30 Mar 2015 18:00
RNS NOTIFICATION: 30 March 2015
SHARE AWARDS TO EXECUTIVE DIRECTORS AND PDMRs
These notifications are made in accordance with DR 3.1.4.R.
Performance Share Award
The following contingent awards were made under the Performance Share Award ("PSA") on 30 March 2015 using the mid-market closing price of £9.3375 from 27 March 2015.
Name | Number of ordinary shares awarded under PSA on 27 March 2015 |
Rupert Pearce |
111,089 |
Tony Bates |
84,337 |
The PSA awards for 2015 will vest after three years based upon the following three performance conditions, measured over the three years to 31 December 2017.
Performance measure | Weighting (% of maximum award) | Performance targets |
3-year TSR vs. FTSE50-150 (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 4%: nil vesting 10%: 100% vesting (straight-line vesting applies between 4% and 10%) |
Strategic objectives | 40% | The key areas are: • Global Xpress: completion of the successful launch and market entry for next generation of Inmarsat 5 satellites • S-band: Putting in place all key building blocks of the aviation leadership programme business case which will support material revenues beyond 2017 • L-band: Sustaining L-band revenues despite migration of services from L-band to Global Xpress Ka-band, through a re-orientation, expansion and globalisation of L-band services
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 |
BONUS SHARE PLAN ("BSA")
On the same date, BSA awards were made to the following executive directors and nominally converted into shares immediately using the mid-market closing price of £9.3375 from 27 March 2015.
Name | Number of ordinary shares awarded under BSA on 27 March 2015 |
Rupert Pearce | 111,089 |
Tony Bates | 84,337 |
The level of award will not be confirmed until the results for 2015 have been determined and may be lower (but not higher) than the initial award. The shares will vest in equal tranches in March 2017, 2018 and 2019, subject to continued employment. The performance targets are revenue growth (33% of the award) and EBITDA growth (67% of the award) over the 2015 financial year.