7 Jul 2017 14:29
7 July 2017
Manx Telecom PLC
Grant of options under the Manx Telecom PLC 2017 Long-Term Incentive Plan (LTIP)
Further to disclosure in the 2016 Annual Report, Manx Telecom plc (the "Company") announces that LTIP awards have been made to Gary Lamb and Danny Bakhshi over shares worth 100% of base salary and will be subject to Total Shareholder Return and Free Cash Flow (FCF) metrics, measured over the three financial years to 2019, with a weighting of 50:50 respectively. A sliding scale range has been set for each metric as follows:
For the 50% of the award subject to cumulative FCF in the 2017, 2018 and 2019 financial years:
Aggregate FCF | Percentage of the half of the Award subject to the FCF Condition that Vests |
Below £54.89m | 0% |
£54.89m | 25% |
£54.89m- £59.72m | Vesting on a straight-line basis between 25% and 100% |
Between £59.72m and £59.72m | 100% |
For the 50% of the award subject to total shareholder return (TSR):
Relative TSR- Manx Telecom PLC ranking versus constituents of the FTSE All Share Index (excluding Investment Trusts) | Level of vesting for the half of the award subject to TSR |
Below median | 0% |
Median | 25% |
Between median and upper quartile | Vesting on a straight-line basis between 25% and 100% |
Upper Quartile or better | 100% |
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
The below notification, made in accordance with the requirements of the EU Market Abuse Regulation, gives further details of the transactions on 7 July 2017.
1. | Details of PDMR / person closely associated with them ('PCA') | ||
a) | Name | Gary Edward Lamb
| |
b) | Position / status | Chief Executive Officer | |
c) | Initial notification / amendment | Initial Notification | |
2. | Details of the issuer | ||
a) | Name | Manx Telecom plc | |
b) | LEI | 213800X95NVTAAWYB404 | |
3. | 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 | Share Options over Ordinary Shares of 0.2p
| |
b) | Nature of the transaction | Grant of options under the Manx Telecom PLC 2017 Long-Term Incentive Plan | |
c) | Price(s) and volume(s) | Price(s) | Volume(s) |
Nil | 153,710 | ||
d) | Aggregated information Aggregated volume Price | 153,710 Share Options over Ordinary Shares of 0.2p
Nil consideration | |
e) | Date of the transaction | 7th July 2017 | |
f) | Place of the transaction | Outside a trading venue | |
1. | Details of PDMR / person closely associated with them ('PCA') | ||
a) | Name | Danny Bakhshi
| |
b) | Position / status | Chief Financial Officer | |
c) | Initial notification / amendment | Initial Notification | |
2. | Details of the issuer | ||
a) | Name | Manx Telecom plc | |
b) | LEI | 213800X95NVTAAWYB404 | |
3. | 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 | Share Options over Ordinary Shares of 0.2p
| |
b) | Nature of the transaction | Grant of options under the Manx Telecom PLC 2017 Long-Term Incentive Plan
| |
c) | Price(s) and volume(s) | Price(s) | Volume(s) |
Nil | 111,307 | ||
d) | Aggregated information Aggregated volume Price | 111,307 Share Options over Ordinary Shares of 0.2p
Nil consideration | |
e) | Date of the transaction | 7th July 2017 | |
f) | Place of the transaction | Outside a trading venue | |