REG - Ricardo PLC - Director/PDMR Shareholding
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RNS Number : 4310C Ricardo PLC 07 October 2025
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 Ordinary shares of 25p each ("Shares")
Identification code 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)
Price(s) Volume(s)
(a) Nil (a) 89,297
(b) Nil (b) 24,528
(c) Nil (c) 41,025
(d) Nil (d) 161,223
(e) Nil (e) 11,046
(f) Nil (f) 178,504
(g) Nil (g) 29,508
d) Aggregated information
- Aggregated volume 535,131
- Price 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
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 Ordinary shares of 25p each ("Shares")
Identification code 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)
Price(s) Volume(s)
(a) Nil (a) 105,350
(b) Nil (b) 18,168
(c) Nil (c) 116,643
d) Aggregated information
- Aggregated volume 240,161
- Price Nil
e) Date of the transaction 7 October 2025
f) Place of the transaction Outside a trading venue
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 Ordinary shares of 25p each ("Shares")
Identification code 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)
Price(s) Volume(s)
(a) Nil (a) 8,987
(b) Nil (b) 1,283
(c) Nil (c) 36,078
(d) Nil (d) 2,596
(e) Nil (e) 41,497
(f) Nil (f) 5,000
d) Aggregated information
- Aggregated volume 95,441
- Price Nil
e) Date of the transaction 7 October 2025
f) Place of the transaction Outside a trading venue
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 Ordinary shares of 25p each ("Shares")
Identification code 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)
Price(s) Volume(s)
(a) Nil (a) 4,838
(b) Nil (b) 17,370
(c) Nil (c) 6,364
(d) Nil (d) 19,370
d) Aggregated information
- Aggregated volume 47,942
- Price 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
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 Ordinary shares of 25p each ("Shares")
Identification code 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)
Price(s) Volume(s)
(a) Nil (a) 3,057
(b) Nil (b) 14,420
(c) Nil (c) 5,138
(d) Nil (d) 15,501
d) Aggregated information
- Aggregated volume 38,116
- Price 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
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 Ordinary shares of 25p each ("Shares")
Identification code 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)
Price(s) Volume(s)
(a) Nil (a) 1,435
(b) Nil (b) 5,638
(c) Nil (c) 15,541
(d) Nil (d) 15,000
(e) Nil (e) 23,866
(f) Nil (f) 5,000
d) Aggregated information
- Aggregated volume 66,480
- Price 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
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 Ordinary shares of 25p each ("Shares")
Identification code 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)
Price(s) Volume(s)
(a) Nil (a) 15,319
(b) Nil (b) 4,861
(c) Nil (c) 17,126
d) Aggregated information
- Aggregated volume 37,306
- Price 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
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 Ordinary shares of 25p each ("Shares")
Identification code 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)
Price(s) Volume(s)
Nil 15,751
d) Aggregated information N/A
- Aggregated volume
- Price
e) Date of the transaction 7 October 2025
f) Place of the transaction Outside a trading venue
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 Ordinary shares of 25p each ("Shares")
Identification code 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)
Price(s) Volume(s)
Nil 6,426
d) Aggregated information N/A
- Aggregated volume
- Price
e) Date of the transaction 7 October 2025
f) Place of the transaction Outside a trading venue
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 Ordinary shares of 25p each ("Shares")
Identification code 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)
Price(s) Volume(s)
(a) Nil (a) 8,436
(b) Nil (b) 9,250
(c) Nil (c) 2,142
d) Aggregated information
- Aggregated volume 19,828
- Price Nil
e) Date of the transaction 7 October 2025
f) Place of the transaction Outside a trading venue
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
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