Serco Group PLC

Director's Dealing • Apr 8, 2021

National Storage Mechanism | Additional information

RNS Number : 8676U

Serco Group PLC

08 April 2021

8 April 2021

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 April 2021, 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	1,229,923
Nigel Crossley, Group Director of Finance	151,931
David Dacquino, CEO Americas	376,884
David Eveleigh, Group General Counsel & Company Secretary	240,540
Mark Irwin, CEO UK & Europe	321,950
Anthony Kirby, Group Chief Operating Officer	289,393
Philip Malem, CEO Middle East	220,632
Kate Steadman, Group Strategy & Communications Director	135,886
Peter Welling CEO AsPac	242,990

The Performance Awards have a normal vesting date of 6 April 2024 and vesting is conditional on continued employment and the satisfaction of five independent performance measures as follows:

Performance Measure	Weighting	Performance Target
Aggregate EPS	25%	Statutory Earnings Per Share (EPS) before exceptional items (adjusted to reflect tax paid on a cash basis) of 25.17p (threshold, 25% vesting) to 27.96p (target, 50% vesting) to 30.76p (maximum, 100% vesting), measured as an aggregate over the three-year performance period ending 31 December 2023.
Relative TSR	25%	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 2023.
Average ROIC	25%	Pre-tax Return on Invested Capital (ROIC) of 16.5% (threshold, 25% vesting) to 18.3% (target, 50% vesting) to 20.2% (maximum, 100% vesting), measured as an average over the three-year performance period ending 31 December 2023.
ESG Scorecard	15%	Employee engagement: ·     Average annual Group employee engagement score over the three-year performance period at or above 69 for on target performance, and at or above 71 for maximum performance. Improvement in colleague diversity across gender (focusing on leaders) and ethnicity: ·     Gender diversity amongst our leaders to be measured as the percentage of women holding senior global leadership roles in 2023; target performance of 33%, and maximum performance at 35% or above. ·     Demonstrate significant progress on our approach and strategy for addressing ethnic diversity challenges throughout our organisation, and particularly in management and senior leadership roles.  Commit to diversity charters where appropriate, such as the UK Race at Work charter, and show progress against the commitments made. Improvement in our understanding, management and disclosure of Serco's environmental risks: ·     Demonstrate significant improvements in environmental performance and management of environmental risks, through actions taken in line with our environmental strategy and improvements in externally issued environment/climate change ratings.
Order Book	10%	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 2023.

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 April 2021 under the Serco Group plc 2019 Long-Term Incentive Plan.
c)	Price(s) and volume(s)
		Price(s)	Volume(s)
		n/a	1,229,923
d)	Aggregated information
- Aggregated volume	1,229,923
- Price	n/a
e)	Date of the transaction	6 April 2021
f)	Place of the transaction	n/a

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Nigel Crossley
2	Reason for the notification
a)	Position/status	Group Director of Finance
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 April 2021 under the Serco Group plc 2019 Long-Term Incentive Plan.
c)	Price(s) and volume(s)
		Price(s)	Volume(s)
		n/a	151,931
d)	Aggregated information
- Aggregated volume	151,931
- Price	n/a
e)	Date of the transaction	6 April 2021
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 April 2021 under the Serco Group plc 2019 Long-Term Incentive Plan.
c)	Price(s) and volume(s)
		Price(s)	Volume(s)
		n/a	376,884
d)	Aggregated information
- Aggregated volume	376,884
- Price	n/a
e)	Date of the transaction	6 April 2021
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 April 2021 under the Serco Group plc 2019 Long-Term Incentive Plan.
c)	Price(s) and volume(s)
		Price(s)	Volume(s)
		n/a	240,540
d)	Aggregated information
- Aggregated volume	240,540
- Price	n/a
e)	Date of the transaction	6 April 2021
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 April 2021 under the Serco Group plc 2019 Long-Term Incentive Plan.
c)	Price(s) and volume(s)
		Price(s)	Volume(s)
		n/a	321,950
d)	Aggregated information
- Aggregated volume	321,950
- Price	n/a
e)	Date of the transaction	6 April 2021
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 April 2021 under the Serco Group plc 2019 Long-Term Incentive Plan.
c)	Price(s) and volume(s)
		Price(s)	Volume(s)
		n/a	289,393
d)	Aggregated information
- Aggregated volume	289,393
- Price	n/a
e)	Date of the transaction	6 April 2021
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 April 2021 under the Serco Group plc 2019 Long-Term Incentive Plan.
c)	Price(s) and volume(s)
		Price(s)	Volume(s)
		n/a	220,632
d)	Aggregated information
- Aggregated volume	220,632
- Price	n/a
e)	Date of the transaction	6 April 2021
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 April 2021 under the Serco Group plc 2019 Long-Term Incentive Plan.
c)	Price(s) and volume(s)
		Price(s)	Volume(s)
		n/a	135,886
d)	Aggregated information
- Aggregated volume	135,886
- Price	n/a
e)	Date of the transaction	6 April 2021
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 April 2021 under the Serco Group plc 2019 Long-Term Incentive Plan.
c)	Price(s) and volume(s)
		Price(s)	Volume(s)
		n/a	242,990
d)	Aggregated information
- Aggregated volume	242,990
- Price	n/a
e)	Date of the transaction	6 April 2021
f)	Place of the transaction	n/a

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