10 Mar 2017 17:56
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 €0.0005 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 £7.4957 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 shares vesting including reinvested dividends | Number of shares sold on 09 March 2017 to cover tax / NI | Number of shares retained | Total shareholding |
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 £7.615 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 £7.615 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 (% of maximum award) | Performance targets |
3-year TSR vs. FTSE 50-150 (excluding investment trusts) | 30%
| Below median: nil vesting Median: 30% vesting Upper quartile: 100% vesting (straight-line vesting applies between median and upper quartile)
|
3-year EBITDA growth p.a. | 30%
| Less than 3%: nil vesting 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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