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Last checked at 
9 Mar 2021 09:30
9 March 2021
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. As at the date of announcement, there are in issue 411,725,609 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 5 March 2018 under the Drax Group plc Performance Share Plan ("PSP"), which vested on 5 March 2021 in proportion to the partial satisfaction of the performance conditions set at the time of grant.
The Company was notified on 8 March 2021 that the individuals below had completed transactions in the Company's ordinary shares as detailed in the tables below. Each of the PDMRs sold sufficient shares to satisfy their liability to Income Tax and National Insurance Contributions ("Tax Liability") arising on the vesting of shares at 365.61 pence per share, and retained the balance of the shares as explained below:
Director/PDMR | Total PSP award vesting1 | Number of shares sold to meet tax liability | Net shares held |
Will Gardiner | 240,728 | 113,540 | 127,188 |
Clare Harbord | 64,884 | 30,603 | 34,281 |
Paul Sheffield | 19,199 | 9,056 | 10,143 |
Jason Shipstone | 7,844 | 3,700 | 4,144 |
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, 127,188 shares, will be held in trust for two years, until 8 March 2023.
Vesting of Deferred Share Plan Shares
On 5 March 2021, Will Gardiner an executive Director, had nil cost conditional share awards vest, which had been granted on 5 March 2018 under the Company's Deferred Share Plan (the "DSP"), which represent the benefit of the deferred element of his annual bonus for the financial year ended 31 December 2017.
The Company was notified on 8 March 2021 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 365.61 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 | 46,659 | 22,008 | 24,651 |
Notes:
1. Includes shares in lieu of accrued dividends throughout the performance period.
Following the vesting of the DSP and PSP awards, Will Gardiner holds 618,953 shares in the Company, of which 150,484 (being the benefit of the 2017 PSP award, which vested 15 May 2020, and the 2018 PSP award mentioned above) are held in trust.
Brett Gladden
Group Company Secretary
The information below is provided in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation 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 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
| ZGEN8HJFCYNRVN1XCJ08 | ||||
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 5 March 2018 and including accrued dividend shares.
Will Gardiner sold 135,548 shares to cover applicable taxes and costs and retained the balance of 151,839 shares
| ||||
c) | Price(s) and volume(s)
|
| ||||
d) | Aggregated information
-Aggregated volume -Price
|
N/A | ||||
e) | Date of the transaction
| 5 - 8 March 2021 | ||||
f) | Place of the transaction
| XLON | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated
| |||||
a) | Name
| Clare Harbord | ||||
2 | Reason for the notification
| |||||
a) | Position/status
| Director of Corporate Affairs | ||||
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
| ZGEN8HJFCYNRVN1XCJ08 | ||||
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 under the Company's Performance Share Plan granted on 5 March 2018, including accrued dividend shares.
Clare Harbord sold 30,603 shares to cover applicable taxes and costs and retained the balance of 34,281 shares.
| ||||
c) | Price(s) and volume(s)
|
| ||||
d) | Aggregated information
-Aggregated volume -Price
|
N/A | ||||
e) | Date of the transaction
| 5 - 8 March 2021 | ||||
f) | Place of the transaction
| XLON | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated
| |||||
a) | Name
| Paul Sheffield | ||||
2 | Reason for the notification
| |||||
a) | Position/status
| Managing Director Customers | ||||
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
| ZGEN8HJFCYNRVN1XCJ08 | ||||
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 under the Company's Performance Share Plan granted on 5 March 2018, including accrued dividend shares.
Paul Sheffield sold 9,056 shares to cover applicable taxes and costs and retained the balance of 10,143 shares.
| ||||
c) | Price(s) and volume(s)
|
| ||||
d) | Aggregated information
-Aggregated volume -Price
|
N/A | ||||
e) | Date of the transaction
| 5 - 8 March 2021 | ||||
f) | Place of the transaction
| XLON | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated
| |||||
a) | Name
| Jason Shipstone | ||||
2 | Reason for the notification
| |||||
a) | Position/status
| EVP Innovation | ||||
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
| ZGEN8HJFCYNRVN1XCJ08 | ||||
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 under the Company's Performance Share Plan granted on 5 March 2018, including accrued dividend shares.
Jason Shipstone sold 3,700 shares to cover applicable taxes and costs and retained the balance of 4,144 shares.
| ||||
c) | Price(s) and volume(s)
|
| ||||
d) | Aggregated information
-Aggregated volume -Price
|
N/A | ||||
e) | Date of the transaction
| 5 - 8 March 2021 | ||||
f) | Place of the transaction
| XLON | ||||
END
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