12th Nov 2008 15:13
RNS Number : 0329I
Cable & Wireless PLC
12 November 2008
Cable and Wireless plc
NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY (PDMR) OR CONNECTED PERSONS
Cable and Wireless plc ("the Company") advises that on 11th November 2008 the Directors and PDMRs detailed below acquired the following interests in the Company:
(i) An award of 1,000 International LTIP units has been made to Tony Rice following his appointment as Chief Executive Officer of International. The units, which have no current value, will vest over the period to March 2010 with 50% of the value payable in 2010 and the remaining 50% deferred until 2011.
(ii) An award of 1,187,295 Performance Shares was made to Tim Pennington which is subject to performance conditions based upon Total Shareholder Return ("TSR").
Full vesting of the award will only occur if the TSR performance of the Company exceeds the Median TSR in the Comparator Company List (being the constituents of the FTSE Global Telecoms Sector Index) during the performance period starting on 11th November 2008 and ending on 10th November 2011 by 12% compound or more per annum. Where TSR performance meets the median one third of the ordinary shares subject to the Award will vest. If performance conditions have not been met by the end of the performance period the award will lapse. Vesting must also be warranted by reference to the underlying financial performance of the Company which will be determined by the Remuneration Committee within 12 months of the end of the performance period.
A dividend award supplement will attach to the Performance Shares.
(iii) An award of 460,077 Restricted Shares was made to Nick Cooper. The Restricted Share award will vest, subject to continued employment with the Company, 50% on10th June 2010 and 50% on 10th June 2011.
(iv) An award of 185,514 Restricted Shares was made to Clare Waters. The Restricted Share award to Clare Waters will vest in full, subject to continued employment with the Company, on 10th November 2010.
Until the Performance Shares disclosed under (ii) and the Restricted Share Awards disclosed under (iii) and (iv) vest, the shares will continue to be held by Lloyds TSB Offshore Trust Company Limited as Trustee of the Cable and Wireless plc Employee Share Ownership Trust.
There is no consideration payable for any of the Awards disclosed above.
This disclosure relates to transactions notified in accordance with DTR 3.1.4R.
Name of person making notification: Heledd Hanscomb
Contact number: 020 7315 4626
Date of notification: 12th November 2008
This information is provided by RNS
The company news service from the London Stock Exchange
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Related Shares:
CWC.L
