Last checked at 30 Mar 2022 09:00
30 March 2022
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 all in accordance with the requirements of Article 19(3) of the Market Abuse Regulation (EU) No 596/2014 as incorporated into the law of England and Wales, Scotland and Northern Ireland by the European Union (Withdrawal) Act 2018, and the dealings were in respect of ordinary shares of 11 16/29 pence each in the share capital of Drax Group plc (the "Company"). As at the date of announcement, there are in issue 414,209,370 ordinary shares of 11 16/29 pence each, of which 13,841,295 ordinary shares are held in treasury. Treasury shares do not carry voting rights.
Vesting of Performance Share Plan Shares
The individuals detailed below, each a PDMR, had nil cost conditional share awards granted on 28 March 2019 under the Drax Group plc Performance Share Plan ("PSP"), which vested on 28 March 2022 in proportion to the partial satisfaction of the performance conditions set at the time of grant.
The Company was notified on 29 March 2022 that the individuals below had completed transactions in the Company's ordinary shares as detailed in the tables below. Will Gardiner, Andy Skelton and Penny Small each sold sufficient shares to satisfy their liability to Income Tax and National Insurance Contributions ("Tax Liability") arising on the vesting of shares at 770.5712 pence per share and retained the balance of the shares as explained below. Paul Sheffield sold all shares at 770.5712 pence per share:
Director/PDMR | Total PSP award vesting1 | Number of shares sold | Net shares held |
Will Gardiner | 221,632 | 104,429 | 117,203 |
Andy Skelton | 148,450 | 69,947 | 78,503 |
Paul Sheffield | 17,389 | 17,389 | 0 |
Penny Small | 63,321 | 29,843 | 33,478 |
Notes:
1. Includes shares in lieu of accrued dividends throughout the performance period.
Shares awarded to Executive Directors are subject to a post-vesting holding period of two years. The net shares acquired by Will Gardiner following the vesting of the PSP award, 117,203 shares, will be held in trust for two years, until 28 March 2024. The net shares acquired by Andy Skelton following the vesting of the PSP award, 78,503 shares, will be held in trust for two years, until 28 March 2024.
Vesting of Deferred Share Plan Shares
On 28 March 2022, Will Gardiner had a nil cost conditional share award vest, which had been granted on 28 March 2019 under the Company's Deferred Share Plan (the "DSP"), representing the benefit of the deferred element of his annual bonus for the financial year ended 31 December 2018.
The Company was notified on 29 March 2022 that Will Gardiner sold sufficient shares to satisfy his liability to Income Tax and National Insurance Contributions ("Tax Liability") arising on the vesting of shares at 770.5712 pence per share and retained the balance of the shares as explained below.
Director/PDMR | Total DSP award vesting1 | Number of shares sold to meet the tax liability | Net shares held |
Will Gardiner | 45,168 | 21,282 | 23,886 |
Notes:
1. Includes shares in lieu of accrued dividends throughout the holding period.
Following the vesting of the DSP and PSP awards, Will Gardiner holds 743,375 shares in the Company, of which 267,687 (being the benefit of the 2017 PSP award, which vested 15 May 2020, the 2018 PSP award, which vested 5 March 2021, and the 2019 PSP award mentioned above) are held in trust.
Following the vesting of the PSP awards, Andy Skelton holds 221,479 shares in the Company, of which 78,503 (being the benefit of the 2019 PSP award mentioned above) are held in trust.
Following the vesting of the PSP awards, Paul Sheffield holds 25,871 shares in the Company and Penny Small holds 33,478 shares in the Company.
Brett Gladden
Group Company Secretary
The information below is provided in accordance with the requirements of Article 19(3) of the Market Abuse Regulation (EU) No 596/2014.
