12th Jun 2019 14:04
12 June 2019
Inmarsat plc: Director share dealings
2019 Performance Share Award (PSA)
In accordance with Article 19 of the EU Market Abuse Regulation, the relevant FCA notifications are set out at the end of this announcement.
The following contingent awards were made to the two executive directors under the Performance Share Award (PSA) on 2 May 2019 using the mid-market closing price of £5.412 from 1 May 2019.
Name | Number of ordinary shares awarded under PSA on 2 May 2019 |
Rupert Pearce | 277,346 |
Tony Bates | 227,180 |
The PSA awards for 2019 will vest after three years based upon the following three performance conditions, measured over the three years to 31 December 2021:
1. Three-year TSR vs. FTSE 250 (excluding investment trusts). Weighting: 50% of maximum award. Below median results in nil vesting; median equates to 25% vesting; and upper quarter results in 100% vesting. There is straight-line vesting between median and upper quartile.
2. Aggregate Free Cash Flow. Weighting 25% of maximum award. Less than US$50m results in nil vesting; US$50m equates to 25% vesting and US$150m results in 100% vesting. Straight line vesting applies between US$50m and US$150m.
3. Strategic objectives. Weighting: 25% of maximum award. Key performance targets:
- Delivery of market leading, profitable maritime broadband service
- Protection of legacy FB customer base
- Delivery of market leading, profitable aviation broadband business
- Transformation of our global network infrastructure
Alison Horrocks
Company Secretary
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name
| Rupert Pearce | |||
2
| Reason for the notification
| ||||
a)
| Position/status
| Chief Executive Officer | |||
b)
| Initial notification /Amendment
| Initial | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
a)
| Name
| Inmarsat plc | |||
b)
| LEI
| 213800QU7UAKT6KMRF41 | |||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| ||||
a)
| Description of the financial instrument, type of instrument | Ordinary shares of Euro 0.0005 each
| |||
Identification code | ISIN: GB00B09LSH68 | ||||
b)
| Nature of the transaction
| Conditional PSA 2019 share award which will vest after three years based upon three performance conditions, measured over the three years to 31 December 2021. | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
Nil consideration | 277,346 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 277,346 | ||||
- Price | Nil consideration | ||||
e)
| Date of the transaction
| 2 May 2019 | |||
f)
| Place of the transaction
| Outside of trading venue | |||
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name
| Tony Bates | |||
2
| Reason for the notification
| ||||
a)
| Position/status
| Chief Financial Officer | |||
b)
| Initial notification /Amendment
| Initial | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
a)
| Name
| Inmarsat plc | |||
b)
| LEI
| 213800QU7UAKT6KMRF41 | |||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| ||||
a)
| Description of the financial instrument, type of instrument | Ordinary shares of Euro 0.0005 each
| |||
Identification code | ISIN: GB00B09LSH68 | ||||
b)
| Nature of the transaction
| Conditional PSA 2019 share award which will vest after three years based upon three performance conditions, measured over the three years to 31 December 2021. | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
Nil consideration | 227,180 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 227,180 | ||||
- Price | Nil consideration | ||||
e)
| Date of the transaction
| 2 May 2019 | |||
f)
| Place of the transaction
| Outside of trading venue | |||
Related Shares:
Inmarsat