Serco Group PLC Director/PDMR Shareholding (4564V)

TIDMSRP

RNS Number : 4564V

Serco Group PLC

02 November 2017

1 November 2017

Serco Group plc

Legal Entity Identifier: 549300PT2CIHYN5GWJ21

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, confirms the vesting details of awards granted in 2014 to Angus Cockburn in the form of Nominal Cost Options under the 2009 Serco Performance Share Plan ('PSP') ('the Performance Award') and awards granted in connection with his appointment to the Company to compensate for performance share awards forfeited on joining Serco ('the Recruitment Award') (together, 'the Awards'). The performance period for the Awards commenced on 1 January 2014 for the EPS performance condition, 31 October 2014 for the Strategic Objectives performance condition and 27 June 2014 for all other performance conditions.

The performance measure vesting details are as follows:

   --      For the Performance Award: 
 
 Proportion of the    Measure                      Outcome             Overall outcome 
  Award 
-------------------  ---------------------------  ------------------  ---------------- 
                      Relative TSR - 
                       for the period 
                       ending 22 February 
                       2017 the Company's 
                       TSR ranked below 
 1/3(rd)               median.                     Lapsed in full      0% 
-------------------  ---------------------------  ------------------  ---------------- 
                      2016 EPS - the 
                       Company did not 
                       meet the threshold 
                       level of performance 
                       for EPS for the 
                       period ending 31 
 1/6(th)               December 2016.              Lapsed in full      0% 
-------------------  ---------------------------  ------------------  ---------------- 
                          Total vesting in 2017 for 2014 Performance 
                                                               Award   0% 
                                                              Lapsed    50% 
                                                       Still to vest    50% 
 -----------------------------------------------                      ---------------- 
 

As a result of the lapse of the Performance Award vesting on 31 October 2017, Angus Cockburn is not eligible to receive Shares pursuant to these Awards.

   --      In respect of the Recruitment Award: 
 
 Proportion of the   Measure                     Outcome            Overall outcome 
  Award 
------------------  --------------------------  -----------------  ---------------- 
                     Relative TSR - 
                      for the period 
                      ending 22 February 
                      2017 the Company's 
                      TSR ranked below 
 40%                  median.                    Lapsed in full     0% 
------------------  --------------------------  -----------------  ---------------- 
                     Strategic Objectives 
                      - the Remuneration 
                      Committee determined 
                      that the Strategic 
                      Objectives had 
 20%                  been achieved.             Vested in full     20% 
------------------  --------------------------  -----------------  ---------------- 
                       Total vesting in 2017 for 2014 Recruitment 
                                                            Award   20% 
                                                           Lapsed    40% 
                                                    Still to vest    40% 
------------------  ---------------------------------------------  ---------------- 
 

The closing price of an Ordinary Share of Serco Group plc at the point of vesting on 31 October 2017 was GBP1.166.

The notifications that follow are for Awards made to Persons Discharging Managerial Responsibilities ('PDMRs') and show the vesting of the Awards.

 
 1     Details of the person discharging managerial responsibilities 
        / person closely associated 
----  ------------------------------------------------------------------------------------------ 
 a)    Name                                     Angus Cockburn 
----  ---------------------------------------  ------------------------------------------------- 
 2     Reason for the notification 
----  ------------------------------------------------------------------------------------------ 
 a)    Position/status                          Group Chief Financial Officer 
----  ---------------------------------------  ------------------------------------------------- 
 b)    Initial notification                     Initial notification 
        /Amendment 
----  ---------------------------------------  ------------------------------------------------- 
 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                       Ordinary shares of 2 pence each ('Ordinary 
        financial instrument,                    Shares') 
        type of instrument                       ISIN: GB0007973794 
---- 
 
       Identification code 
 
 b)    Nature of the transaction                The number of Ordinary Shares released 
                                                 on Recruitment Awards granted in 
                                                 2014 under the Company's 2009 Performance 
                                                 Share Plan 
----  ---------------------------------------  ------------------------------------------------- 
 c)    Price(s) and volume(s) 
----                                            ----------------------  ---------------------- 
                                                 Price(s)                Volume(s) 
----                                            ----------------------  ---------------------- 
    GBP0.02                                                              56,356 
   -------------------------------------------------------------------  ---------------------- 
 
 d)    Aggregated information 
---- 
 
  - Aggregated volume                      56,356 
 
  - Price                                  GBP0.02 
 
 e)    Date of the transaction                  31/10/2017 
----  ---------------------------------------  ------------------------------------------------- 
 f)    Place of the transaction                 London Stock Exchange (XLON) 
----  ---------------------------------------  ------------------------------------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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November 02, 2017 13:49 ET (17:49 GMT)