7th Apr 2017 10:05
7 April 2017
Serco Group plc
Legal Entity Identifier: 2138005O9XJIJN4JPN90
INITIAL NOTIFICATION OF TRANSACTIONS OF PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES ('PDMRs') IN ACCORDANCE WITH ARTICLE 19 OF THE EU MARKET ABUSE REGULATION 596/2014
Serco Group plc ('Serco' or 'the Company'), the international service company, advises that, on 6 April 2017, the individuals named below, each a PDMR, were granted options to acquire at nominal cost (with the exception of Ed Casey who has been granted a conditional share award) the following number of ordinary shares of 2p each in the Company (ISIN: GB0007973794), through participation in the Serco Group plc Performance Share Plan ('the PSP'):
Name | Grant Date | Position of PDMR | Maximum number of shares over which options granted |
Rupert Soames | 6 April 2017 | Group Chief Executive | 1,504,424 |
Ed Casey | 6 April 2017 | Group Chief Operating Officer | 1,328,107 |
Angus Cockburn | 6 April 2017 | Group Chief Financial Officer | 774,336 |
Liz Benison | 6 April 2017 | CEO, Local & Regional Government | 283,185 |
Kevin Craven | 6 April 2017 | CEO, Central Government | 353,982 |
David Greer | 6 April 2017 | CEO Middle East | 305,551 |
Mark Irwin | 6 April 2017 | CEO AsPac | 350,427 |
Guy Leach | 6 April 2017 | Risk & Acquisitions Director | 255,000 |
Geoff Lloyd | 6 April 2017 | Group HR Director | 255,221 |
David Eveleigh | 6 April 2017 | Group General Counsel & Company Secretary | 256,637 |
Kate Steadman | 6 April 2017 | Group Strategy & Communications Director | 159,292 |
The grants of options have been made in London and are based on the closing share price on the London Stock Exchange on 5 April 2017 of 113p per share.
The number of shares that will vest under the PSP is conditional upon the satisfaction of three independent, equally weighted, performance measures as follows:
Performance Measure | Weighting of Measure | Performance Target |
EPS | 1/3rd | Statutory Earnings Per Share (EPS) before exceptional items (adjusted to reflect tax paid on a cash basis) of 13.5p (threshold, 25% vesting) to 16.5p (maximum, 100% vesting), measured as an aggregate over the three-year performance period ending 31 December 2019. |
TSR | 1/3rd | 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 2019. |
ROIC | 1/3rd | Pre-tax Return on Invested Capital (ROIC) of 8.4% (threshold, 25% vesting) to 10.2% (maximum, 100% vesting), measured as an average over the three-year performance period ending 31 December 2019. |
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.
Related Shares:
Serco