9th Jun 2017 16:36
9 June 2017
Inmarsat plc
(the "Company")
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
Awards over ordinary shares of €0.0005 in Inmarsat plc under the Performance Share Plan made to Mr Bates on his joining the Company in June 2014 vested on 9 June 2017.
Vesting of the award was dependent on 3-year TSR vs the FTSE350 (excluding Investment Trusts) and 3-year EBITDA growth, measured over the three years to 31 December 2016 and weighed equally. The vesting outcome is the same as that disclosed for the share award that vested in March 2017 for other PDMRs which was a vesting outcome of 30% of the element for TSR (or 15% out of 100% of the total award) and 66% of EBITDA (or 33% out of the total award) vesting occurred. 48% of the total award vested.
The PSA is not a HM Revenue & Customs approved plan and on vesting, income tax and social security deductions ('tax and NI') become payable. Sufficient shares were sold to cover tax and NI and the remaining shares were added to the existing number of ordinary shares held by Mr Bates.
The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further detail.
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name
| Tony Bates | |||
2
| Reason for the notification
| ||||
a)
| Position/status
| Chief Finance Officer | |||
b)
| Initial notification /Amendment
| Initial Notification | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
a)
| Name
| Inmarsat plc | |||
b)
| LEI
| ||||
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 | |||
Identification code | GB00B09LSH68
| ||||
b)
| Nature of the transaction
| Share Acquisition through vesting of Performance Share Award (acquired 32,179, sold 15,155 and retained 17,024 shares) | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
GBP 0.00 | 32,179 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 32,179 | ||||
- Price | GBP 0.00 | ||||
e)
| Date of the transaction
| 9 June 2017 | |||
f)
| Place of the transaction
| London Stock Exchange | |||
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name
| Tony Bates | |||
2
| Reason for the notification
| ||||
a)
| Position/status
| Chief Finance Officer | |||
b)
| Initial notification /Amendment
| Initial Notification | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
a)
| Name
| Inmarsat plc | |||
b)
| LEI
| ||||
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 | |||
Identification code | GB00B09LSH68
| ||||
b)
| Nature of the transaction
| Share Disposal to cover tax and NI arising from the vested Performance Share Award (acquired 32,179, sold 15,155 and retained 17,024 shares)
| |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
GBP 8.13 | 15,155 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 15,155 | ||||
- Price | GBP123,295.02 | ||||
e)
| Date of the transaction
| 9 June 2017 | |||
f)
| Place of the transaction
| London Stock Exchange | |||
Related Shares:
Inmarsat