Inmarsat PLC Director/PDMR Shareholding (2059Z)
March 10 2017 - 11:56AM
UK Regulatory
TIDMISAT
RNS Number : 2059Z
Inmarsat PLC
10 March 2017
10 March 2017
Inmarsat plc: Director share dealings
Share vesting and 2017 awards
Vesting of shares under Bonus Share Award (BSA)
Awards over ordinary shares of EUR0.0005 in Inmarsat plc under
the Bonus Share Award were made to directors. Three tranches have
vested from awards made in March 2013, March 2014 and March 2015
for Mr Pearce; and two tranches of shares from awards in 2013 and
2014 and 2014 and 2015 vested for Messrs Sukawaty and Bates
respectively. Mr Sukawaty received his share award while he held an
executive position in the Company.
The BSA is not a HM Revenue & Customs approved plan and on
vesting, income tax and social security deductions become payable
by the individual.
The share price at which shares were sold on 09 March 2017 was
GBP7.4957 per share. Where shares have been retained they will be
added to the existing number of ordinary shares for the relevant
individual.
Name Number of Number of Number Total
shares vesting shares sold of shares shareholding
including on 09 March retained
reinvested 2017 to
dividends cover tax
/ NI
----------------- ---------------- ------------- ----------- --------------
Andrew Sukawaty 112,405 52,963 59,442 1,136,267
----------------- ---------------- ------------- ----------- --------------
Rupert Pearce 93,296 43,960 49,336 873,590
----------------- ---------------- ------------- ----------- --------------
Tony Bates 47,784 22,515 25,269 42,658
----------------- ---------------- ------------- ----------- --------------
2017 Bonus Share Award (BSA)
BSA award allocations were made to the two executive directors
and nominally converted into shares immediately using the
mid-market closing price of GBP7.615 from 09 March 2017.
Name Number of BSA
share allocations
made under BSA
on 10 March
2017
--------------- -------------------
Rupert Pearce 140,182
--------------- -------------------
Tony Bates 108,647
--------------- -------------------
The level of award will not be confirmed until the results for
2017 have been determined in March 2018 and may be lower (but not
higher) than the initial award. The shares will vest in equal
tranches in March 2019, 2020 and 2021, subject to continued
employment. The performance targets are revenue growth (33% of the
award) and EBITDA growth (67% of the award) for the 2017 financial
year.
2017 Performance Share Award
The following contingent awards were also made to the two
executive directors under the Performance Share Award (PSA) on 10
March 2017 using the mid-market closing price of GBP7.615 from 09
March 2017.
Name Number of ordinary
shares awarded
under PSA on 10
March 2017
----------------- -------------------
Rupert Pearce 140,182
----------------- -------------------
Tony Bates 108,647
----------------- -------------------
The PSA awards for 2017 will vest after three years based upon
the following three performance conditions, measured over the three
years to 31 December 2019.
Performance measure Weighting Performance targets
(% of maximum
award)
------------------------ --------------- -------------------------------------------------------------
3-year TSR vs. 30% Below median: nil vesting
FTSE 50-150 (excluding Median: 30% vesting
investment trusts) Upper quartile: 100%
vesting
(straight-line vesting
applies between median
and upper quartile)
------------------------ --------------- -------------------------------------------------------------
3-year EBITDA growth 30% Less than 3%: nil vesting
p.a. 3%: 0% vesting
7%: 100% vesting
(straight-line vesting
applies between 3% and
7%)
------------------------ --------------- -------------------------------------------------------------
Strategic objectives 40% The key areas are:
* Global Xpress: Complete successful market entry to
satellite broadband market through the next
generations of Inmarsat satellites
* Aviation: Put in place all key building blocks of the
aviation business case (to support material revenues
forecast over the LRBP period.)
* L-band: Work assiduously to sustain L-band revenues
despite GX migration and both on=going tight budgets
and strong competition in all markets
* Strategic contract: To maximise the overall net
contribution of the contract to Inmarsat.
Achievement against
strategic objectives
will be considered as
a whole. There are specific
objectives within each
area, and further details
of the objectives and
key achievements will
be disclosed in detail
at the end of the performance
period
------------------------ --------------- -------------------------------------------------------------
.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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