Director/PDMR Shareholding

Drax Group PLC
18 March 2024
 

18 March 2024

DRAX GROUP PLC

Symbol: DRX

("Drax", "the Group", "Drax Group", "the Company")

 

Notification of Transactions of Directors,

Persons Discharging Managerial Responsibility or Connected Persons

 

On Friday 15 March 2024, awards over shares were made under The Drax Group plc Long Term Incentive Plan 2020 (LTIP) and The Drax Group plc Deferred Share Plan (DSP), as part of the normal annual cycle of grants. Consequently, the share interests of the under-noted directors and persons discharging managerial responsibility (PDMRs) have changed following the granting of these awards.

 

Awards made under the LTIP

 

The performance awards, made for nil consideration under the LTIP, are conditional awards. Vesting of the LTIP award shares is normally deferred for three years and subject to the satisfaction of certain performance conditions and to the participant remaining in employment until the vesting date. Awards to Executive Directors are subject to an additional two-year holding period following the date of vesting.

 

Director/PDMR

Number of shares over which LTIP award made

Will Gardiner*

292,225

Andy Skelton*

162,649

Paul Sheffield

70,413

Laurie Fitzmaurice

91,167

*Executive Directors of Drax Group plc.

 

Awards made under the 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 2023. Vesting of the DSP shares is normally deferred for three years and subject to the participant remaining in employment until the vesting date. Awards to Executive Directors are subject to an additional two-year holding period following the date of vesting.  

 

Director/PDMR

Number of shares over which DSP award made

Will Gardiner

68,818

Andy Skelton

37,523

 

Awards made pursuant to a share award buyout

 

Laurie Fitzmaurice joined the Group in February 2024. In accordance with the terms of the contract of employment, a "buyout" award of 102,626 shares was made to Ms Fitzmaurice under the LTIP to replace awards forfeited with her previous employer. Vesting of the awards which were forfeited were solely subject to continued employment. Vesting of the replacement award is also solely subject to continued employment within the Group. The vesting will be in tranches, taking account of the vesting dates of the forfeited awards, as set out below.

 

 

 

Date of vesting

Number of shares over which share award made

15 April 2024

16,420

15 March 2025

43,396

15 March 2026

42,810

 

 

Brett Gladden

Group Company Secretary

 

 

The notifications below are all in accordance with the requirements of Article 19 of the UK Market Abuse Regulation.

 

1.

Details of PDMR / person closely associated with them ("PCA")

a)

Name

Will Gardiner

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

Drax Group plc

b)

LEI

549300YPSNTXR4ZHSR98

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

Identification code

Ordinary shares of 11 16/29 pence

GB00BIVNSX38

b)

Nature of the transaction

(i)         Award made pursuant to The Drax Group plc Long Term Incentive Plan 2020 (LTIP)

(ii)         Deferred award made pursuant to The Drax Group plc Deferred Share Plan (DSP)

 

c)

Price(s) and volume(s)

 


Price(s)

Volume(s)

(i)        

Nil

292,225

(ii)        

Nil

68,818

d)

Aggregated information

-     Aggregated volume

-     Price

 

N/A

e)

Date of the transaction

 15 March 2024

f)

Place of the transaction

Outside a trading venue

 

 

 

1.

Details of PDMR / person closely associated with them ("PCA")

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

549300YPSNTXR4ZHSR98

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

Identification code

Ordinary shares of 11 16/29 pence

GB00BIVNSX38

b)

Nature of the transaction

(i)         Award made pursuant to The Drax Group plc Long Term Incentive Plan 2020 (LTIP)

(ii)         Deferred award made pursuant to The Drax Group plc Deferred Share Plan (DSP)

 

c)

Price(s) and volume(s)

 


Price(s)

Volume(s)

(i)        

Nil

162,649

(ii)        

Nil

37,523

d)

Aggregated information

-     Aggregated volume

-     Price

 

N/A

e)

Date of the transaction

15 March 2024

f)

Place of the transaction

Outside a trading venue

 

 

 

1.

Details of PDMR / person closely associated with them ("PCA")

a)

Name

Paul Sheffield

2.

Reason for the notification

a)

Position / status

Chief Commercial 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

549300YPSNTXR4ZHSR98

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

Identification code

Ordinary shares of 11 16/29 pence

GB00BIVNSX38

b)

Nature of the transaction

Awards made pursuant to The Drax Group plc Long Term Incentive Plan 2020 (LTIP)

c)

Price(s) and volume(s)

 

Price(s)

Volume(s)

nil

70,413

d)

Aggregated information

-     Aggregated volume

-     Price

 

N/A

e)

Date of the transaction

15 March 2024

f)

Place of the transaction

Outside a trading venue

 

 

1.

Details of PDMR / person closely associated with them ("PCA")

a)

Name

Laurie Fitzmaurice

2.

Reason for the notification

a)

Position / status

President - Global BECCS

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

549300YPSNTXR4ZHSR98

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

Identification code

Ordinary shares of 11 16/29 pence

GB00BIVNSX38

b)

Nature of the transaction

(i)         Award made pursuant to The Drax Group plc Long Term Incentive Plan 2020 (LTIP)

(ii)         Buyout award pursuant to the LTIP

c)

Price(s) and volume(s)

 


Price(s)

Volume(s)

(i)        

Nil

91,167

(ii)        

Nil

102,626

d)

Aggregated information

-     Aggregated volume

-     Price

 

N/A

e)

Date of the transaction

15 March 2024

f)

Place of the transaction

Outside a trading venue

 

 

--ENDS--

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Drax Group (DRX)
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