4 Apr 2018 13:32
4 April 2018
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 ("PSA") made on 30 March 2015 vested on 3 April 2018 being the closest date to the third anniversary of the date of grant.
Vesting of the award was dependent on performance for TSR, EBITDA and strategic objectives, weighted 30%, 30% and 40% respectively of the total award. The performance targets for EBITDA growth and TSR performance were not met. A vesting outcome of 30% out of 40% of the element for strategic objectives was achieved which resulted in overall vesting of 30% of the award. Full details of the vesting are contained in the Company's 2017 Annual Report.
The PSA is not a HM Revenue & Customs approved plan and on vesting, income tax and social security deductions become payable by the individual.
Due to the Easter bank holiday, the vesting took place during the Company's close period. The Company therefore arranged for an automatic sell to cover withholding tax obligations in accordance with the Rules of the Performance Share Plan. Mr Pearce and Mr Bates were not permitted to transact in any net shares and these were added to the existing number of ordinary shares held by Mr Pearce and Mr Bates.
Name | Number of shares vesting including reinvested dividends | Number of shares sold on 3 April 2018 to cover tax / NI | Number of shares retained | Total shareholding |
Rupert Pearce | 38,252 | 18,024 | 20,228 | 998,986 |
Tony Bates | 29,040 | 13,684 | 15,356 | 118,060 |
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
| Rupert Pearce | |||
2
| Reason for the notification
| ||||
a)
| Position/status
| Chief Executive 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
| 213800QU7UAKT6KMRF41 | |||
4.1
| 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 | |||
c)
| Price(s) and volume(s) |
|
|
|
|
| Price(s) | Volume(s) |
| ||
| GBP 0.00 | 38,252 |
| ||
|
|
|
| ||
d)
| Aggregated information | ||||
- Aggregated volume | 38,252 | ||||
- Price | GBP 0.00 | ||||
e)
| Date of the transaction
| 3 April 2018 | |||
f)
| Place of the transaction
| London Stock Exchange | |||
4.2
| 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 on vesting of Performance Share Award | |||
c)
| Price(s) and volume(s) |
|
|
|
|
| Price(s) | Volume(s) |
| ||
| GBP 3.492 | 18,024 |
| ||
|
|
|
| ||
d)
| Aggregated information | ||||
- Aggregated volume | 18,024 | ||||
- Price | GBP 62,939.81 | ||||
e)
| Date of the transaction
| 3 April 2018 | |||
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 Financial 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
| 213800QU7UAKT6KMRF41 | |||
4.1
| 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 | |||
c)
| Price(s) and volume(s) |
|
|
|
|
| Price(s) | Volume(s) |
| ||
| GBP 0.00 | 29,040 |
| ||
|
|
|
| ||
d)
| Aggregated information | ||||
- Aggregated volume | 29,040 | ||||
- Price | GBP 0.00 | ||||
e)
| Date of the transaction
| 3 April 2018 | |||
f)
| Place of the transaction
| London Stock Exchange | |||
4.2
| 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 on vesting of Performance Share Award | |||
c)
| Price(s) and volume(s) |
|
|
|
|
| Price(s) | Volume(s) |
| ||
| GBP 3.492 | 13,684 |
| ||
|
|
|
| ||
d)
| Aggregated information | ||||
- Aggregated volume | 13,684 | ||||
- Price | GBP 47,784.53 | ||||
e)
| Date of the transaction
| 3 April 2018 | |||
f)
| Place of the transaction
| London Stock Exchange | |||