Drax Group PLC Director/PDMR Shareholding (4252Z)

TIDMDRX

RNS Number : 4252Z

Drax Group PLC

14 March 2017

14 March 2017

Drax Group plc

("Drax" or the "Company")

Symbol: DRX

Notification of Transactions of Directors,

Persons Discharging Managerial Responsibility ("PDMR") or Connected Persons

The notifications below are in accordance with DTR 3.1.4 R(1)(a) and DTR 3.1.4 R(1)(b) and the dealings were in respect of ordinary shares of 11 (16) /(29) pence each in the share capital of the Company of which there were 406,843,425 shares in issue immediately prior to dealing.

The Company was notified today, 14 March 2017, that on 13 March 2017, the individuals detailed in this notice, each a PDMR, had nil cost conditional share awards vest in relation to the matching share awards and deferred element of annual bonus awards made on 26 February 2014 under the Company's long term incentive plan ("the Plan") and entered into transactions in the Company's ordinary shares as detailed in the tables below.

Details of the share awards vested and lapsed are as follows:

 
                     Matching            Matching        Deferred 
                      share               share awards    share 
                      awards vested(1)    lapsed(2)       awards vested(1) 
------------------  ------------------  --------------  ------------------ 
 Directors 
------------------  ------------------  --------------  ------------------ 
 Andy Koss                       5,603          28,739                   - 
------------------  ------------------  --------------  ------------------ 
 Dorothy Thompson               21,678         111,146              23,416 
------------------  ------------------  --------------  ------------------ 
 Other PDMRs 
------------------  ------------------  --------------  ------------------ 
 Matthew Rivers                  6,366          32,651                   - 
------------------  ------------------  --------------  ------------------ 
 

Notes:

1. Includes Distribution Shares added at vesting based on accrued dividends throughout the performance period.

   2.     Due to the Performance Conditions not being fully met. 

The rules of the Plan permit the Company to procure the sale of sufficient of the individuals' vested shares to satisfy their liability to Income Tax and National Insurance Contributions ("Tax Liability") arising on the vesting of shares. The Company has accordingly procured the sale of vested shares to meet the Tax Liability at 338.5 pence per share, the details of which are set out below:

 
                     Number of shares 
                      sold to meet 
                      Tax Liability 
------------------  ----------------- 
 Directors 
------------------  ----------------- 
 Andy Koss                      2,643 
------------------  ----------------- 
 Dorothy Thompson              21,269 
------------------  ----------------- 
 Other PDMRs 
------------------  ----------------- 
 Matthew Rivers                 3,003 
------------------  ----------------- 
 

The total holdings of each of the above PDMRs following the transactions detailed above are:

 
                     Total shares 
                      held following 
                      transactions 
------------------  ---------------- 
 Directors 
------------------  ---------------- 
 Andy Koss                    37,113 
------------------  ---------------- 
 Dorothy Thompson            353,337 
------------------  ---------------- 
 Other PDMRs 
------------------  ---------------- 
 Matthew Rivers               15,569 
------------------  ---------------- 
 

Enquiries:

Drax Investor Relations: Mark Strafford

[phone]

Media:

Drax Communications: Paul Hodgson

[phone]

Website: www.drax.com

END

This information is provided by RNS

The company news service from the London Stock Exchange

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March 14, 2017 08:26 ET (12:26 GMT)