2nd Jun 2011 16:26
Cable & Wireless COMMUNICATIONS plc
NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY (PDMR) OR CONNECTED PERSONS
This disclosure relates to transactions notified to Cable & Wireless Communications Plc ("the Company") in accordance with DTR 3.1.2R on 2 June 2011 and is given in accordance with DTR 3.1.4R(1)(a).
The Company was advised that EES Trustees International Limited, trustee ("the Trustee") of The Cable & Wireless Communications Share Ownership Trust (formerly the Cable and Wireless Employee Share Ownership Trust) ("the Trust") has undertaken transactions in the ordinary shares of the Company ("Shares") as set out below.
On 2 June 2011, a Performance Share Award over the number of Shares set out below was granted to each of the following Directors and PDMR under the Cable & Wireless Communications Incentive Plan 2010 ("the Plan"):
Participant | Director/PDMR | Number of Shares |
Tony Rice | Director | 4,459,613 |
Tim Pennington | Director | 3,185,437 |
Nick Cooper | Director | 1,592,718 |
Ken McFadyen | PDMR | 1,251,422 |
Vesting of the shares awarded will be subject to absolute total shareholder return ("TSR") performance conditions with a range of 8% to 14% pa over 3 years. The performance period will be measured from the date of grant and will use a one month averaging period prior to the beginning and the end of the 3 year period to measure TSR. The share price for each award is £0.4395, being the average share price of the Company for the five business days commencing on 25 May 2011. The Performance Share Awards were granted in the form of option awards. Therefore, on vesting, the Trustee may exercise its discretion to grant an option with a nil exercise price to each of the above Directors and PDMR over the respective number of shares that have vested. Until such option is exercised, the shares awarded will continue to be held by the Trust. A Dividend Award Supplement may apply in accordance with the rules of the Plan. The consideration for the Performance Share Awards is £nil. | ||
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Name of person making notification: Clare Underwood
Contact number: 020 7315 4008
Date of notification: 2 June 2011
Related Shares:
CWC.L