Last checked at 9 Oct 2020 16:23
9 October 2020
Serco Group plc (the 'Company')
Legal Entity Identifier: 549300PT2CIHYN5GWJ21
INITIAL NOTIFICATION OF TRANSACTIONS OF PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES ('PDMRs') IN ORDINARY SHARES OF 2p EACH IN THE COMPANY ('Ordinary Shares')
On 6 October 2020, the Company granted conditional share awards ('Performance Awards') to the following PDMRs under the Serco Group plc 2019 Long-Term Incentive Plan ('LTIP'):
PDMR | Number of Shares subject to the Performance Award |
Rupert Soames, Group Chief Executive | 1,326,673 |
Angus Cockburn, Group Chief Financial Officer | 713,916 |
David Dacquino, CEO Americas | 433,427 |
David Eveleigh, Group General Counsel & Company Secretary | 259,462 |
Mark Irwin, CEO UK & Europe | 347,276 |
Anthony Kirby, Group Chief Operating Officer | 312,158 |
Philip Malem, CEO Middle East | 253,764 |
Kate Steadman, Group Strategy & Communications Director | 146,576 |
Peter Welling CEO AsPac | 237,632 |
The Performance Awards have a normal vesting date of 6 April 2023 and vesting is conditional on continued employment and the satisfaction of five independent performance measures as follows:
Performance Measure | Weighting
| Performance Target |
EPS | 28.33% | Statutory Earnings Per Share (EPS) before exceptional items (adjusted to reflect tax paid on a cash basis) of 20.62p (threshold, 25% vesting) to 25.2p (maximum, 100% vesting), measured as an aggregate over the three-year performance period ending 31 December 2022. |
TSR | 28.33% | 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 2022. |
ROIC | 28.33% | Pre-tax Return on Invested Capital (ROIC) of 16.4% (threshold, 25% vesting) to 20.0% (maximum, 100% vesting), measured as an average over the three-year performance period ending 31 December 2022. |
Strategic objective - Order Book | 7.50% | Book-to-bill ratio of 100% (target, 50% vesting) to 105% (maximum, 100% vesting) measured on a cumulative basis over the three-year performance period ending 31 December 2022. |
Strategic objective - Employee Engagement | 7.50% | For the year ending 31 December 2022, achieve an engagement score of 67 points (target, 50% vesting) to 72 points (maximum, 100% vesting) in our annual employee engagement survey. |
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 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 announcement is made in accordance with the requirements of the EU Market Abuse Regulation 596/2014. The notification of dealing forms can be found below.
Transaction notification
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name | Rupert Soames | |||
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
| 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 financial instrument, type of instrument | Ordinary shares of 2 pence each ("Ordinary Shares")
| |||
Identification code | ISIN: GB0007973794 | ||||
b)
| Nature of the transaction
| The grant of conditional share awards on 6 October 2020 under the Serco Group plc 2019 Long-Term Incentive Plan. | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
n/a | 1,326,673 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 1,326,673 | ||||
- Price | n/a | ||||
e)
| Date of the transaction
| 6 October 2020 | |||
f)
| Place of the transaction | n/a | |||
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 /Amendment
| Initial notification | |||
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 financial instrument, type of instrument | Ordinary shares of 2 pence each ("Ordinary Shares")
| |||
Identification code | ISIN: GB0007973794 | ||||
b)
| Nature of the transaction
| The grant of conditional share awards on 6 October 2020 under the Serco Group plc 2019 Long-Term Incentive Plan. | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
n/a | 713,916 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 713,916 | ||||
- Price | n/a | ||||
e)
| Date of the transaction
| 6 October 2020 | |||
f)
| Place of the transaction | n/a | |||
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name | David Dacquino | |||
2
| Reason for the notification
| ||||
a)
| Position/status
| CEO Americas | |||
b)
| Initial notification /Amendment
| Initial notification | |||
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 financial instrument, type of instrument | Ordinary shares of 2 pence each ("Ordinary Shares")
| |||
Identification code | ISIN: GB0007973794 | ||||
b)
| Nature of the transaction
| The grant of conditional share awards on 6 October 2020 under the Serco Group plc 2019 Long-Term Incentive Plan. | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
n/a | 433,427 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 433,427 | ||||
- Price | n/a | ||||
e)
| Date of the transaction
| 6 October 2020 | |||
f)
| Place of the transaction | n/a | |||
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name | David Eveleigh | |||
2
| Reason for the notification
