Keller Group PLC

Director's Dealing • Mar 20, 2024

National Storage Mechanism | Additional information

Keller Group Plc - Director/PDMR Shareholding

PR Newswire

LONDON, United Kingdom, March 20

20 March 2024

Keller Group plc

Director/PDMR Shareholding

Keller Group plc (the "Company") announces that on 19 March 2024 it was notified of the following transactions in the Company's Ordinary shares of 10 pence each (“Shares”) undertaken by Executive Directors and other Persons Discharging Managerial Responsibilities ("PDMRs").

*Long Term Incentive Plan (“LTIP”) vesting*

As a result of the vesting of Shares under the Company’s LTIP, on 18 March 2024 the following Executive Directors and PDMR acquired Shares for nil consideration:

LTIP Deferred Bonus Awards granted on 15 March 2022 – in respect of the year ended 31 December 2021

Director / PDMR	Number of Shares awarded	Number of Shares released*	Number of Shares sold to cover tax liability	Net number of Shares acquired
David Burke	16,206	17,956	9,487	8,469
Eric Drooff	5,647	6,256	4,538	1,718
Michael Speakman	24,684	27,349	12,900	14,449

*Includes dividend equivalents added as Shares since the date of grant.

The Shares were sold at 1,006 pence each to cover tax liabilities (which includes employee social security charges) and the transaction took place as an off-market transaction using Shares in the Company’s employee benefit trust (“EBT”). The sale price was agreed with the trustees of the EBT as representative of the Shares’ prevailing market value (being based on the prevailing mid-market closing price of a Share as shown on the London Stock Exchange at the time of the transfer).

LTIP Performance Share Awards granted on 15 March 2021 – for the period 2021/23

Director / PDMR	Number of Shares awarded	Number of Shares released*	Number of Shares sold to cover tax liability	Net number of Shares acquired
David Burke	56,273	62,126	29,302	32,824
Eric Drooff	28,879	31,881	8,751	23,130
Michael Speakman	102,858	113,557	53,560	59,997
Kerry Porritt	20,709	22,862	10,783	12,079
John Raine	20,409	22,530	7,586	14,944
Katrina Roche	22,059	24,352	11,486	12,866
Peter Wyton	28,012	30,924**	N/A	N/A

*Includes dividend equivalents added as Shares since the date of grant.

**Peter Wyton received an equivalent cash payment in place of Shares on vesting of the award.

The 2021 LTIP Performance Share Awards were measured over a three-year performance period which began on 1 January 2021 and ended on 31 December 2023, and were subject to four performance conditions (listed below). The performance conditions were partially met and the awards vested as follows:

Measures	Vesting schedule and outcome 3
% of award that will vest			Outcome	Vesting %
0%	25%	100%
25% weight Cumulative EPS over three years 1	Less than 245p	245p	310p	338.8p	25.0
25% weight Keller’s TSR ranking relative to the constituents of the FTSE 250 comparator index 2	Less than median	Median	Upper quartile or higher	Upper quartile	25.0
25% weight ROCE over three years 3	Below 12%	12%	18%	17.2%	22.5
25% weight Operating profit margin	Less than 5.2%	5.2%	6.2%	6.1%	23.1
Total vesting					95.6

1   EPS and ROCE are before non-underlying items on an IFRS 16 basis.

2   Excluding investment trusts and financial services.

3   Average of the three-year ROCE for 2021–23.

The Shares were sold at 1,006 pence each to cover tax liabilities (which includes employee social security charges) and the transaction took place as an off-market transaction using Shares in the EBT. The sale price was agreed with the trustees of the EBT as representative of the Shares’ prevailing market value (being based on the prevailing mid-market closing price of a Share as shown on the London Stock Exchange at the time of the transfer).

LTIP Conditional Share Awards granted on 15 March 2021

PDMR	Number of Shares awarded	Number of Shares released*	Number of Shares sold to cover tax liability	Net number of Shares acquired
Deepak Raj	5,419	6,254	0	6,254
Craig Scott	2,147	2,478**	N/A	N/A

*Includes dividend equivalents added as Shares since the date of grant.

**Craig Scott received an equivalent cash payment in place of Shares on vesting of the award.

The Shares were sold at 999.3 pence each to cover tax liabilities (which includes employee social security charges) and the transaction took place in the London Stock Exchange.

The Notification of Dealing Form for each Executive Director and PDMR can be found below.

*LTIP grant*

On 18 March 2024 the Company granted the following awards under the LTIP:

• Deferred Bonus Awards totalling 44,796 Shares; and
• Performance Share Awards totalling 300,908 Shares.

