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 | 1/3 | 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 | 1/3 | 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 | 1/3 | 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.
Serco Group plc published this content on 07 April 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 07 April 2017 09:14:21 UTC.
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