| ||||
a)
| Position/status
| Group General Counsel & Company Secretary | |||
b)
| Initial notification /Amendment
| Initial notification | |||
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 financial instrument, type of instrument | Ordinary shares of 2 pence each ("Ordinary Shares")
| |||
Identification code | ISIN: GB0007973794 | ||||
b)
| Nature of the transaction
| The grant of conditional share awards on 6 October 2020 under the Serco Group plc 2019 Long-Term Incentive Plan. | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
n/a | 259,462 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 259,462 | ||||
- Price | n/a | ||||
e)
| Date of the transaction
| 6 October 2020 | |||
f)
| Place of the transaction | n/a | |||
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name | Mark Irwin | |||
2
| Reason for the notification
| ||||
a)
| Position/status
| CEO UK & Europe | |||
b)
| Initial notification /Amendment
| Initial notification | |||
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 financial instrument, type of instrument | Ordinary shares of 2 pence each ("Ordinary Shares")
| |||
Identification code | ISIN: GB0007973794 | ||||
b)
| Nature of the transaction
| The grant of conditional share awards on 6 October 2020 under the Serco Group plc 2019 Long-Term Incentive Plan. | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
n/a | 347,276 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 347,276 | ||||
- Price | n/a | ||||
e)
| Date of the transaction
| 6 October 2020 | |||
f)
| Place of the transaction | n/a | |||
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name | Anthony Kirby | |||
2
| Reason for the notification
| ||||
a)
| Position/status
| Group Chief Operating Officer | |||
b)
| Initial notification /Amendment
| Initial notification | |||
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 financial instrument, type of instrument | Ordinary shares of 2 pence each ("Ordinary Shares")
| |||
Identification code | ISIN: GB0007973794 | ||||
b)
| Nature of the transaction
| The grant of conditional share awards on 6 October 2020 under the Serco Group plc 2019 Long-Term Incentive Plan. | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
n/a | 312,158 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 312,158 | ||||
- Price | n/a | ||||
e)
| Date of the transaction
| 6 October 2020 | |||
f)
| Place of the transaction | n/a | |||
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name | Philip Malem | |||
2
| Reason for the notification
| ||||
a)
| Position/status
| CEO Middle East | |||
b)
| Initial notification /Amendment
| Initial notification | |||
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 financial instrument, type of instrument | Ordinary shares of 2 pence each ("Ordinary Shares")
| |||
Identification code | ISIN: GB0007973794 | ||||
b)
| Nature of the transaction
| The grant of conditional share awards on 6 October 2020 under the Serco Group plc 2019 Long-Term Incentive Plan. | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
n/a | 253,764 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 253,764 | ||||
- Price | n/a | ||||
e)
| Date of the transaction
| 6 October 2020 | |||
f)
| Place of the transaction | n/a | |||
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name | Kate Steadman | |||
2
| Reason for the notification
| ||||
a)
| Position/status
| Group Strategy & Communications Director | |||
b)
| Initial notification /Amendment
| Initial notification | |||
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 financial instrument, type of instrument | Ordinary shares of 2 pence each ("Ordinary Shares")
| |||
Identification code | ISIN: GB0007973794 | ||||
b)
| Nature of the transaction
| The grant of conditional share awards on 6 October 2020 under the Serco Group plc 2019 Long-Term Incentive Plan. | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
n/a | 146,576 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 146,576 | ||||
- Price | n/a | ||||
e)
| Date of the transaction
| 6 October 2020 | |||
f)
| Place of the transaction | n/a | |||
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name | Peter Welling | |||
2
| Reason for the notification
| ||||
a)
| Position/status
| CEO AsPac | |||
b)
| Initial notification /Amendment
| Initial notification | |||
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 financial instrument, type of instrument | Ordinary shares of 2 pence each ("Ordinary Shares")
| |||
Identification code | ISIN: GB0007973794 | ||||
b)
| Nature of the transaction
| The grant of conditional share awards on 6 October 2020 under the Serco Group plc 2019 Long-Term Incentive Plan. | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
n/a | 237,632 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 237,632 | ||||
- Price | n/a | ||||
e)
| Date of the transaction
| 6 October 2020 | |||
f)
| Place of the transaction | n/a | |||