Serco Group PLC

Remuneration Information • Oct 9, 2020

National Storage Mechanism | Additional information

RNS Number : 6921B

Serco Group PLC

09 October 2020

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

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