Network International Holdings PLC LTIP PDMR (0511X)
April 29 2021 - 2:29AM
UK Regulatory
TIDMNETW
RNS Number : 0511X
Network International Holdings PLC
29 April 2021
29 April 2021
Network International Holdings plc
("Network International" or the "Group")
Notification and public disclosure of LTIP Awards to Directors
and Persons Discharging Managerial Responsibilities ("PDMR")
Network International Holdings plc (LSE: NETW) (the Company) has
on 26 April 2021 (the Date of Grant), granted awards (the Awards)
to acquire ordinary shares in the Company (the Shares), subject to
and in accordance with the rules of the Network International
Holdings Long-Term Incentive Plan (the Plan), to the Group CEO and
Group CFO as listed in the table below (the Participants)
Name Number of Shares subject
to Award
Nandan Mer 278,120
-------------------------
Rohit Malhotra 154,215
-------------------------
The Awards vest, in accordance with the rules of the LTIP,
subject to the achievement of financial performance targets over a
three year performance period. The performance conditions for the
LTIP measure the Company's EPS, TSR and Revenue. The LTIP will
include an additional ROCE target which, if it is not achieved,
could reduce the amount vesting by up to 10%. The performance
conditions were chosen as key indicators of shareholder value, and
calibrated to reward sustainable long term performance of the
Company and value creation for shareholders.
Financial Adjusted EPS 50% Threshold Target Maximum
Adjusted EPS (cents) 22.6 24.4 27.0
---------- ------- --------
Payout 25% 50% 100%
---------- ------- --------
Straight line vesting between
points
------------------------- ------------------- ----------------------------------------------------------
Revenue 25% Threshold Target* Maximum
Revenue ($m) 467.9 505.8 531.1
---------- -------- --------
Payout 25% 50% 100%
---------- -------- --------
Straight line vesting between
points
------------------------- ------------------- ----------------------------------------------------------
Relative TSR vs FTSE 250 25% Threshold Maximum
Relative TSR positioning Median Upper quartile
---------- ---------------
Payout 25% 100%
---------- ---------------
Straight line vesting between
points
------------------------- ------------------- ----------------------------------------------------------
Underpin Return on Capital Underpin which 15% ROCE in 2023
Employed will reduce
levels of vesting
by up to 10%
if not met.
------------------------- ------------------- ----------------------------------------------------------
The Awards are granted as conditional Awards. Subject to the
rules of the Plan, each of the Awards will normally vest on the
third anniversary of the Date of Grant to the extent that the
performance conditions applicable to the relevant part of the Award
have been satisfied. The Awards are subject to malus, a two-year
holding period, and a two-year clawback period from the vesting
date.
The share price at which the Awards were granted was determined
to be GBP4.30 i.e. the higher of the average share price calculated
over a period of up to 30 trading days, or 5 trading days prior to
the Date of Grant.
The Directors' Remuneration Policy and the Plan rules provide
the Committee maximum flexibility in applying discretion to ensure
that the final outturns under the Awards reflect all relevant
factors, including overall corporate performance, shareholder
experience and consideration of any windfall gains.
A copy of the FCA notification form in respect of the grant of
the Awards to each PDMR, as required under the EU Market Abuse
Regulation and in the prescribed format, is set out below.
Notification of a Transaction pursuant to Article 19(3) of the
EU Market Abuse Regulation No 596/2014.
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name Nandan Mer
--------------------------------------------- -----------------------------------
2 Reason for the notification
----------------------------------------------------------------------------------
a) Position/status Group Chief Executive Officer
--------------------------------------------- -----------------------------------
b) Initial notification/Amendment Initial notification
--------------------------------------------- -----------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------------------
a) Name Network International Holdings
plc
--------------------------------------------- -----------------------------------
b) LEI 213800XVRNKWENNLKK60
--------------------------------------------- -----------------------------------
4 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 Shares
instrument, type of instrument
Identification code GB00BH3VJ782
--------------------------------------------- -----------------------------------
b) Nature of the transaction Grant of Awards under the Network
International Holdings Long Term
Incentive Plan
--------------------------------------------- -----------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
GBP 4.30 278,120 ordinary
shares
--------------------------------------------- -----------------------------------
d) Aggregated information - Aggregated volume
- Price 278,120
GBP 1,195,916.00
--------------------------------------------- -----------------------------------
e) Date of the transaction 26 April 2021
--------------------------------------------- -----------------------------------
f) Place of the transaction London Stock Exchange, Main Market
--------------------------------------------- -----------------------------------
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name Rohit Malhotra
--------------------------------------------- -----------------------------------
2 Reason for the notification
----------------------------------------------------------------------------------
a) Position/status Group Chief Financial Officer
--------------------------------------------- -----------------------------------
b) Initial notification/Amendment Initial notification
--------------------------------------------- -----------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------------------
a) Name Network International Holdings
plc
--------------------------------------------- -----------------------------------
b) LEI 213800XVRNKWENNLKK60
--------------------------------------------- -----------------------------------
4 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 Shares
instrument, type of instrument
Identification code GB00BH3VJ782
--------------------------------------------- -----------------------------------
b) Nature of the transaction Grant of Awards under the Network
International Holdings Long Term
Incentive Plan
--------------------------------------------- -----------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
GBP 4.30 154,215 ordinary
shares
--------------------------------------------- -----------------------------------
d) Aggregated information - Aggregated volume
- Price 154,215
GBP 663,124.50
--------------------------------------------- -----------------------------------
e) Date of the transaction 26 April 2021
--------------------------------------------- -----------------------------------
f) Place of the transaction London Stock Exchange, Main Market
--------------------------------------------- -----------------------------------
Enquiries
Network International
Jay Razzaq: Chief Risk Officer jay.razzaq@network.global
& Group Company Secretary
Amie Gramlick: Head of Investor InvestorRelations@Network.Global
Relations
Finsbury network-lon@finsbury.com
James Leviton, Andy Parnis:
Media Relations
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