Cobham plc Director/PDMR Shareholding (9253S)
March 14 2019 - 10:20AM
UK Regulatory
TIDMCOB
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 CEO
Position / status
Initial notification / amendment Initial Notification
2b
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: GBP1.152
Total: GBP30,235.39
------ --------------------------------------- ------------------------
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 CEO
Position / status
Initial notification / amendment Initial Notification
2b
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: GBP1.152
Total: GBP231,745.54
------ --------------------------------------- ------------------------
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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END
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