price | N/A
| ||||
e)
| Date of the transaction
| 7 October 2025 | ||||
f)
| Place of the transaction
| Outside a trading venue | ||||
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||
a)
| Name
| Richard Guest | ||||
2
| Reason for the notification
| |||||
a)
| Position/status
| PDMR: Managing Director, Performance Products | ||||
b)
| Initial notification /Amendment
| Initial Notification | ||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||
a)
| Name
| Ricardo plc | ||||
b)
| LEI
| 213800ZNYAY35F4XB814 | ||||
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 of 25p each ("Shares")
GB0007370074 | ||||
b)
| Nature of the transaction
| Vesting of the award granted on 28 October 2024 pursuant to the terms of the Ricardo 2021 Deferred Bonus Plan. | ||||
c)
| Price(s) and volume(s)
|
| ||||
d)
| Aggregated information
- Aggregated volume
- Price | N/A
| ||||
e)
| Date of the transaction
| 7 October 2025 | ||||
f)
| Place of the transaction
| Outside a trading venue | ||||
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||||||
a)
| Name
| Andre Odinius | ||||||||
2
| Reason for the notification
| |||||||||
a)
| Position/status
| PDMR: Chief Information Officer | ||||||||
b)
| Initial notification /Amendment
| Initial Notification | ||||||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||||||
a)
| Name
| Ricardo plc | ||||||||
b)
| LEI
| 213800ZNYAY35F4XB814 | ||||||||
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 of 25p each ("Shares")
GB0007370074 | ||||||||
b)
| Nature of the transaction
| (a) Vesting of the award granted on 16 November 2023 pursuant to the terms of the Ricardo 2020 Long Term Incentive Plan. (b) Vesting of the award granted on 28 October 2024 pursuant to the terms of the Ricardo 2020 Long Term Incentive Plan. (c) Vesting of the award granted on 28 October 2024 pursuant to the terms of the Ricardo 2021 Deferred Bonus Plan. | ||||||||
c)
| Price(s) and volume(s)
|
| ||||||||
d)
| Aggregated information
- Aggregated volume
- Price |
19,828
Nil | ||||||||
e)
| Date of the transaction
| 7 October 2025 | ||||||||
f)
| Place of the transaction
| Outside a trading venue | ||||||||
Related Shares:
Ricardo Plc