Drax Group PLC recently issued shares to Persons Discharging Managerial Responsibility (PDMRs) as part of the automatic vesting of the first tranche of "buyout" awards under the Long-Term Incentive Plan 2020. Laurie Fitzmaurice, President - Global BECCS, sold a portion of the shares to cover her tax liability arising from the vesting. Specifically, she sold 5,710 shares at a price of 501 pence per share, retaining 10,710 shares in the company.
This transaction was conducted in accordance with the UK Market Abuse Regulation, with the details of the transaction and the financial instrument provided for transparency. The sale of shares to cover tax liability was an essential part of the vesting process, ensuring compliance with regulatory requirements.
The notification provides a clear overview of the transaction, including the nature of the transaction, the price per share, and the date and place of the transaction. This transparency aligns with the regulatory standards and demonstrates the company's commitment to adhering to market regulations.
Overall, the notification outlines the vesting of long-term incentive plan shares and the subsequent sale of shares to cover tax liability, providing a comprehensive overview of the transaction and the individuals involved.