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Driver Group plc (DRV)

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Thursday 28 January, 2021

Driver Group plc

Grant of share options under new LTIP

RNS Number : 1071N
Driver Group plc
28 January 2021
 

DRIVER GROUP PLC

 

("Driver" or "the Group")

 

Grant of share options under new Long Term Incentive Plan

 

Driver Group PLC (AIM: DRV), the global professional services consultancy to construction and engineering industries, has, pursuant to the rules of its newly introduced Long Term Incentive Plan ("new LTIP"), granted options to certain of its Directors and PDMRs to subscribe for up to 2,801,000 ordinary shares of 0.4p each in the capital of the Company (the "Options") as follows:

 

Director / PDMR

Number of new Options granted

Total Number of Options now held

% of issued share capital represented by Options now held

 

Mark Wheeler, Group CEO

1,500,000

1,953,336

3.6%

David Kilgour, Group CFO

 

Tom Comerford, UK MD

500,000

 

267,000

613,336

 

317,000

1.1%

 

0.6%

Peter Banathy, Regional Director

267,000

267,000

0.5%

 

 

 

 

Hugo-Frans Bol, MD Europe

267,000

267,000

0.5%

 

 

 

 

 

It is anticipated that further Options to subscribe for up to 2,600,000 ordinary shares will be granted to other senior Group employees during the next few weeks. The Options granted and to be granted under the new LTIP have certain performance conditions attaching to them, linked to PBET, and vesting will occur in equal annual tranches, contingent upon the achievement of the relevant conditions during each of the three financial years ending from 30 September 2021 to 30 September 2023. The core performance measures which underpin the vesting of awards under the new LTIP are the delivery of cumulative Group PBET over the three year performance measurement cycle of at least £14.0 million and of Group PBET in the financial year ending 30 September 2023 of at least £6.0 million.

 

The Options for Mark Wheeler and David Kilgour will vest in three equal annual tranches upon the achievement of Group PBET targets over the three year period to 30 September 2023. The Options for the PDMRs and other qualifying employees will also vest in three equal annual tranches and are split as follows: 1/3 on continued employment over the period, 1/3 on achievement of regional PBET targets and 1/3 on achievement of Group PBET targets. To the extent that the performance conditions are met and Options vest, those Options will then be exercisable at nil cost after the end of the three year performance measurement cycle.  To the extent appropriate and permissible and subject to the availability of cash resources surplus to the Group's operational requirements, the Directors will seek to use the Company's annual share buy-back authority to make market purchases of Ordinary Shares in order to minimise the dilutive impact of the vesting of Options under the new LTIP.

 

Enquiries:

 

 

Driver Group plc

020 7377 0005

Mark Wheeler (CEO)

 

David Kilgour (CFO)

 

 

 

N+1 Singer (Nomad & Broker)

020 7496 3000

Sandy Fraser

 

Jen Boorer

 

 

 

Acuitas Communications

020 3687 0868

Simon Nayyar

[email protected]

Catriona Foyle

[email protected]

 

 

 

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them:

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

 

 

Mark Wheeler

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

 

 

Driver Group PLC

b)

 

LEI

 

 

213800FN83KF8AF4Y572

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 0.4 pence each

 

 

Identification code

GB00B0L9C092

 

 

b)

 

Nature of the transaction

 

 

Grant of options

c)

 

Price(s) and volume(s)

 

 

 

 

 

 

Price(s)

Volume(s)

 

 

 

Exercise price of Nil per Option

1,500,000

 

 

 

 

 

 

d)

 

Aggregated information

N/A

 

 

- Aggregated volume

 

 

 

- Price

 

 

 

e)

 

Date of the transaction

 

 

25th January 2021

f)

 

Place of the transaction

 

 

London Stock Exchange

 

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them:

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

 

 

David Kilgour

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

 

 

Driver Group PLC

b)

 

LEI

 

 

213800FN83KF8AF4Y572

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 0.4 pence each

 

 

Identification code

GB00B0L9C092

 

 

b)

 

Nature of the transaction

 

 

Grant of options

c)

 

Price(s) and volume(s)

 

 

 

 

 

 

Price(s)

Volume(s)

 

 

 

Exercise price of Nil per Option

500,000

 

 

 

 

 

 

d)

 

Aggregated information

N/A

 

 

 

- Aggregated volume

 

 

 

- Price

 

 

 

e)

 

Date of the transaction

 

 

 25th January 2021

f)

 

Place of the transaction

 

 

London Stock Exchange

 

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them:

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

 

 

Tom Comerford

2

 

Reason for the notification

 

a)

 

Position/status

 

 

UK Managing Director

b)

 

Initial notification /Amendment

 

 

Initial Notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

 

Name

 

 

Driver Group PLC

b)

 

LEI

 

 

213800FN83KF8AF4Y572

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 0.4 pence each

 

 

Identification code

GB00B0L9C092

 

 

b)

 

Nature of the transaction

 

 

Grant of options

c)

 

Price(s) and volume(s)

 

 

 

 

 

 

Price(s)

Volume(s)

 

 

 

Exercise price of Nil per Option

267,000

 

 

 

 

 

 

d)

 

Aggregated information

N/A

 

 

 

- Aggregated volume

 

 

 

- Price

 

 

 

e)

 

Date of the transaction

 

 

25th January 2021

f)

 

Place of the transaction

 

 

London Stock Exchange

 

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them:

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

 

 

Peter Banathy

2

 

Reason for the notification

 

a)

 

Position/status

 

 

Regional Director

b)

 

Initial notification /Amendment

 

 

Initial Notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

 

Name

 

 

Driver Group PLC

b)

 

LEI

 

 

213800FN83KF8AF4Y572

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 0.4 pence each

 

 

Identification code

GB00B0L9C092

 

 

b)

 

Nature of the transaction

 

 

Grant of options

c)

 

Price(s) and volume(s)

 

 

 

 

 

 

Price(s)

Volume(s)

 

 

 

Exercise price of Nil per Option

267,000

 

 

 

 

 

 

d)

 

Aggregated information

N/A

 

 

 

- Aggregated volume

 

 

 

- Price

 

 

 

e)

 

Date of the transaction

 

 

 25th January 2021

f)

 

Place of the transaction

 

 

London Stock Exchange

 

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them:

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

 

 

Hugo Frans Bol

2

 

Reason for the notification

 

a)

 

Position/status

 

 

Managing Director, Mainland Europe

b)

 

Initial notification /Amendment

 

 

Initial Notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

 

Name

 

 

Driver Group PLC

b)

 

LEI

 

 

213800FN83KF8AF4Y572

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 0.4 pence each

 

 

Identification code

GB00B0L9C092

 

 

b)

 

Nature of the transaction

 

 

Grant of options

c)

 

Price(s) and volume(s)

 

 

 

 

 

 

Price(s)

Volume(s)

 

 

 

Exercise price of Nil per Option

267,000

 

 

 

 

 

 

d)

 

Aggregated information

N/A

 

 

 

- Aggregated volume

 

 

 

- Price

 

 

 

e)

 

Date of the transaction

 

 

 25th January 2021

f)

 

Place of the transaction

 

 

London Stock Exchange

 

 

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