REG - Serco Group PLC - Director/PDMR Shareholding
07/04/2022 15:45
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RNS Number : 6978H Serco Group PLC 07 April 2022
7 April 2022
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 2022, 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, 1,173,384
Group Chief Executive
Nigel Crossley, 454,099
Group Financial Controller
David Dacquino, 381,382
CEO Americas
David Eveleigh, 234,073
Group General Counsel & Company Secretary
Mark Irwin, 323,854
CEO UK & Europe
Anthony Kirby, 281,612
Group Chief Operating Officer
Philip Malem, 221,103
CEO Middle East
Kate Steadman, 144,947
Group Strategy & Communications Director
Peter Welling 238,455
CEO AsPac
The Performance Awards have a normal vesting date of 6 April 2025 and vesting
is conditional on continued employment and the satisfaction of five
independent performance measures as follows:
Performance Weighting Performance Target
Measure
Aggregate EPS 25% Statutory Earnings Per Share (EPS) before exceptional items (adjusted to
reflect tax paid on a cash basis) of 28.41p (threshold, 25% vesting) to 31.56p
(target, 50% vesting) to 34.72p (maximum, 100% vesting), measured as an
aggregate over the three-year performance period ending 31 December 2024.
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 2024.
Average ROIC 25% Pre-tax Return on Invested Capital (ROIC) of 17.3% (threshold, 25% vesting) to
19.3% (target, 50% vesting) to 21.2% (maximum, 100% vesting), measured as an
average over the three-year performance period ending 31 December 2024.
ESG Scorecard 15% Employee engagement:
· Average annual Group employee engagement score over the
three-year performance period at or above 70 for on target performance, and at
or above 72 for maximum performance.
Improvement in colleague diversity:
· Performance will be assessed against a scorecard of factors
relating to the improvement in colleague diversity. This will include
reviewing progress on activities which support diversity, such as:
o commitment to diversity charters, where appropriate, such as the UK Race
at Work charter, and progress shown against the commitments made;
o the continued implementation of policies to promote diversity in
recruitment and candidate pools;
o wider and better targeted participation in learning and career
development; and
o active management of a talent pipeline and progression within the
organisation which will, in time, result in a more diverse leadership cadre.
· To track progress, the Committee will also review quantitative
metrics such as the percentage of women and colleagues of diverse ethnic
backgrounds, holding senior global leadership roles.
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 2024.
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. Awards to all participants are subject to pre-vesting
malus and post-vesting clawback.
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 2022 under the Serco Group
plc 2019 Long-Term Incentive Plan.
c) Price(s) and volume(s)
Price(s) Volume(s)
n/a 1,173,384
d) Aggregated information
- Aggregated volume 1,173,384
- Price n/a
e) Date of the transaction 6 April 2022
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 Financial Controller
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 2022 under the Serco Group
plc 2019 Long-Term Incentive Plan.
c) Price(s) and volume(s)
Price(s) Volume(s)
n/a 454,099
d) Aggregated information
- Aggregated volume 454,099
- Price n/a
e) Date of the transaction 6 April 2022
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 2022 under the Serco Group
plc 2019 Long-Term Incentive Plan.
c) Price(s) and volume(s)
Price(s) Volume(s)
n/a 381,382
d) Aggregated information
- Aggregated volume 381,382
- Price n/a
e) Date of the transaction 6 April 2022
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 2022 under the Serco Group
plc 2019 Long-Term Incentive Plan.
c) Price(s) and volume(s)
Price(s) Volume(s)
n/a 234,073
d) Aggregated information
- Aggregated volume 234,073
- Price n/a
e) Date of the transaction 6 April 2022
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 2022 under the Serco Group
plc 2019 Long-Term Incentive Plan.
c) Price(s) and volume(s)
Price(s) Volume(s)
n/a 323,854
d) Aggregated information
- Aggregated volume 323,854
- Price n/a
e) Date of the transaction 6 April 2022
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 2022 under the Serco Group
plc 2019 Long-Term Incentive Plan.
c) Price(s) and volume(s)
Price(s) Volume(s)
n/a 281,612
d) Aggregated information
- Aggregated volume 281,612
- Price n/a
e) Date of the transaction 6 April 2022
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 2022 under the Serco Group
plc 2019 Long-Term Incentive Plan.
c) Price(s) and volume(s)
Price(s) Volume(s)
n/a 221,103
d) Aggregated information
- Aggregated volume 221,103
- Price n/a
e) Date of the transaction 6 April 2022
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 2022 under the Serco Group
plc 2019 Long-Term Incentive Plan.
c) Price(s) and volume(s)
Price(s) Volume(s)
n/a 144,947
d) Aggregated information
- Aggregated volume 144,947
- Price n/a
e) Date of the transaction 6 April 2022
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 2022 under the Serco Group
plc 2019 Long-Term Incentive Plan.
c) Price(s) and volume(s)
Price(s) Volume(s)
n/a 238,455
d) Aggregated information
- Aggregated volume 238,455
- Price n/a
e) Date of the transaction 6 April 2022
f) Place of the transaction n/a
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