REG - Serco Group PLC - Director/PDMR Shareholding

SercoAnnouncement

08/04/2021 14:05

RNS Number : 8676U
  
Serco Group PLC
  
08 April 2021
  
 

 
8 April 2021
Serco Group plc (the 'Company') 
Legal Entity Identifier: 549300PT2CIHYN5GWJ21


 
INITIAL NOTIFICATION OF TRANSACTIONS OF PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES ('PDMRs') IN ORDINARY SHARES OF 2p EACH IN THE COMPANY ('Ordinary Shares')
 
On 6 April 2021, the Company granted conditional share awards ('Performance Awards') to the following PDMRs under the Serco Group plc 2019 Long-Term Incentive Plan ('LTIP'):    
 



PDMR


Number of Shares subject to the Performance Award




Rupert Soames, 
Group Chief Executive


1,229,923




Nigel Crossley,
Group Director of Finance


151,931




David Dacquino, 
CEO Americas


376,884




David Eveleigh, 
Group General Counsel & Company Secretary


240,540




Mark Irwin, 
CEO UK & Europe


321,950




Anthony Kirby, 
Group Chief Operating Officer


289,393




Philip Malem, 
CEO Middle East


220,632




Kate Steadman, 
Group Strategy & Communications Director


135,886




Peter Welling
CEO AsPac


242,990



 
The Performance Awards have a normal vesting date of 6 April 2024 and vesting is conditional on continued employment and the satisfaction of five independent performance measures as follows:
 



Performance
Measure


Weighting
 


Performance Target




Aggregate EPS


25%


Statutory Earnings Per Share (EPS) before exceptional items (adjusted to reflect tax paid on a cash basis) of 25.17p (threshold, 25% vesting) to 27.96p (target, 50% vesting) to 30.76p (maximum, 100% vesting), measured as an aggregate over the three-year performance period ending 31 December 2023.




Relative TSR


25%


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 2023.




Average ROIC


25%


Pre-tax Return on Invested Capital (ROIC) of 16.5% (threshold, 25% vesting) to 18.3% (target, 50% vesting) to 20.2% (maximum, 100% vesting), measured as an average over the three-year performance period ending 31 December 2023.




ESG Scorecard


15%


Employee engagement:
·     Average annual Group employee engagement score over the three-year performance period at or above 69 for on target performance, and at or above 71 for maximum performance.
 
Improvement in colleague diversity across gender (focusing on leaders) and ethnicity:
·     Gender diversity amongst our leaders to be measured as the percentage of women holding senior global leadership roles in 2023; target performance of 33%, and maximum performance at 35% or above.
·     Demonstrate significant progress on our approach and strategy for addressing ethnic diversity challenges throughout our organisation, and particularly in management and senior leadership roles.  Commit to diversity charters where appropriate, such as the UK Race at Work charter, and show progress against the commitments made.
 
Improvement in our understanding, management and disclosure of Serco's environmental risks:
·     Demonstrate significant improvements in environmental performance and management of environmental risks, through actions taken in line with our environmental strategy and improvements in externally issued environment/climate change ratings.




Order Book


10%


Book-to-bill ratio of 100% (target, 50% vesting) to 105% (maximum, 100% vesting) measured on a cumulative basis over the three-year performance period ending 31 December 2023.



 
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 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.
 
This announcement is made in accordance with the requirements of the EU Market Abuse Regulation 596/2014.  The notification of dealing forms can be found below. 
 
 
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 ("Ordinary Shares")
 














Identification code 


ISIN: GB0007973794














b) 
 


Nature of the transaction 
 
 


The grant of conditional share awards on 6 April 2021 under the Serco Group plc 2019 Long-Term Incentive Plan.




c) 
 


Price(s) and volume(s) 




























Price(s)


Volume(s)
















n/a


1,229,923






























d) 
 


Aggregated information 


















- Aggregated volume


1,229,923














- Price


n/a














e) 
 


Date of the transaction 
 


6 April 2021




f) 
 


Place of the transaction 


n/a



 



1 
 


Details of the person discharging managerial responsibilities / person closely associated 
 




a) 
 


Name 


Nigel Crossley




2 
 


Reason for the notification 
 




a) 
 


Position/status 
 
 


Group Director of Finance




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 ("Ordinary Shares")
 














Identification code 


ISIN: GB0007973794














b) 
 


Nature of the transaction 
 
 


The grant of conditional share awards on 6 April 2021 under the Serco Group plc 2019 Long-Term Incentive Plan.