Notification of dealing form
1 | Details of the person discharging managerial responsibilities/person closely associated
| |||||
a) | Name
| Will Gardiner | ||||
2 | Reason for the notification
| |||||
a) | Position/status
| Group Chief Executive | ||||
b) | Initial notification/ Amendment
| Initial notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||
a) | Name
| Drax Group plc | ||||
b) | LEI
| 549300YPSNTXR4ZHSR98 | ||||
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
Identification code | Ordinary shares of 11 16/29 pence each
GB00B1VNSX38 | ||||
b) | Nature of the transaction
|
Shares acquired pursuant to the vesting of awards respectively under the Company's Performance Share Plan and Deferred Share Plan, both granted on 28 March 2019 and including accrued dividend shares.
Will Gardiner sold 125,711 shares to cover applicable taxes and costs and retained the balance of 141,089 shares
| ||||
c) | Price(s) and volume(s)
|
| ||||
d) | Aggregated information
-Aggregated volume -Price
|
N/A | ||||
e) | Date of the transaction
| 28 - 29 March 2022 | ||||
f) | Place of the transaction
| London Stock Exchange | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated
| |||||
a) | Name
| Andy Skelton | ||||
2 | Reason for the notification
| |||||
a) | Position/status
| Chief Financial Officer | ||||
b) | Initial notification/ Amendment
| Initial notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||
a) | Name
| Drax Group plc | ||||
b) | LEI
| 549300YPSNTXR4ZHSR98 | ||||
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
Identification code | Ordinary shares of 11 16/29 pence each
GB00B1VNSX38 | ||||
b) | Nature of the transaction
|
Shares acquired pursuant to the vesting of an award under the Company's Performance Share Plan granted on 28 March 2019 and including accrued dividend shares.
Andy Skelton sold 69,947 shares to cover applicable taxes and costs and retained the balance of 78,503 shares
| ||||
c) | Price(s) and volume(s)
|
| ||||
d) | Aggregated information
-Aggregated volume -Price
|
N/A | ||||
e) | Date of the transaction
| 28 - 29 March 2022 | ||||
f) | Place of the transaction
| London Stock Exchange | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated
| |||||
a) | Name
| Paul Sheffield | ||||
2 | Reason for the notification
| |||||
a) | Position/status
| Chief Commercial Officer | ||||
b) | Initial notification/ Amendment
| Initial notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||
a) | Name
| Drax Group plc | ||||
b) | LEI
| 549300YPSNTXR4ZHSR98 | ||||
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
Identification code | Ordinary shares of 11 16/29 pence each
GB00B1VNSX38 | ||||
b) | Nature of the transaction
|
Shares acquired pursuant to the vesting of an award under the Company's Performance Share Plan granted on 28 March 2019, including accrued dividend shares.
Paul Sheffield sold all the shares.
| ||||
c) | Price(s) and volume(s)
|
| ||||
d) | Aggregated information
-Aggregated volume -Price
|
N/A | ||||
e) | Date of the transaction
| 28 - 29 March 2022 | ||||
f) | Place of the transaction
| London Stock Exchange | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated
| |||||
a) | Name
| Penny Small | ||||
2 | Reason for the notification
| |||||
a) | Position/status
| Group Generation Director | ||||
b) | Initial notification/ Amendment
| Initial notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||
a) | Name
| Drax Group plc | ||||
b) | LEI
| 549300YPSNTXR4ZHSR98 | ||||
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
Identification code | Ordinary shares of 11 16/29 pence each
GB00B1VNSX38 | ||||
b) | Nature of the transaction
|
Shares acquired pursuant to the vesting of an award under the Company's Performance Share Plan granted on 28 March 2019, including accrued dividend shares.
Penny Small sold 29,843 shares to cover applicable taxes and costs and retained the balance of 33,478 shares.
| ||||
c) | Price(s) and volume(s)
|
| ||||
d) | Aggregated information
-Aggregated volume -Price
|
N/A | ||||
e) | Date of the transaction
| 28 - 29 March 2022 | ||||
f) | Place of the transaction
| London Stock Exchange | ||||
END