Director/PDMR Shareholding
Updated : 09:39
31 March 2020
Drax Group plc
("Drax" or the "Company")
Symbol: DRX
Notification of Transactions of Directors,
Persons Discharging Managerial Responsibility ("PDMR") or Connected Persons
The notifications below are in accordance with DTR 3.1.4 R(1)(a) and DTR 3.1.4 R(1)(b) and the dealings were in respect of ordinary shares of 11 16/29 pence each in the share capital of the Company. As at the date of announcement, there are 410,571,755 ordinary shares of 11 16/29 pence each, of which 13,841,295 ordinary shares are held in treasury. Treasury shares do not carry voting rights.
Vesting of Bonus Matching Plan Deferred Shares
The individuals detailed in this notice, each a PDMR, had nil cost conditional share awards granted on 28 March 2017 under the Company's Bonus Matching Plan ("the Plan"), being the benefit of the deferred element of their annual bonus for the financial year ended 31 December 2017. The third anniversary of the date of grant was Saturday 28 March 2020 and the first dealing date after vesting was Monday 30 March 2020.
The Company was notified that on Monday 30 March 2020, the individuals had completed transactions in the Company's ordinary shares as detailed in the tables below. Each of the PDMRs listed below sold sufficient of the shares to satisfy their liability to Income Tax and National Insurance Contributions ("Tax Liability") arising on the vesting of shares at 145.26 pence per share, as explained below:
Director/PDMR | Total deferred share award vesting1 | Number of shares sold to meet the Tax Liability | Net shares held |
Will Gardiner | 55,732 | 26,287 | 29,445 |
Andy Koss | 44,300 | 20,895 | 23,405 |
Notes:
1. Includes shares in lieu of accrued dividends throughout the performance period.
Immediately following the sale of shares to meet the tax liability, Andy Koss transferred the balance of the shares to his spouse. Following this transaction, Andy Koss's total shareholding in the Company (including those of his spouse) is 101,275 ordinary shares in the Company.
Following the transaction, Will Gardiner holds 291,546 ordinary shares in the Company.
Awards made under the Deferred Share Plan
On 30 March 2020, awards over shares were made under the Drax Group plc Deferred Share Plan ("DSP").
The deferred awards, made under the DSP for nil consideration as conditional awards, were made in respect of the deferred element of the annual bonus for the financial year ended 31 December 2019. The deferred element represents 35% of the annual bonus. Vesting of the DSP shares is normally deferred for three years and subject to the participant remaining in employment until the vesting date.
Director/PDMR | Number of shares over which Deferred Awards made |
Will Gardiner | 82,195 |
Andy Koss | 47,741 |
Andy Skelton | 49,985 |
Brett Gladden
Group Company Secretary
The information below is provided in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation No 596/2014.
Notification of dealing form
1 | Details of the person discharging managerial responsibilities/person closely associated
| ||||||||||
a) | Name
| Will Gardiner | |||||||||
2 | Reason for the notification
| ||||||||||
a) | Position/status
| Group Chief Executive Officer | |||||||||
b) | Initial notification/ Amendment
| Initial notification | |||||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||||||||
a) | Name
| Drax Group plc | |||||||||
b) | LEI
| ZGEN8HJFCYNRVN1XCJ08 | |||||||||
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
Identification code | Ordinary shares of 11 16/29 pence each
GB00B1VNSX38 | |||||||||
b) | Nature of the transaction
|
(i) Shares acquired pursuant to the vesting of 2017 awards under the Bonus Matching Plan, including accrued dividend shares.
Will Gardiner sold 26,287 shares to cover applicable taxes and costs arising on vesting and retained the balance of 29,445 shares.
(ii) Deferred awards made pursuant to the Drax Group plc Deferred Share Plan ("DSP") in respect of the deferred element of the cash bonus earned for the financial year ended 31 December 2019.
| |||||||||
c) | Price(s) and volume(s)
|
| |||||||||
d) | Aggregated information
-Aggregated volume -Price
|
N/A | |||||||||
e) | Date of the transaction
| 30 March 2020 | |||||||||
f) | Place of the transaction
| XLON |
1 | Details of the person discharging managerial responsibilities/person closely associated
| ||||||||||
a) | Name
| Andy Koss | |||||||||
2 | Reason for the notification
| ||||||||||
a) | Position/status
| Chief Executive Officer - Drax Power | |||||||||
b) | Initial notification/ Amendment
| Initial notification | |||||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||||||||
a) | Name
| Drax Group plc | |||||||||
b) | LEI
| ZGEN8HJFCYNRVN1XCJ08 | |||||||||
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
Identification code | Ordinary shares of 11 16/29 pence each
GB00B1VNSX38 | |||||||||
b) | Nature of the transaction
|
(i) Shares acquired pursuant to the vesting of 2017 awards under the Bonus Matching Plan, including accrued dividend shares.
Andy Koss sold 20,895 shares to cover applicable taxes and costs arising on vesting and transferred the balance of 23,405 shares to his spouse.
(ii) Deferred awards made pursuant to the Drax Group plc Deferred Share Plan ("DSP") in respect of the deferred element of the cash bonus earned for the financial year ended 31 December 2019.
| |||||||||
c) | Price(s) and volume(s)
|
| |||||||||
d) | Aggregated information
-Aggregated volume -Price
|
N/A | |||||||||
e) | Date of the transaction
| 30 March 2020 | |||||||||
f) | Place of the transaction
| XLON |
1 | Details of the person discharging managerial responsibilities/person closely associated
| |||||
a) | Name
| Andy Skelton | ||||
2 | Reason for the notification
| |||||
a) | Position/status
| 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
| Drax Group plc | ||||
b) | LEI
| ZGEN8HJFCYNRVN1XCJ08 | ||||
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
Identification code | Ordinary shares of 11 16/29 pence each
GB00B1VNSX38 | ||||
b) | Nature of the transaction
|
Deferred awards made pursuant to the Drax Group plc Deferred Share Plan ("DSP") in respect of the deferred element of the cash bonus earned for the financial year ended 31 December 2019.
| ||||
c) | Price(s) and volume(s)
|
| ||||
d) | Aggregated information
-Aggregated volume -Price
|
N/A | ||||
e) | Date of the transaction
| 30 March 2020 | ||||
f) | Place of the transaction
| XLON |
END
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