The grant to the Executive Directors and PDMRs listed in the tables below was approved by the Remuneration Committee under the terms of the LTIP.

LTIP Deferred Bonus Awards – in respect of the year ended 31 December 2023

Executive Directors are subject to a deferral of 25% of any annual bonus payment into Shares for a period of two years. Other PDMRs are subject to a deferral into Shares of any annual bonus payment in excess of 100% of salary, also for   a period of two years. The Deferred Bonus Awards retain eligibility for dividend equivalents from the date of grant until the vesting date. Malus and clawback apply.

Director / PDMR	No. of Ordinary Shares awarded 1/3	Total Deferred Bonus Awards outstanding 3
David Burke	11,912	12,729
Eric Drooff	14,740	14,740
Michael Speakman	18,144	19,389

LTIP Performance Share Awards – for the period 2024/26

Director / PDMR	No. of Ordinary Shares   awarded 1/2/3	Total Performance Share Awards outstanding 3
David Burke	52,765	186,118
Kerry Porritt	19,426	68,521
John Raine	20,410	70,063
Deepak Raj	22,478	22,478
Katrina Roche	20,684	72,959
Craig Scott	14,426	14,426
Michael Speakman	96,441	340,174
Peter Wyton	54,278	122,218

The measures selected by the Remuneration Committee together with the associated targets are shown on the table below. The weightings are all set at 25% in order to provide balance between measures and materiality to each of them individually.

Measures	Vesting schedule
% of award that will vest
0%	25%	100%
25% weight Cumulative EPS over three years 1	Below 330p	330p	400p
25% weight Keller’s relative TSR performance vs FTSE 250 2 Index over three years	Below median	Median	Upper quartile
25% weight Average ROCE over three years	Below 12%	12%	18%
25% weight Operating profit margin in year three	Below 5.5%	5.5%	6.5%

1   EPS and ROCE are before non-underlying items on an IFRS 16 basis.

2   Excluding investment trusts and financial services.

The Performance Share Awards performance conditions are measured over a three year period ending on 31 December 2026, except for the OPM which is measured in year three. The Performance Share Awards performance conditions are expected to vest in March 2027. Executive Directors are subject to a further two-year holding period and a post-employment shareholding requirement. Malus and clawback apply.

The price used to calculate the maximum number of Ordinary Shares under the Deferred Share Awards and Performance Share Awards was 1,004p, being the average closing price on 13, 14 and 15 March 2024 of the Company's shares on the main market of the London Stock Exchange.

2 The amounts shown above represent the maximum possible number of Shares that may be granted to the above named participants under the 2024 Performance Share Awards.

3 The awards above exclude notional dividends.

Enquiries:

Keller Group plc

Silvana Glibota-Vigo, Group Head of Secretariat

Tel: 020 7616 7575

LEI number:     549300QO4MBL43UHSN10

Classification:   2.2 Inside information

Notes to editors:

Keller is the world's largest geotechnical specialist contractor providing a wide portfolio of advanced foundation and ground improvement techniques used across the entire construction sector. With around 9,500 staff and operations across five continents, Keller tackles an unrivalled 5,500 projects every year, generating annual revenue of c.£3bn.

1	Details of persons discharging managerial responsibility (“PDMR”) / person closely associated (“PCA”)
a)	Name	David Burke
2	Reason for the notification
a)	Position / status	PDMR (Provide job title)		PCA (Provide name of job title of relevant PDMR)
Chief Financial Officer		N/A
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer
a)	Name	Keller Group plc
b)	LEI and classification	549300QO4MBL43UHSN10 2.2 Inside information
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 10p each GB0004866223
b)	Indicate nature of the transaction	*Acquisition*	Disposal	Subscription	Other
	ii) Is the transaction linked to an exercise of a share award?	Yes		No
X
	iii) Was the transaction conducted pursuant to an investment programme or a trading plan?	Yes	No	If yes, provide date at which investment programme or trading plan was entered into:
	X
c)	Price(s) and volume(s)	Price(s) (Please state currency)		Volume(s)
Nil		62,126
Nil		17,956
d)	Aggregated information	Aggregated price(s) (Please state currency)		Aggregated volume(s)
Nil		80,082
e)	Date of the transaction	Date: 18.03.2024 Time zone: GMT
f)	Place of the transaction	Outside trading venue

