QinetiQ Group plc (the "Company")
QinetiQ Group plc LEI: 213800S8OBDOZMCMUW34
QinetiQ Group plc announces that, on 25 June 2021, awards over Ordinary Shares of 1 pence each in the Company ("Ordinary Shares") were granted to Directors of the Company as set out below (the "DSP Awards").
| Name | Status | No. of Shares Subject to Award |
| Steve Wadey | CEO | 232,746 |
| David Smith | CFO | 176,070 |
| TOTAL | | 408,826 |
The DSP Awards were granted under the terms of the Deferred Share Plan (Element B of the 2017 QinetiQ Group plc Incentive Plan) in respect of the year ended 31 March 2021 (FY21).
The DSP Awards, which are made annually at this time where performance leads to an award, were calculated on the basis of FY21 audited performance (as announced in the Company's Preliminary Results for FY21 on 20th May 2021). As set out on page 104 of the Company's annual report and accounts for FY21, the calculations were made on the basis of the Director's salary levels and the Company's achievement in FY21 against revenue growth and margin maintenance targets, using the Company's average share price for March 2021 (321.9p) as the underlying basis for calculating the number of Ordinary Shares to be awarded.
The Ordinary Shares will vest on the third anniversary of grant subject to continued employment and are subject to a performance underpin before vesting:
· Group underlying profit outturn for FY21 must be maintained at the end of the three-year vesting period. If this is not maintained then, at a minimum, 50% of the award will lapse. For the purposes of the FY21 DSP award, this will be the actual underlying operating profit (£150.0m) for FY21 which must be achieved in FY24.
No consideration was paid for the grant of these awards and no payment is due on the release of any shares.
The Notification of Dealing Forms can be found below. This announcement is made in accordance with the UK Market Abuse Regulation (Regulation (EU) 596/2014, as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018).
Notification and public disclosure of transactions by persons discharging managerial responsibilities or persons closely associated with them
| 1. | Details of PDMR / person closely associated with them ("PCA") | ||
| (a) | Name | Steve Wadey | |
| 2. | Reason for the notification | ||
| (a) | Position / status | Chief Executive Officer / Director | |
| (b) | Initial notification / amendment | Initial notification | |
| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
| (a) | Name | QinetiQ Group plc | |
| (b) | Legal Entity Identifier Code | 213800S8OBDOZMCMUW34 | |
| 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
|
QinetiQ Group plc ordinary shares of 1 pence
GB00B0WMWD03 | |
| (b) | Nature of the transaction | Conditional award of shares under the 2017 QinetiQ Group plc Deferred Share Plan, subject to a performance underpin over a three year period. The expected vesting date is 25 June 2024. | |
| (c) | Price(s) and volume(s) | Price(s) | Volume(s) |
| NIL | 232,746 | ||
|
(d) |
Aggregated information
- Price
- Volume
- Total
|
N/A
| |
| (e) | Date of the transaction | 2021-06-25 | |
| (f) | Place of the transaction | Outside of trading venue | |
| 1. | Details of PDMR / person closely associated with them ("PCA") | ||
| (a) | Name | David Smith | |
| 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 | QinetiQ Group plc | |
| (b) | Legal Entity Identifier Code | 213800S8OBDOZMCMUW34 | |
| 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
|
QinetiQ Group plc ordinary shares of 1 pence
GB00B0WMWD03 | |
| (b) | Nature of the transaction | Conditional award of shares under the 2017 QinetiQ Group plc Deferred Share Plan, subject to a performance underpin over a three year period. The expected vesting date is 25 June 2024. | |
| (c) | Price(s) and volume(s) | Price(s) | Volume(s) |
| NIL | 176,070 | ||
|
(d) |
Aggregated information
- Price
- Volume
- Total
|
N/A
| |
| (e) | Date of the transaction | 2021-06-25 | |
| (f) | Place of the transaction | Outside of trading venue | |
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