REG - Serco Group PLC - Director/PDMR Shareholding

SercoAnnouncement

24/10/2022 10:30

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RNS Number : 7738D  Serco Group PLC  24 October 2022

24 October 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 September 2022, the Company granted conditional share awards
('Performance Awards') to the following PDMR under the Serco Group plc 2019
Long-Term Incentive Plan ('LTIP'):

 

 PDMR                          Number of Shares subject to the Performance Award
                               159,234

 Thomas Watson, CEO Americas

 

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.

 

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                                                         Thomas Watson

 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 September 2022 under the Serco

                                                            Group plc 2019 Long-Term Incentive Plan.

 c)   Price(s) and volume(s)

                                                                                        Price(s)             Volume(s)
                                                                                        n/a                  159,234

 d)   Aggregated information

      - Aggregated volume                                          159,234

      - Price                                                      n/a

 e)   Date of the transaction                                      6 September 2022

 f)   Place of the transaction                                     n/a

 

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