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 10p each GB0004866223
b)	Indicate nature of the transaction	Acquisition	*Disposal*	Subscription	Other
	ii) Is the transaction linked to an exercise of a share award?	Yes		No
X
	iii) Was the transaction conducted pursuant to an investment programme or a trading plan?	Yes	No	If yes, provide date at which investment programme or trading plan was entered into:
	X
c)	Price(s) and volume(s)	Price(s) (Please state currency)		Volume(s)
£10.06		29,302
		£10.06		9,487
d)	Aggregated information	Aggregated price(s) (Please state currency)		Aggregated volume(s)
£10.06		38,789
e)	Date of the transaction	Date: 18.03.2024 Time zone: GMT
f)	Place of the transaction	London Stock Exchange

1	Details of persons discharging managerial responsibility (“PDMR”) / person closely associated (“PCA”)
a)	Name	Eric Drooff
2	Reason for the notification
a)	Position / status	PDMR (Provide job title)		PCA (Provide name of job title of relevant PDMR)
President, North America		N/A
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer
a)	Name	Keller Group plc
b)	LEI and classification	549300QO4MBL43UHSN10 2.2 Inside information
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 10p each GB0004866223
b)	Indicate nature of the transaction	*Acquisition*	Disposal	Subscription	Other
	ii) Is the transaction linked to an exercise of a share award?	Yes		No
X
	iii) Was the transaction conducted pursuant to an investment programme or a trading plan?	Yes	No	If yes, provide date at which investment programme or trading plan was entered into:
	X
c)	Price(s) and volume(s)	Price(s) (Please state currency)		Volume(s)
Nil		31,881
		Nil		6,256
d)	Aggregated information	Aggregated price(s) (Please state currency)		Aggregated volume(s)
Nil		38,137
e)	Date of the transaction	Date: 18.03.2024 Time zone: GMT
f)	Place of the transaction	Outside trading venue

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 10p each GB0004866223
b)	Indicate nature of the transaction	Acquisition	*Disposal*	Subscription	Other
	ii) Is the transaction linked to an exercise of a share award?	Yes		No
X
	iii) Was the transaction conducted pursuant to an investment programme or a trading plan?	Yes	No	If yes, provide date at which investment programme or trading plan was entered into:
	X
c)	Price(s) and volume(s)	Price(s) (Please state currency)		Volume(s)
£10.06		8,751
		£10.06		4,538
d)	Aggregated information	Aggregated price(s) (Please state currency)		Aggregated volume(s)
£10.06		13,289
e)	Date of the transaction	Date: 18.03.2024 Time zone: GMT
f)	Place of the transaction	London Stock Exchange

1	Details of persons discharging managerial responsibility (“PDMR”) / person closely associated (“PCA”)
a)	Name	Michael Speakman
2	Reason for the notification
a)	Position / status	PDMR (Provide job title)		PCA (Provide name of job title of relevant PDMR)
Chief Executive Officer		N/A
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer
a)	Name	Keller Group plc
b)	LEI and classification	549300QO4MBL43UHSN10 2.2 Inside information
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 10p each GB0004866223
b)	Indicate nature of the transaction	*Acquisition*	Disposal	Subscription	Other
	ii) Is the transaction linked to an exercise of a share award?	Yes		No
X
	iii) Was the transaction conducted pursuant to an investment programme or a trading plan?	Yes	No	If yes, provide date at which investment programme or trading plan was entered into:
	X
c)	Price(s) and volume(s)	Price(s) (Please state currency)		Volume(s)
Nil		113,557
		Nil		27,349
d)	Aggregated information	Aggregated price(s) (Please state currency)		Aggregated volume(s)
Nil		140,906
e)	Date of the transaction	Date: 18.03.2024 Time zone: GMT
f)	Place of the transaction	Outside trading venue

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 10p each GB0004866223
b)	Indicate nature of the transaction	Acquisition	*Disposal*	Subscription	Other
	ii) Is the transaction linked to an exercise of a share award?	Yes		No
X
	iii) Was the transaction conducted pursuant to an investment programme or a trading plan?	Yes	No	If yes, provide date at which investment programme or trading plan was entered into:
	X
c)	Price(s) and volume(s)	Price(s) (Please state currency)		Volume(s)
£10.06		53,560
		£10.06		12,900
d)	Aggregated information	Aggregated price(s) (Please state currency)		Aggregated volume(s)
£10.06		66,460
e)	Date of the transaction	Date: 18.03.2024 Time zone: GMT
f)	Place of the transaction	London Stock Exchange

