Next Fifteen Comm Director/PDMR Shareholding
May 03 2017 - 5:04AM
UK Regulatory
TIDMNFC
Next Fifteen Communications Group plc
("Next 15" or the "Company")
Director/PDMR Shareholdings
Next 15 announces that on 2 May 2017 the following awards of
performance shares were made under the Next Fifteen Communications
Group plc Long-term Incentive Plan 2015 ('2015 LTIP'):
Name Number of shares subject to the award
Tim Dyson 162,597
Peter Harris 75,367
The awards are expected to vest if certain performance
conditions are met. The performance conditions for the Plan are
based on an adjusted earnings-per-share measure and a range of
strategic KPI measures over a period of five consecutive financial
years, commencing with the current financial year. No consideration
is payable on the grant or vesting of the awards.
Following review of the 2015 LTIP's design and a period of
consultation with the Company's shareholders, the 2015 LTIP has
been amended as outlined below:
-- Awards will vest 20% per annum over 5 years subject to performance
conditions and continued employment with no 'bye year'.
-- Vested awards must be held until released by the Company's
Remuneration Committee. Awards vesting in years 1, 2 and 3 will
be
released following publication of the Group's financial
statements for
year 3 and those awards vesting in years 4 and 5 will be
released
following publication of the Group's financial statements for
year 5.
Release of vested awards is subject to the awards not having
lapsed,
including under the 2015 LTIP's leaver provisions. The existing
EPS
performance measure is retained however the inflation measure
will be
removed so that absolute EPS will account for 70% of the award.
The
remaining 30% is measured in relation to annual KPI
measures.
-- A transitional award had been proposed for awards made in FY18, to
deal with the change from the old to the new structure which
would
mirror the future awards but with a vesting weighted
differently.
In addition, as disclosed in the 2017 annual report and
accounts, the awards made to Tim Dyson and Peter Harris on 17
October 2016 under the 2015 LTIP and Share Award Agreements with
each director have been amended such thatthe 'bye year' has been
removed and the performance period changed to three years rather
than the best three of four years, which will accelerate the
vesting of those existing LTIP awards by one year. The performance
conditions otherwise remain unchanged.
Further details of the 2015 LTIP and the performance conditions
will be available in the Company's annual report and accounts for
the year ending 31 January 2018.
Enquiries:
Next Fifteen Communications Group plc
Nick Lee Morrison, General Counsel & Company Secretary +44
(0) 20 7908 6444
Investec Bank plc +44 (0) 20 7597 4000
Keith Anderson / Matt Lewis / Dominic Emery
View source version on businesswire.com:
http://www.businesswire.com/news/home/20170503005632/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
May 03, 2017 06:04 ET (10:04 GMT)
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