31st Mar 2006 13:41
Cable and Wireless plc NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIALRESPONSIBILITY (PDMR) OR CONNECTED PERSONSCable and Wireless plc ("the Company") advises that on 30 March 2006 thefollowing Directors acquired the interests in Ordinary Shares in the Companydetailed below:(i) Tony Rice purchased 2,000,000 Ordinary Shares in the Company at a price of 108.9834 pence per Ordinary Share (the "purchased shares"). In accordance with the terms of his employment and the Cable & Wireless Incentive Plan Tony Rice has been granted: (a) A Restricted Share Award over 1,000,000 Ordinary Shares which is not subject to any performance conditions and which will vest on the third anniversary of the grant subject to Tony Rice retaining a beneficial interest in the purchased shares and remaining an employee of the Company at that time. (b) A Restricted Share Award over 2,000,000 Ordinary Shares which is subject to performance conditions based upon Total Shareholder Return ("TSR"). Full vesting will occur only if the TSR performance of the Company meets or exceeds the upper quartile measured against the constituents of the FTSE Global Telecoms Sector Index during the performance period starting on 30 March 2006 and ending on 29 March 2009. Where TSR performance meets the median one quarter of the Ordinary Shares subject to the Award will vest and where TSR performance is between the 62.5th and 75th percentiles half the Ordinary Shares subject to the Award will vest. If performance conditions have not been met by the end of the performance period the Options lapse. Vesting must also be warranted by reference to the underlying financial performance of the Company during the performance period which will be determined by the Remuneration Committee within 12 months of the end of the performance period. (c) 5,452,067 Share Options at a price of 110.05 pence per Ordinary Share The Options granted will be exercisable from 30 March 2009 to 29 March 2013, subject to the achievement of performance conditions based upon TSR. Full vesting will occur only if the TSR performance of the Company meets or exceeds the upper quartile measured against the constituents of the FTSE Global Telecoms Sector Index during the performance period starting on 30 March 2006 and ending on 29 March 2009. Where TSR performance meets the median, one third of the initial award will vest. A sliding scale operates between median and upper quartile and nothing will vest for performance below the median. If performance conditions have not been met by the end of the performance period, the Options lapse. Vesting must also be warranted by reference to the underlying financial performance of the Company during the performance period, which will be determined by the Remuneration Committee within 12 months of the end of the performance period. (ii) George Battersby purchased 275,000 Ordinary Shares in the Company at a price of 108.9834 pence per Ordinary Share (the "invested amount"). The Company has also granted George Battersby a Restricted Share Award over 917,570 Ordinary Shares which is subject to the same performance conditions as for Tony Rice under (i)(b) above Until the Restricted Share Awards disclosed under (i)(a), (i)(b) and (ii)above, the shares will continue to be held by Towers Perrin Share Plan Services(GSY) Limited as Trustee of the Cable & Wireless Employee Share OwnershipTrust.The consideration for the Restricted Share Awards disclosed under (i)(a), (i)(b) and (ii) is ‚£nil.Following these awards, the total holding by Tony Rice and George Battersby inthe Ordinary Shares of the Company is as follows:Tony Rice: 2,200,000 George Battersby: 353,476 These transactions relate to a disclosure made in accordance with section 324(as extended by section 328) of the Companies Act 1985.Name of person making notification: Heledd HanscombContact number: 020 7315 4626Date of notification: 31 March 2006ENDCable & Wireless PLCRelated Shares:
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