Inmarsat PLC Director/PDMR Shareholding (2059Z)

TIDMISAT

RNS Number : 2059Z

Inmarsat PLC

10 March 2017

10 March 2017

Inmarsat plc: Director share dealings

Share vesting and 2017 awards

Vesting of shares under Bonus Share Award (BSA)

Awards over ordinary shares of EUR0.0005 in Inmarsat plc under the Bonus Share Award were made to directors. Three tranches have vested from awards made in March 2013, March 2014 and March 2015 for Mr Pearce; and two tranches of shares from awards in 2013 and 2014 and 2014 and 2015 vested for Messrs Sukawaty and Bates respectively. Mr Sukawaty received his share award while he held an executive position in the Company.

The BSA is not a HM Revenue & Customs approved plan and on vesting, income tax and social security deductions become payable by the individual.

The share price at which shares were sold on 09 March 2017 was GBP7.4957 per share. Where shares have been retained they will be added to the existing number of ordinary shares for the relevant individual.

 
 Name                  Number of       Number of       Number         Total 
                     shares vesting    shares sold    of shares    shareholding 
                       including       on 09 March    retained 
                       reinvested        2017 to 
                       dividends        cover tax 
                                          / NI 
-----------------  ----------------  -------------  -----------  -------------- 
 Andrew Sukawaty        112,405          52,963        59,442       1,136,267 
-----------------  ----------------  -------------  -----------  -------------- 
 Rupert Pearce          93,296           43,960        49,336        873,590 
-----------------  ----------------  -------------  -----------  -------------- 
 Tony Bates             47,784           22,515        25,269        42,658 
-----------------  ----------------  -------------  -----------  -------------- 
 

2017 Bonus Share Award (BSA)

BSA award allocations were made to the two executive directors and nominally converted into shares immediately using the mid-market closing price of GBP7.615 from 09 March 2017.

 
 Name             Number of BSA 
                   share allocations 
                   made under BSA 
                   on 10 March 
                   2017 
---------------  ------------------- 
 Rupert Pearce    140,182 
---------------  ------------------- 
 Tony Bates       108,647 
---------------  ------------------- 
 

The level of award will not be confirmed until the results for 2017 have been determined in March 2018 and may be lower (but not higher) than the initial award. The shares will vest in equal tranches in March 2019, 2020 and 2021, subject to continued employment. The performance targets are revenue growth (33% of the award) and EBITDA growth (67% of the award) for the 2017 financial year.

2017 Performance Share Award

The following contingent awards were also made to the two executive directors under the Performance Share Award (PSA) on 10 March 2017 using the mid-market closing price of GBP7.615 from 09 March 2017.

 
 Name               Number of ordinary 
                     shares awarded 
                     under PSA on 10 
                     March 2017 
-----------------  ------------------- 
 
   Rupert Pearce      140,182 
-----------------  ------------------- 
 
   Tony Bates         108,647 
-----------------  ------------------- 
 

The PSA awards for 2017 will vest after three years based upon the following three performance conditions, measured over the three years to 31 December 2019.

 
 Performance measure       Weighting        Performance targets 
                            (% of maximum 
                            award) 
------------------------  ---------------  ------------------------------------------------------------- 
 3-year TSR vs.            30%              Below median: nil vesting 
  FTSE 50-150 (excluding                     Median: 30% vesting 
  investment trusts)                         Upper quartile: 100% 
                                             vesting 
                                             (straight-line vesting 
                                             applies between median 
                                             and upper quartile) 
------------------------  ---------------  ------------------------------------------------------------- 
 3-year EBITDA growth      30%              Less than 3%: nil vesting 
  p.a.                                       3%: 0% vesting 
                                             7%: 100% vesting 
                                             (straight-line vesting 
                                             applies between 3% and 
                                             7%) 
------------------------  ---------------  ------------------------------------------------------------- 
 Strategic objectives      40%              The key areas are: 
                                              *    Global Xpress: Complete successful market entry to 
                                                   satellite broadband market through the next 
                                                   generations of Inmarsat satellites 
 
 
                                              *    Aviation: Put in place all key building blocks of the 
                                                   aviation business case (to support material revenues 
                                                   forecast over the LRBP period.) 
 
 
                                              *    L-band: Work assiduously to sustain L-band revenues 
                                                   despite GX migration and both on=going tight budgets 
                                                   and strong competition in all markets 
 
 
                                              *    Strategic contract: To maximise the overall net 
                                                   contribution of the contract to Inmarsat. 
 
 
 
                                             Achievement against 
                                             strategic objectives 
                                             will be considered as 
                                             a whole. There are specific 
                                             objectives within each 
                                             area, and further details 
                                             of the objectives and 
                                             key achievements will 
                                             be disclosed in detail 
                                             at the end of the performance 
                                             period 
------------------------  ---------------  ------------------------------------------------------------- 
 

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This information is provided by RNS

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March 10, 2017 12:56 ET (17:56 GMT)