21st Feb 2006 12:22
Cable and Wireless plc (`the Company')NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIALRESPONSIBILITY (PDMR) OR CONNECTED PERSONSThe Company advises that on 13 February 2006 the undermentioned PDMR wasgranted the following options and performance share awards in accordance withthe rules of the Cable & Wireless Incentive Plan:-:Name Director/ Share Exercise Total number Performance PDMR Options Price of shares share awards over which options are held Nicholas Cooper PDMR 433,944 ‚£1.0370 433,944 108,486 These transactions relate to (i) transactions notified in accordance with DR3.1.4R(1)(a). The share options granted are exercisable from 13th February 2009to 12 February 2013 subject to the achievement of performance conditions basedupon Total Shareholder Return ("TSR").Full vesting occurs only if the TSR performance of the Company meets or exceedsthe upper quartile measured against the constituents of the FTSE GlobalTelecoms Sector Index during the performance period starting on 13th February2006 and ending on 13th February 2009. Where TSR performance meets the median,one third of the initial award vests. A sliding scale operates between medianand upper quartile and nothing vests for performance below the median. Ifperformance conditions have not been met by the end of the performance period,the options lapse. Vesting must also be warranted by reference to theunderlying financial performance of the Company during the performance periodwhich will be determined by the Remuneration Committee within 12 months of theend of the performance period.The performance shares granted will vest from 13th February 2009 subject to theachievement of performance conditions based upon TSR. The consideration for theperformance share awards is ‚£nil.Full vesting occurs only if the TSR performance of the Company meets or exceedsthe upper quartile measured against the constituents of the FTSE GlobalTelecoms Sector Index during the performance period starting on 13th February2006 and ending on 13th February 2009. Where TSR meets the median, one third ofthe initial award vests. Where TSR is between median and the upper quartile thepercentage of maximum number of award shares to vest will be determined on astraight line basis between 33.33% and 100%. Vesting must also be warranted byreference to the underlying financial performance of the Company over theperformance period which will be determined by the Remuneration Committeewithin 12 months of the end of the performance period.Until the performance share awards vest, if at all, the shares remain held byTowers Perrin Share Plan Services (GSY) Limited as Trustee of the Cable &Wireless Employee Share Ownership Trust.Name of person making notification : Lorraine DavidsonContact number : 020 7315 4934Date of notification : 20th February 2006ENDCable & Wireless PLCRelated Shares:
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