Director/PDMR Shareholding

RNS Number : 5741R
Drax Group PLC
09 March 2021
 

9 March 2021

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 in issue 411,725,609 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 Performance Share Plan Shares

The individuals detailed below, each a PDMR, had nil cost conditional share awards granted on 5 March 2018 under the Drax Group plc Performance Share Plan ("PSP"), which vested on 5 March 2021 in proportion to the partial satisfaction of the performance conditions set at the time of grant.

 

The Company was notified on 8 March 2021 that the individuals below had completed transactions in the Company's ordinary shares as detailed in the tables below. Each of the PDMRs sold sufficient shares to satisfy their liability to Income Tax and National Insurance Contributions ("Tax Liability") arising on the vesting of shares   at 365.61 pence per share, and retained the balance of the shares as explained below:

 

 

Director/PDMR

Total PSP award vesting1

Number of shares sold to meet tax liability

Net shares held

Will Gardiner

240,728

113,540

127,188

Clare Harbord

64,884

30,603

34,281

Paul Sheffield

19,199

9,056

10,143

Jason Shipstone

7,844

3,700

4,144

 

Notes:

1.  Includes shares in lieu of accrued dividends throughout the performance period.

 

 

Shares awarded to executive directors are subject to a post-vesting holding period of two years. The net shares acquired by Will Gardiner following the vesting of the PSP award, 127,188 shares, will be held in trust for two years, until 8 March 2023.

 

 

Vesting of Deferred Share Plan Shares

On 5 March 2021, Will Gardiner an executive Director, had nil cost conditional share awards vest, which had been granted on 5 March 2018 under the Company's Deferred Share Plan (the "DSP"), which represent the benefit of the deferred element of his annual bonus for the financial year ended 31 December 2017.

 

The Company was notified on 8 March 2021 that Will Gardiner sold sufficient shares to satisfy his liability to Income Tax and National Insurance Contributions ("Tax Liability") arising on the vesting of shares   at 365.61 pence per share, and retained the balance of the shares as explained below.

 

Director/PDMR

Total DSP award vesting1

Number of shares sold to meet the tax liability

Net shares held

Will Gardiner

46,659

22,008

24,651

 

 

Notes:

1.  Includes shares in lieu of accrued dividends throughout the performance period.

 

Following the vesting of the DSP and PSP awards, Will Gardiner holds 618,953 shares in the Company, of which 150,484 (being the benefit of the 2017 PSP award, which vested 15 May 2020, and the 2018 PSP award mentioned above) are held in trust.

 

 

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 o f 11 16/29 p ence each

 

 

 

  GB00B1VNSX38

b)

Nature of the transaction

 

 

Shares acquired pursuant to the vesting of awards respectively under the Company's Performance Share Plan and Deferred Share Plan, both granted on 5 March 2018 and including accrued dividend shares.

 

Will Gardiner sold 135,548 shares to cover applicable taxes and costs and retained the balance of 151,839 shares 

 

 

 

c)

Price(s) and volume(s)

 

 

Price(s)

Volume(s)

£ 3.656099

135,548

 

d)

Aggregated information

 

- Aggregated volume

  - Price

 

 

 

N/A

e)

Date of the transaction

 

5 - 8 March 2021

f)

Place of the transaction

 

XLON

 

 

 

1

Details of the person discharging managerial responsibilities/person closely associated

 

a)

Name

 

Clare Harbord

2

Reason for the notification

 

a)

Position/status

 

Director of Corporate Affairs

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 o f 11 16/29 p ence each

 

 

 

  GB00B1VNSX38

b)

Nature of the transaction

 

 

Shares acquired pursuant to the vesting of awards under the Company's Performance Share Plan granted on 5 March 2018, including accrued dividend shares.

 

Clare Harbord sold 30,603 shares to cover applicable taxes and costs and retained the balance of 34,281 shares.

 

 

 

c)

Price(s) and volume(s)

 

 

Price(s)

Volume(s)

£3.656099

30,603

 

d)

Aggregated information

 

- Aggregated volume

  - Price

 

 

 

N/A

e)

Date of the transaction

 

5 - 8 March 2021

f)

Place of the transaction

 

XLON

 

1

Details of the person discharging managerial responsibilities/person closely associated

 

a)

Name

 

Paul Sheffield

2

Reason for the notification

 

a)

Position/status

 

Managing Director Customers

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 o f 11 16/29 p ence each

 

 

 

  GB00B1VNSX38

b)

Nature of the transaction

 

 

Shares acquired pursuant to the vesting of awards under the Company's Performance Share Plan granted on 5 March 2018, including accrued dividend shares.

 

Paul Sheffield sold 9,056 shares to cover applicable taxes and costs and retained the balance of 10,143 shares.

 

 

 

c)

Price(s) and volume(s)

 

 

Price(s)

Volume(s)

£3.656099

9,056

 

d)

Aggregated information

 

- Aggregated volume

  - Price

 

 

 

N/A

e)

Date of the transaction

 

5 - 8 March 2021

f)

Place of the transaction

 

XLON

 

 

1

Details of the person discharging managerial responsibilities/person closely associated

 

a)

Name

 

Jason Shipstone

2

Reason for the notification

 

a)

Position/status

 

EVP Innovation

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 o f 11 16/29 p ence each

 

 

 

  GB00B1VNSX38

b)

Nature of the transaction

 

 

Shares acquired pursuant to the vesting of awards under the Company's Performance Share Plan granted on 5 March 2018, including accrued dividend shares.

 

Jason Shipstone sold 3,700 shares to cover applicable taxes and costs and retained the balance of 4,144 shares.

 

 

 

c)

Price(s) and volume(s)

 

 

Price(s)

Volume(s)

£3.656099

3,700

 

d)

Aggregated information

 

- Aggregated volume

  - Price

 

 

 

N/A

e)

Date of the transaction

 

5 - 8 March 2021

f)

Place of the transaction

 

XLON

 

END

 

 

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