c) 
 


Price(s) and volume(s) 




























Price(s)


Volume(s)
















n/a


151,931






























d) 
 


Aggregated information 


















- Aggregated volume


151,931














- Price


n/a














e) 
 


Date of the transaction 
 


6 April 2021




f) 
 


Place of the transaction 


n/a



 
 



1 
 


Details of the person discharging managerial responsibilities / person closely associated 
 




a) 
 


Name 


David 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 ("Ordinary Shares")
 














Identification code 


ISIN: GB0007973794














b) 
 


Nature of the transaction 
 
 


The grant of conditional share awards on 6 April 2021 under the Serco Group plc 2019 Long-Term Incentive Plan.




c) 
 


Price(s) and volume(s) 




























Price(s)


Volume(s)
















n/a


376,884






























d) 
 


Aggregated information 


















- Aggregated volume


376,884














- Price


n/a














e) 
 


Date of the transaction 
 


6 April 2021




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 ("Ordinary Shares")
 














Identification code 


ISIN: GB0007973794














b) 
 


Nature of the transaction 
 
 


The grant of conditional share awards on 6 April 2021 under the Serco Group plc 2019 Long-Term Incentive Plan.




c) 
 


Price(s) and volume(s) 




























Price(s)


Volume(s)
















n/a


240,540






























d) 
 


Aggregated information 


















- Aggregated volume


240,540














- Price


n/a














e) 
 


Date of the transaction 
 


6 April 2021




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 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 ("Ordinary Shares")
 














Identification code 


ISIN: GB0007973794














b) 
 


Nature of the transaction 
 
 


The grant of conditional share awards on 6 April 2021 under the Serco Group plc 2019 Long-Term Incentive Plan.




c) 
 


Price(s) and volume(s) 




























Price(s)


Volume(s)
















n/a


321,950






























d) 
 


Aggregated information 


















- Aggregated volume


321,950














- Price


n/a














e) 
 


Date of the transaction 
 


6 April 2021




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 Chief Operating 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 ("Ordinary Shares")
 














Identification code 


ISIN: GB0007973794














b) 
 


Nature of the transaction 
 
 


The grant of conditional share awards on 6 April 2021 under the Serco Group plc 2019 Long-Term Incentive Plan.




c) 
 


Price(s) and volume(s) 




























Price(s)


Volume(s)
















n/a


289,393






























d) 
 


Aggregated information 


















- Aggregated volume


289,393














- Price


n/a














e) 
 


Date of the transaction 
 


6 April 2021




f) 
 


Place of the transaction 


n/a



 



1 
 


Details of the person discharging managerial responsibilities / person closely associated 
 




a) 
 


Name 


Philip Malem




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 ("Ordinary Shares")
 














Identification code 


ISIN: GB0007973794














b) 
 


Nature of the transaction 
 
 


The grant of conditional share awards on 6 April 2021 under the Serco Group plc 2019 Long-Term Incentive Plan.




c) 
 


Price(s) and volume(s) 




























Price(s)


Volume(s)
















n/a


220,632






























d) 
 


Aggregated information 


















- Aggregated volume


220,632














- Price


n/a














e) 
 


Date of the transaction 
 


6 April 2021




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 ("Ordinary Shares")
 














Identification code 


ISIN: GB0007973794














b) 
 


Nature of the transaction 
 
 


The grant of conditional share awards on 6 April 2021 under the Serco Group plc 2019 Long-Term Incentive Plan.




c) 
 


Price(s) and volume(s) 




























Price(s)


Volume(s)
















n/a


135,886






























d) 
 


Aggregated information 


















- Aggregated volume


135,886














- Price


n/a














e) 
 


Date of the transaction 
 


6 April 2021




f) 
 


Place of the transaction 


n/a



 



1 
 


Details of the person discharging managerial responsibilities / person closely associated 
 




a) 
 


Name 


Peter Welling




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 ("Ordinary Shares")
 














Identification code 


ISIN: GB0007973794














b) 
 


Nature of the transaction 
 
 


The grant of conditional share awards on 6 April 2021 under the Serco Group plc 2019 Long-Term Incentive Plan.




c) 
 


Price(s) and volume(s) 




























Price(s)


Volume(s)
















n/a


242,990






























d) 
 


Aggregated information 


















- Aggregated volume


242,990














- Price


n/a














e) 
 


Date of the transaction 
 


6 April 2021




f) 
 


Place of the transaction 


n/a



 

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