Last checked at 27 May 2020 14:30
27 May 2020
DRAX GROUP PLC
Symbol: DRX
Notification of Transactions of Directors,
Persons Discharging Managerial Responsibility or Connected Persons
The notifications below are all in accordance with the requirements of Article 19 (3) of the EU Market Abuse Regulation 596/2014 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").
Following the appointment of Mike Maudsley to the Executive Committee of the Company, an award has been granted to him under the Drax Group plc Long Term Incentive Plan 2020 ("LTIP").
On 27 May 2020, an award over 97,465 shares was made under the LTIP to Mike Maudsley. The performance award, made for nil consideration, is a conditional award with vesting normally deferred for three years, subject to the satisfaction of certain performance conditions and to the participant remaining in employment until the vesting date.
The award is made under the same terms and with the same performance conditions as the awards made to members of the Executive Committee on 7th May 2020. There may arise circumstances during the Vesting Period where adjustment or discretion is applied by the Remuneration Committee by reference to exceptional items and the Directors' Remuneration Policy. The application of such adjustments would be considered during and upon completion of the Vesting Period. In making their assessment, the Remuneration Committee will take into account appropriate advice (for example from the Company's auditors, the Remuneration Committee advisers or the Audit Committee), also giving due consideration to the shareholder experience and to what extent the outcome incorporates any windfall gain, which warrants adjustment. The Remuneration Committee would also take into account exceptional and unforeseen circumstances in assessing the appropriate level of Vesting judged against the performance of the Company and management at the end of the Vesting Period.
There were 410,755,481 shares in issue at the time of this notification.
The information below is provided in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation No 596/2014.
1. | Details of PDMR / person closely associated with them ("PCA") | |||||
a) | Name | Mike Maudsley | ||||
2. | Reason for the notification | |||||
a) | Position / status | UK Portfolio 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 Identification code | Ordinary shares of 11 16/29 pence GB00BIVNSX38 | ||||
b) | Nature of the transaction | Award made pursuant to the Drax Group plc Long Term Incentive Plan 2020 ("LTIP") | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
N/A | ||||
e) | Date of the transaction | 27 May 2020 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
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