Serco Group PLC Director/PDMR Shareholding (9258B)

TIDMSRP

RNS Number : 9258B

Serco Group PLC

07 April 2017

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         Maximum number 
                                           PDMR               of shares 
                                                             over which 
                                                           options granted 
----------------  --------------  ---------------------  ----------------- 
                                   Group Chief 
 Rupert Soames     6 April 2017     Executive             1,504,424 
----------------  --------------  ---------------------  ----------------- 
                                   Group Chief 
                                    Operating 
 Ed Casey          6 April 2017     Officer               1,328,107 
----------------  --------------  ---------------------  ----------------- 
                                   Group Chief 
                                    Financial 
 Angus Cockburn    6 April 2017     Officer               774,336 
----------------  --------------  ---------------------  ----------------- 
                                   CEO, Local 
                                    & Regional 
 Liz Benison       6 April 2017     Government            283,185 
----------------  --------------  ---------------------  ----------------- 
                                   CEO, Central 
 Kevin Craven      6 April 2017     Government            353,982 
----------------  --------------  ---------------------  ----------------- 
                                   CEO Middle 
 David Greer       6 April 2017     East                  305,551 
----------------  --------------  ---------------------  ----------------- 
 Mark Irwin        6 April 2017    CEO AsPac              350,427 
----------------  --------------  ---------------------  ----------------- 
                                   Risk & Acquisitions 
 Guy Leach         6 April 2017     Director              255,000 
----------------  --------------  ---------------------  ----------------- 
 Geoff Lloyd       6 April 2017    Group HR Director      255,221 
----------------  --------------  ---------------------  ----------------- 
                                   Group General 
                                    Counsel & 
 David Eveleigh    6 April 2017     Company Secretary     256,637 
----------------  --------------  ---------------------  ----------------- 
                                   Group Strategy 
                                    & Communications 
 Kate Steadman     6 April 2017     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  Weighting of                                      Performance Target 
   Measure       Measure 
------------  ------------  ------------------------------------------------------------------------------------------ 
 EPS            1/3(rd)     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(rd)     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(rd)     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.

This information is provided by RNS

The company news service from the London Stock Exchange

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April 07, 2017 05:05 ET (09:05 GMT)