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Regulatory Story
Company Cobham plc
TIDM COB
Headline Director/PDMR Shareholding
Released 14:20 14-Mar-2019
Number 9253S14

RNS Number : 9253S
Cobham plc
14 March 2019
 

14 March 2019

 

Cobham plc

LEI 213800A41R9NL49E5632

 

NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS

 

Cobham plc (the "Company") announces the following transactions of Directors, persons discharging managerial responsibility or connected persons:

 

On 13 March 2019, the RSP Buy-out award of 55,842 shares issued to David Lockwood vested.  There were no performance conditions attaching to this award as it related to deferred shares forfeited as a consequence of joining Cobham. 26,246 shares were sold to cover tax and other deductions due on that vest, at a price of 115.2 pence per share.  Mr Lockwood retained the balance of 29,596 shares as required by his shareholding requirement.

 

1

Name of person discharging managerial responsibilities ('PDMR') / connected person (if applicable):  

 

 

 

David Lockwood

2a

 

Position / status

 

CEO

 

2b

 

Initial notification / amendment

Initial Notification

3a

Details of the Issuer

Cobham plc

 

3b

Legal Entity Identifier

 

213800A41R9NL49E5632

 

4a

Description of financial instrument

 

Cobham plc Ordinary 2.5p shares


Identification Code

GB00B07KD360

4b

Nature of the transaction

Sale of RSP Buy-out Share awards to cover deductions

4c

Price per share                         

115.2 pence


Volume of the transaction

26,246 shares

4d

Aggregated Information

Volume: 26,246

Price:   £1.152

Total:   £30,235.39

4e

Date of transaction   

2019 03 13                                          

4f

Place of Transaction

London Stock Exchange XLON

 

As a consequence of joining Cobham, David Lockwood also forfeited shares held under a long-term incentive plan at his previous employer.  A buy-out award was provided in respect of the forfeited shares, with vesting of the buy-out subject to achievement of stretching EPS performance targets for Cobham's 2018 financial year.

 

Based on the final EPS performance achieved in 2018, on 13 March 2019 the buy-out award vested at 54.54% of maximum, resulting in David Lockwood receiving 427,046 shares out of the 782,918 shares issued under the award.  201,168 shares were sold to cover tax and other deductions due on that vest, at a price of 115.2 pence per share.  The remaining balance of 225,878 shares are subject to a further two year holding period post vesting.

 

In reviewing performance against the targets, the Remuneration Committee considered that it was appropriate to apply discretion to make adjustments to the underlying EPS targets and actuals.  These reflected the divestments of the AvComm and Wireless test and measurement businesses, including debt repayment, and were intended to ensure that performance was measured on an equivalent like for like basis.

 

As a result, the 2018 adjusted EPS targets attached to the award were 5.1p at threshold, 5.6p at target and 6.7p at maximum, and the final outcome was an adjusted 2018 underlying EPS of 5.7p.  For completeness, the original (unadjusted) targets were 5.6p at threshold, 6.1p at target and 7.3p at maximum.

 

1

Name of person discharging managerial responsibilities ('PDMR') / connected person (if applicable):  

 

 

 

David Lockwood

2a

 

Position / status

 

CEO

 

2b

 

Initial notification / amendment

Initial Notification

3a

Details of the Issuer

Cobham plc

 

3b

Legal Entity Identifier

 

213800A41R9NL49E5632

 

4a

Description of financial instrument

 

Cobham plc Ordinary 2.5p shares


Identification Code

GB00B07KD360

4b

Nature of the transaction

Sale of PSP Buy-out Share awards to cover deductions

4c

Price per share                         

115.2 pence


Volume of the transaction

201,168 shares

4d

Aggregated Information

Volume: 201,168

Price:   £1.152

Total:   £231,745.54

4e

Date of transaction   

2019 03 13                                          

4f

Place of Transaction

London Stock Exchange XLON

 

 

Name of contact and telephone number for queries:

 

Lyn Colloff, Company Secretary

01202 857552


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