10 June 2019
Serco Group plc (the "Company")
Legal Entity Identifier: 549300PT2CIHYN5GWJ21
INITIAL NOTIFICATION OF TRANSACTIONS O PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES ('PDMRs') IN ACCORDANCE WITH ARTICLE 19 OF THE EU MARKET ABUSE REGULATION 596/2014
On 6 June 2019 the Company granted conditional share awards ("Performance Awards") to the following PDMRs under the Serco Group plc 2019 Long-Term Incentive Plan:
PDMR |
Number of Shares subject to the Performance Award |
Rupert Soames, Group Chief Executive |
1,312,741 |
Angus Cockburn, Group Chief Financial Officer |
689,189 |
David Eveleigh, Group General Counsel & Company Secretary |
250,965 |
Mark Irwin, CEO AsPac |
321,277 |
Kevin Craven, CEO UK & Europe |
330,810 |
Philip Malem, CEO Middle East |
242,820 |
David Dacquino, CEO Americas |
414,774 |
Anthony Kirby, Group HR Director |
239,382 |
Kate Steadman, Group Strategy & Communications Director |
141,776 |
The Performance Awards have a normal vesting date of the third anniversary of grant 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 19.0p (threshold, 25% vesting) to 23.2p (maximum, 100% vesting), measured as an aggregate over the three-year performance period ending 31 December 2021. |
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 2021. |
ROIC |
28.33% |
Pre-tax Return on Invested Capital (ROIC) of 15.6% (threshold, 25% vesting) to 19.0% (maximum, 100% vesting), measured as an average over the three-year performance period ending 31 December 2021. |
Strategic objective - Order Book |
7.50% |
Book-to-bill ratio of 100% (target, 50% vesting) to 105% (maximum, 100% vesting) measured as an average over the three-year performance period ending 31 December 2021. |
Strategic objective - Employee Engagement |
7.50% |
For the year ending 31 December 2021, achieve an engagement score of 67 points (target, 50% vesting) to 70 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.
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 June 2019 under the Serco Group plc 2019 Long-Term Incentive Plan. |
c) |
Price(s) and volume(s) |
|
|
|
|
|
|
Price(s) |
Volume(s) |
|
|
|
n/a |
1,312,741 |
|
|
|
|
|
|
d) |
Aggregated information |
|
|
|
- Aggregated volume |
1,312,741 |
|
|
- Price |
n/a |
|
|
e) |
Date of the transaction |
6 June 2019 |
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 June 2019 under the Serco Group plc 2019 Long-Term Incentive Plan. |
c) |
Price(s) and volume(s) |
|
|
|
|
|
|
Price(s) |
Volume(s) |
|
|
|
n/a |
689,189 |
|
|
|
|
|
|
d) |
Aggregated information |
|
|
|
- Aggregated volume |
689,189 |
|
|
- Price |
n/a |
|
|
e) |
Date of the transaction |
6 June 2019 |
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 June 2019 under the Serco Group plc 2019 Long-Term Incentive Plan. |
c) |
Price(s) and volume(s) |
|
|
|
|
|
|
Price(s) |
Volume(s) |
|
|
|
n/a |
250,965 |
|
|
|
|
|
|
d) |
Aggregated information |
|
|
|
- Aggregated volume |
250,965 |
|
|
- Price |
n/a |
|
|
e) |
Date of the transaction |
6 June 2019 |
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 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 June 2019 under the Serco Group plc 2019 Long-Term Incentive Plan. |
c) |
Price(s) and volume(s) |
|
|
|
|
|
|
Price(s) |
Volume(s) |
|
|
|
n/a |
321,277 |
|
|
|
|
|
|
d) |
Aggregated information |
|
|
|
- Aggregated volume |
321,277 |
|
|
- Price |
n/a |
|
|
e) |
Date of the transaction |
6 June 2019 |
f) |
Place of the transaction |
n/a |
1 |
Details of the person discharging managerial responsibilities / person closely associated |
a) |
Name |
Kevin Craven |
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 June 2019 under the Serco Group plc 2019 Long-Term Incentive Plan. |
c) |
Price(s) and volume(s) |
|
|
|
|
|
|
Price(s) |
Volume(s) |
|
|
|
n/a |
330,810 |
|
|
|
|
|
|
d) |
Aggregated information |
|
|
|
- Aggregated volume |
330,810 |
|
|
- Price |
n/a |
|
|
e) |
Date of the transaction |
6 June 2019 |
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 June 2019 under the Serco Group plc 2019 Long-Term Incentive Plan. |
c) |
Price(s) and volume(s) |
|
|
|
|
|
|
Price(s) |
Volume(s) |
|
|
|
n/a |
242,820 |
|
|
|
|
|
|
d) |
Aggregated information |
|
|
|
- Aggregated volume |
242,820 |
|
|
- Price |
n/a |
|
|
e) |
Date of the transaction |
6 June 2019 |
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 June 2019 under the Serco Group plc 2019 Long-Term Incentive Plan. |
c) |
Price(s) and volume(s) |
|
|
|
|
|
|
Price(s) |
Volume(s) |
|
|
|
n/a |
414,774 |
|
|
|
|
|
|
d) |
Aggregated information |
|
|
|
- Aggregated volume |
414,774 |
|
|
- Price |
n/a |
|
|
e) |
Date of the transaction |
6 June 2019 |
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 HR 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 June 2019 under the Serco Group plc 2019 Long-Term Incentive Plan. |
c) |
Price(s) and volume(s) |
|
|
|
|
|
|
Price(s) |
Volume(s) |
|
|
|
n/a |
239,382 |
|
|
|
|
|
|
d) |
Aggregated information |
|
|
|
- Aggregated volume |
239,382 |
|
|
- Price |
n/a |
|
|
e) |
Date of the transaction |
6 June 2019 |
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 June 2019 under the Serco Group plc 2019 Long-Term Incentive Plan. |
c) |
Price(s) and volume(s) |
|
|
|
|
|
|
Price(s) |
Volume(s) |
|
|
|
n/a |
141,776 |
|
|
|
|
|
|
d) |
Aggregated information |
|
|
|
- Aggregated volume |
141,776 |
|
|
- Price |
n/a |
|
|
e) |
Date of the transaction |
6 June 2019 |
f) |
Place of the transaction |
n/a |