Cable and Wireless plc
NOTIFICATION OF TRANSACTIONS BY DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY (PDMR) OR CONNECTED PERSONS
This notice is given in accordance with DR 3.1.4(R)(1)(a) and, in relation to the Directors listed below, with section 324 (as extended by section 328) of the Companies Act 1985.
Cable and Wireless plc (“the Company”) was advised on 10 October 2005 that the under-mentioned Directors and PDMR deferred certain amounts of their after tax bonuses paid under the Deferred Short Term Incentive Bonus in respect of the financial year ended 31 March 2005 into the Deferred Short Term Incentive Plan. As a consequence the table below shows the number of Ordinary Shares which have been purchased in the names of the respective Directors and PDMR and which are held in the Cable and Wireless plc Employee Share Ownership Trust ("the Trust").
The purchased shares were acquired on 30 September 2005 at a price of 146.30 pence per share.
Name | | Director/ PDMR | | Deferred Bonus (net of tax) | | Number of Purchased Ordinary Shares | | Number of Matching Shares Awarded | |
|
Francesco Caio | | Director | | £251,930 | | 172,200 | | 583,732 | |
|
George Battersby | | Director | | £111,510 | | 76,220 | | 258,373 | |
|
Charles Herlinger | | Director | | £62,933 | | 43,016 | | 145,818 | |
|
Lord Robertson of Port Ellen | | Director | | £79,650 | | 54,442 | | 184,552 | |
|
Rob Rowley | | Director | | £12,000 | | 8,202 | | 27,804 | |
|
Lesley Smith | | PDMR | | £10,000 | | 6,835 | | 23,170 | |
|
Under the rules of the Deferred Short Term Incentive Plan, purchased shares are held in the Trust for three years before being released to the Director. Matching Shares are calculated on the gross deferred bonus and are based on one matching share for two purchased shares for median TSR performance, rising to two matching shares for one purchased share for performance at upper quartile or above. No matching shares are awarded for below median performance.
Matching Shares will only vest:
| (i) | subject to the satisfaction of performance conditions based on the Total Shareholder Return (“TSR”) performance of the Company measured against the constituents of the FTSE Global Telecoms Sector Index over the three year period commencing 1 October 2005; and |
| | |
| (ii) | subject to the Remuneration Committee confirming that, in its opinion, the underlying financial performance of the Company warrants vesting. |
A dividend award supplement also operates on the Deferred Short Term Incentive Plan. Dividends that would have been paid on purchased shares and the actual award of matching shares during the performance period are re-invested in additional shares.
Following the acquisition of the purchased shares by the Directors and PDMR, the total number of Ordinary Shares held by each of the individuals is:
Name | | Director/ PDMR | | Total number of shares held | | % of issued share capital | |
|
Francesco Caio | | Director | | 598,252 | | Less than 1% | |
|
George Battersby | | Director | | 77,560 | | Less than 1% | |
|
Charles Herlinger | | Director | | 74,983 | | Less than 1% | |
|
Lord Robertson of Port Ellen | | Director | | 57,505 | | Less than 1% | |
|
Rob Rowley | | Director | | 507,233 | | Less than 1% | |
|
Lesley Smith | | PDMR | | 14,514 | | Less than 1% | |
|
Following the above transaction, and awards to other employees on the same day, 51,524,170 Ordinary Shares are currently held under the Trust.
Francesco Caio, Rob Rowley, Charles Herlinger, Lord Robertson of Port Ellen, George Battersby and Harris Jones (all being Directors of Cable and Wireless plc), in their capacity as members of the class of beneficiaries under the Trust, and Towers Perrin Share Plan Services (GSY) Limited, in their capacity as Trustees of the Trust, are deemed to have a non-beneficial interest in these Ordinary Shares.
No Directors are disposing of any beneficial interests in the Company.
Name of person making notification: Heledd Hanscomb
Contact number: 020 7315 4626
Date of notification: London, 10 October 2005