Serco Group PLC — Remuneration Information 2019

Jun 10, 2019

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RNS Number : 7242B

Serco Group PLC

10 June 2019

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

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