12 Jun 2019 14:04
12 June 2019
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Inmarsat plc: Director share dealings
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2019 Performance Share Award (PSA)
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In accordance with Article 19 of the EU Market Abuse Regulation, the relevant FCA notifications are set out at the end of this announcement.
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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.
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Name | Number of ordinary shares awarded under PSA on 2 May 2019 |
Rupert Pearce | 277,346 |
Tony Bates | 227,180 |
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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.
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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.
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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
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Alison Horrocks
Company Secretary
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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) Â | LEI Â | 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: GB00B09LSH68Â | ||||
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) Â | Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
Nil consideration | 277,346 | ||||
d) Â | 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 |
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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) Â | LEI Â | 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: GB00B09LSH68Â | ||||
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) Â | Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
Nil consideration | 227,180 | ||||
d) Â | 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 |
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