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
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| 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% |
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| Hugo-Frans Bol, MD Europe | 267,000 | 267,000 | 0.5% |
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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:
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| Driver Group plc | 020 7377 0005 |
| Mark Wheeler (CEO) |
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| David Kilgour (CFO) |
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| N+1 Singer (Nomad & Broker) | 020 7496 3000 |
| Sandy Fraser |
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| Jen Boorer |
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| Acuitas Communications | 020 3687 0868 |
| Simon Nayyar | simon.nayyar@acuitascomms.com |
| Catriona Foyle | catriona.foyle@acuitascomms.com |
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
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| 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 | |||
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| Identification code | GB00B0L9C092 | ||||
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| b)
| Nature of the transaction
| Grant of options | |||
| c)
| Price(s) and volume(s) |
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| Price(s) | Volume(s) |
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| Exercise price of Nil per Option | 1,500,000 |
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| d)
| Aggregated information | N/A | |||
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| - Aggregated volume |
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| - Price |
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| 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
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| 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 | |||
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| Identification code | GB00B0L9C092 | ||||
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| b)
| Nature of the transaction
| Grant of options | |||
| c)
| Price(s) and volume(s) |
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| Price(s) | Volume(s) |
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| Exercise price of Nil per Option | 500,000 |
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| d)
| Aggregated information | N/A
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| - Aggregated volume |
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| - Price |
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| 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 | ||||
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| ||||
| b)
| Nature of the transaction
| Grant of options | |||
| c)
| Price(s) and volume(s) |
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| Price(s) | Volume(s) |
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| Exercise price of Nil per Option | 267,000 |
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| d)
| Aggregated information | N/A
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| - Aggregated volume |
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| - Price |
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| 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 | |||
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| ||||
| Identification code | GB00B0L9C092 | ||||
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| ||||
| b)
| Nature of the transaction
| Grant of options | |||
| c)
| Price(s) and volume(s) |
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| Price(s) | Volume(s) |
| |
|
|
| Exercise price of Nil per Option | 267,000 |
| |
|
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| |
| d)
| Aggregated information | N/A
| |||
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| ||||
| - Aggregated volume |
| ||||
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| ||||
| - Price |
| ||||
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| ||||
| 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) |
|
|
|
|
|
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| Price(s) | Volume(s) |
| |
|
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| Exercise price of Nil per Option | 267,000 |
| |
|
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| d)
| Aggregated information | N/A
| |||
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| ||||
| - Aggregated volume |
| ||||
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| ||||
| - Price |
| ||||
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| ||||
| e)
| Date of the transaction
| 25th January 2021 | |||
| f)
| Place of the transaction
| London Stock Exchange | |||
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