1	Details of persons discharging managerial responsibility (“PDMR”) / person closely associated (“PCA”)
a)	Name	Kerry Porritt
2	Reason for the notification
a)	Position / status	PDMR (Provide job title)		PCA (Provide name of job title of relevant PDMR)
Group Company Secretary and Legal Advisor		N/A
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer
a)	Name	Keller Group plc
b)	LEI and classification	549300QO4MBL43UHSN10 2.2 Inside information
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 10p each GB0004866223
b)	Indicate nature of the transaction	*Acquisition*	Disposal	Subscription	Other
	ii) Is the transaction linked to an exercise of a share award?	Yes		No
X
	iii) Was the transaction conducted pursuant to an investment programme or a trading plan?	Yes	No	If yes, provide date at which investment programme or trading plan was entered into:
	X
c)	Price(s) and volume(s)	Price(s) (Please state currency)		Volume(s)
Nil		22,862
d)	Aggregated information	Aggregated price(s) (Please state currency)		Aggregated volume(s)
Not applicable - single transaction		Not applicable - single transaction
e)	Date of the transaction	Date: 18.03.2024 Time zone: GMT
f)	Place of the transaction	Outside trading venue

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 10p each GB0004866223
b)	Indicate nature of the transaction	Acquisition	*Disposal*	Subscription	Other
	ii) Is the transaction linked to an exercise of a share award?	Yes		No
X		X
	iii) Was the transaction conducted pursuant to an investment programme or a trading plan?	Yes	No	If yes, provide date at which investment programme or trading plan was entered into:
	X
c)	Price(s) and volume(s)	Price(s) (Please state currency)		Volume(s)
£10.06		10,783
d)	Aggregated information	Aggregated price(s) (Please state currency)		Aggregated volume(s)
Not applicable - single transaction		Not applicable - single transaction
e)	Date of the transaction	Date: 18.03.2024 Time zone: GMT
f)	Place of the transaction	London Stock Exchange

1	Details of persons discharging managerial responsibility (“PDMR”) / person closely associated (“PCA”)
a)	Name	John Raine
2	Reason for the notification
a)	Position / status	PDMR (Provide job title)		PCA (Provide name of job title of relevant PDMR)
Group HSEQ Director		N/A
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer
a)	Name	Keller Group plc
b)	LEI and classification	549300QO4MBL43UHSN10 2.2 Inside information
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 10p each GB0004866223
b)	Indicate nature of the transaction	*Acquisition*	Disposal	Subscription	Other
	ii) Is the transaction linked to an exercise of a share award?	Yes		No
X
	iii) Was the transaction conducted pursuant to an investment programme or a trading plan?	Yes	No	If yes, provide date at which investment programme or trading plan was entered into:
	X
c)	Price(s) and volume(s)	Price(s) (Please state currency)		Volume(s)
Nil		22,530
d)	Aggregated information	Aggregated price(s) (Please state currency)		Aggregated volume(s)
Not applicable - single transaction		Not applicable - single transaction
e)	Date of the transaction	Date: 18.03.2024 Time zone: GMT
f)	Place of the transaction	Outside trading venue

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 10p each GB0004866223
b)	Indicate nature of the transaction	Acquisition	*Disposal*	Subscription	Other
	ii) Is the transaction linked to an exercise of a share award?	Yes		No
X
	iii) Was the transaction conducted pursuant to an investment programme or a trading plan?	Yes	No	If yes, provide date at which investment programme or trading plan was entered into:
	X
c)	Price(s) and volume(s)	Price(s) (Please state currency)		Volume(s)
£10.06		7,586
d)	Aggregated information	Aggregated price(s) (Please state currency)		Aggregated volume(s)
Not applicable - single transaction		Not applicable - single transaction
e)	Date of the transaction	Date: 18.03.2024 Time zone: GMT
f)	Place of the transaction	London Stock Exchange

1	Details of persons discharging managerial responsibility (“PDMR”) / person closely associated (“PCA”)
a)	Name	Katrina Roche
2	Reason for the notification
a)	Position / status	PDMR (Provide job title)		PCA (Provide name of job title of relevant PDMR)
Chief Information Officer		N/A
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer
a)	Name	Keller Group plc
b)	LEI and classification	549300QO4MBL43UHSN10 2.2 Inside information
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 10p each GB0004866223
b)	Indicate nature of the transaction	*Acquisition*	Disposal	Subscription	Other
	ii) Is the transaction linked to an exercise of a share award?	Yes		No
X
	iii) Was the transaction conducted pursuant to an investment programme or a trading plan?	Yes	No	If yes, provide date at which investment programme or trading plan was entered into:
	X
c)	Price(s) and volume(s)	Price(s) (Please state currency)		Volume(s)
Nil		24,352
d)	Aggregated information	Aggregated price(s) (Please state currency)		Aggregated volume(s)
Not applicable - single transaction		Not applicable - single transaction
e)	Date of the transaction	Date: 18.03.2024 Time zone: GMT
f)	Place of the transaction	Outside trading venue

