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Share awards

Date: 30 Jun 2014

Serco Group plc (the Company) advises that, on 27 June 2014, the Executive Directors named below were granted the following number of options to acquire ordinary shares of 2p each in the Company through participation in the Serco Group plc Performance Share Plan (the PSP):

Rupert Soames466,776
Ed Casey342,835

The grant is to acquire at nominal cost for Rupert Soames and at nil cost for Ed Casey.

The number of shares which will vest under the PSP is conditional upon the satisfaction of three independent equally-weighted performance measures as follows:

Performance MeasureWeighting of Measure Performance Target Vesting Period
Absolute Share Price 1/3rd450p (threshold) to 600p (maximum), measured over the 30 days following announcement of the Company's 2017 results4 years
Relative TSR1/3rd Median (threshold) to upper quartile (maximum) when ranked against companies in the FTSE 51 to 130 (excluding investment trusts).  Measured over the 30 days following announcement of the Company's 2016 results3 years
EPS 1/6th 22p (threshold) to 26p (maximum) for the Company's 2016 results. 3 years  
1/6th 30p (threshold) to 35p (maximum) for the Company's 2018 results5 years

The definition of EPS is Adjusted EPS as defined in the Company's reporting of its financial results.

Each element of the PSP award will be subject to a post-vesting holding requirement that takes the total term of the award (i.e. vesting period plus holding period) to a minimum of 5 years.  Pre-vesting malus and post-vesting clawback will also apply to these awards.

The individuals named below, each a Person Discharging Managerial Responsibility (PDMR), were granted the following number of options to acquire ordinary shares of 2p each in the Company:

Dan Allen54,379
Guy Leach39,559
Geoff Lloyd39,003
Andrew White33,552

The grants are to acquire at nominal cost with the exception of Dan Allen which is at nil cost.

The number of shares that will vest for each of the four above-named PDMRs is not conditional on performance measures and is subject only to continued employment on the vesting date of 27 June 2017.

On the same day the Company also made the following awards to Rupert Soames to compensate him for performance-based and non-performance based awards he forfeited on his departure from Aggreko plc.

First, Rupert was granted 311,686 options to acquire at nominal cost ordinary shares of 2p each in the Company through a one-time performance share plan that will vest conditional upon the satisfaction of performance measures as follows:

Performance Measure Weighting of Measure Performance Target Vesting Period
Absolute Share Price 40%As set out aboveAs set out above
Relative TSR 40%As set out above As set out above
Strategic objectives 20%Implementing the Company's Corporate Plan; rebuilding the senior management team; improving cash conversion; and improving operating margin3 years

Second, to compensate for non-performance related awards foregone on leaving Aggreko plc, Rupert was granted 87,889 options to acquire at nominal cost ordinary shares of 2p each in the Company that are not conditional on performance measures and are subject only to continued employment on the vesting dates as follows:

Number of sharesVesting date
16,125 16 April 2015
23,994 6 August 2016
47,770 1 April 2017

This notice is given in fulfilment of obligations under DTR3.1.2R and DTR3.1.4R(1)(a).

For further information please contact Serco:

Stuart Ford, Head of Investor Relations T +44 (0) 1256 386 227

Marcus De Ville, Head of Media Relations T +44 (0) 1256 386 226

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Last Updated: 30 Jun 2014