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 10p each GB0004866223
b)	Indicate nature of the transaction	Acquisition	*Disposal*	Subscription	Other
	ii) Is the transaction linked to an exercise of a share award?	Yes		No
X
	iii) Was the transaction conducted pursuant to an investment programme or a trading plan?	Yes	No	If yes, provide date at which investment programme or trading plan was entered into:
	X
c)	Price(s) and volume(s)	Price(s) (Please state currency)		Volume(s)
£10.06		11,486
d)	Aggregated information	Aggregated price(s) (Please state currency)		Aggregated volume(s)
Not applicable - single transaction		Not applicable - single transaction
e)	Date of the transaction	Date: 18.03.2024 Time zone: GMT
f)	Place of the transaction	London Stock Exchange

1	Details of persons discharging managerial responsibility (“PDMR”) / person closely associated (“PCA”)
a)	Name	Peter Wyton
2	Reason for the notification
a)	Position / status	PDMR (Provide job title)		PCA (Provide name of job title of relevant PDMR)
President, EME		N/A
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer
a)	Name	Keller Group plc
b)	LEI and classification	549300QO4MBL43UHSN10 2.2 Inside information
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	Conditional right to receive a cash payment determined by reference to the value of ordinary shares of 10p each
b)	Indicate nature of the transaction	Acquisition	Disposal		Subscription	*Other   -* receipt of a cash payment determined by reference to the value of a specified number of ordinary shares of 10p each
	ii) Is the transaction linked to an exercise of a share award?	Yes			No
			X
	iii) Was the transaction conducted pursuant to an investment programme or a trading plan?	Yes	No		If yes, provide date at which investment programme or trading plan was entered into:
	X
c)	Price(s) and volume(s)	Price(s) (Please state currency)		Volume(s)
N/A – A cash payment of £311,095.44 determined by reference to 30,924 shares at a price of £10.06
d)	Aggregated information	Aggregated price(s) (Please state currency)		Aggregated volume(s)
Not applicable - single transaction
e)	Date of the transaction	Date: 18.03.2024 Time zone: GMT
f)	Place of the transaction	Outside trading venue

1	Details of persons discharging managerial responsibility (“PDMR”) / person closely associated (“PCA”)
a)	Name	Deepak Raj
2	Reason for the notification
a)	Position / status	PDMR (Provide job title)		PCA (Provide name of job title of relevant PDMR)
President, APAC		N/A
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer
a)	Name	Keller Group plc
b)	LEI and classification	549300QO4MBL43UHSN10 2.2 Inside information
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 10p each GB0004866223
b)	Indicate nature of the transaction	*Acquisition*	Disposal	Subscription	Other
	ii) Is the transaction linked to an exercise of a share award?	Yes		No
X
	iii) Was the transaction conducted pursuant to an investment programme or a trading plan?	Yes	No	If yes, provide date at which investment programme or trading plan was entered into:
	X
c)	Price(s) and volume(s)	Price(s) (Please state currency)		Volume(s)
Nil		6,254
d)	Aggregated information	Aggregated price(s) (Please state currency)		Aggregated volume(s)
Not applicable - single transaction		Not applicable - single transaction
e)	Date of the transaction	Date: 18.03.2024 Time zone: GMT
f)	Place of the transaction	Outside trading venue

1	Details of persons discharging managerial responsibility (“PDMR”) / person closely associated (“PCA”)
a)	Name	Craig Scott
2	Reason for the notification
a)	Position / status	PDMR (Provide job title)		PCA (Provide name of job title of relevant PDMR)
Group HR Director		N/A
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer
a)	Name	Keller Group plc
b)	LEI and classification	549300QO4MBL43UHSN10 2.2 Inside information
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	Conditional right to receive a cash payment determined by reference to the value of ordinary shares of 10p each
b)	Indicate nature of the transaction	Acquisition	Disposal		Subscription	*Other   -* receipt of a cash payment determined by reference to the value of a specified number of ordinary shares of 10p each
	ii) Is the transaction linked to an exercise of a share award?	Yes			No
			X
	iii) Was the transaction conducted pursuant to an investment programme or a trading plan?	Yes	No		If yes, provide date at which investment programme or trading plan was entered into:
	X
c)	Price(s) and volume(s)	Price(s) (Please state currency)		Volume(s)
N/A – A cash payment of £24,763.82 determined by reference to 2,478 shares at a price of £9.99
d)	Aggregated information	Aggregated price(s) (Please state currency)		Aggregated volume(s)
Not applicable - single transaction
e)	Date of the transaction	Date: 18.03.2024 Time zone: GMT
f)	Place of the transaction	Outside trading venue

---

---