Network International Holdings PLC LTIP awards (8908W)
August 24 2020 - 2:00AM
UK Regulatory
TIDMNETW
RNS Number : 8908W
Network International Holdings PLC
24 August 2020
Network International Holdings Plc
GRANT OF SHARE AWARDS UNDER THE NETWORK INTERNATIONAL HOLDINGS
PLC's LONG-TERM INCENTIVE PLAN
Following the interim results announcement, Network
International Holdings plc (LSE: NETW) (the Company) has on 19(th)
August 2020 (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 CFO and the
Managing Directors as listed in the table below (the
Participants).
Name Number of Shares subject to
Award
Rohit Malhotra 240,554
----------------------------
Samer Soliman 215,546
----------------------------
Andrew Key 199,379
----------------------------
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 a two-year holding
period, and a two-year clawback period from the vesting date.
Participants will be entitled to receive additional Shares,
which will be purchased using dividends paid or payable on the
Shares subject to their Awards, between the Date of Grant and the
expiry of the holding period.
In determining whether to grant the Awards, the Remuneration
Committee (the Committee) considered: i) the guidance published by
the Investment Association (the IA) on executive pay in the context
of COVID-19; ii) market practice in light of the withdrawn
dividend; iii) the need to retain and motivate a talented
leadership team; and iv) benchmarking of FTSE 101-225 companies and
other global payment processing peers.
The Committee will, in line with the IA's concession, determine
the performance conditions applicable to the Awards within six
months from the Date of Grant. This is a prudent measure to ensure
that the performance targets will be appropriately stretching and
commensurate with the Group strategy.
The base Award for the CFO is 200% of fixed salary with a kicker
of 50% of the base Award if additional stretching performance
conditions are met in full. The base Award value reflects his
appointment to the Board as an Executive Director in June 2020. As
previously announced in light of COVID-19 cost saving measures, the
CEO advised the Board of his wish to forgo any Award that may have
been awarded by the Committee, as well as the 5% salary increase
awarded by the Committee for 2020. Additionally, both the CEO and
the CFO have advised that they will forgo any 2020 annual bonus
(payable in 2021 based on FY20 performance).
The share price at which the Awards were granted was determined
to be GBP4.35, as previously announced, i.e. the higher of the IPO
offer price of GBP4.35 (which is the same share price as the 2019
LTIP awards) or the average share price calculated over a period of
up to 30 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 Award 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(1) of
Regulation (EU) No. 596/2014.
1 Details of PDMR
a. Name Rohit Malhotra
------------------------------ --------------------------------
2 Reason for Notification
------------------------------ --------------------------------
a. Position / Status Group Chief Financial Officer
------------------------------ --------------------------------
b. Initial Notification Initial Notification
/ Amendment
------------------------------ --------------------------------
3 Details of the Issuer
------------------------------ --------------------------------
a. Name Network International Holdings
Plc
------------------------------ --------------------------------
b. Legal Entity Identifier 213800VRNKWENNLKK60
------------------------------ --------------------------------
4 Details of the Transaction(s)
------------------------------ --------------------------------
a. Description of the Shares
Financial Instrument
------------------------------ --------------------------------
b. Identification Code GB00BH3VJ782
------------------------------ --------------------------------
c. Nature of the Transaction Grant of Awards under the
Network International Holdings
Long-Term Incentive Plan
------------------------------ --------------------------------
d. Date & Place of Transaction 19 August 2020, London Stock
Exchange, Main Market (XLON)
------------------------------ --------------------------------
e. Price(s) and Volume(s) Price Volume
------------------------------ --------------------------------
GBP 4.35 240,554 Ordinary
Shares
------------------------------ --------------------------------
f. Additional information
------------------------------ --------------------------------
- Aggregated volume N/A Single transaction
------------------------------ --------------------------------
- Aggregated price N/A Single transaction
------------------------------ --------------------------------
1 Details of PDMR
a. Name Samer Soliman
------------------------------ --------------------------------
2 Reason for Notification
------------------------------ --------------------------------
a. Position / Status Managing Director - Middle
East
------------------------------ --------------------------------
b. Initial Notification Initial Notification
/ Amendment
------------------------------ --------------------------------
3 Details of the Issuer
------------------------------ --------------------------------
a. Name Network International Holdings
Plc
------------------------------ --------------------------------
b. Legal Entity Identifier 213800VRNKWENNLKK60
------------------------------ --------------------------------
4 Details of the Transaction(s)
------------------------------ --------------------------------
a. Description of the Shares
Financial Instrument
------------------------------ --------------------------------
b. Identification Code GB00BH3VJ782
------------------------------ --------------------------------
c. Nature of the Transaction Grant of Awards under the
Network International Holdings
Long-Term Incentive Plan
------------------------------ --------------------------------
d. Date & Place of Transaction 19 August 2020, London Stock
Exchange, Main Market (XLON)
------------------------------ --------------------------------
e. Price(s) and Volume(s) Price Volume
------------------------------ --------------------------------
GBP 4.35 215,546 Ordinary
Shares
------------------------------ --------------------------------
f. Additional information
------------------------------ --------------------------------
- Aggregated volume N/A Single transaction
------------------------------ --------------------------------
- Aggregated price N/A Single transaction
------------------------------ --------------------------------
1 Details of PDMR
a. Name Andrew Key
------------------------------ --------------------------------
2 Reason for Notification
------------------------------ --------------------------------
a. Position / Status Managing Director - Africa
------------------------------ --------------------------------
b. Initial Notification Initial Notification
/ Amendment
------------------------------ --------------------------------
3 Details of the Issuer
------------------------------ --------------------------------
a. Name Network International Holdings
Plc
------------------------------ --------------------------------
b. Legal Entity Identifier 213800VRNKWENNLKK60
------------------------------ --------------------------------
4 Details of the Transaction(s)
------------------------------ --------------------------------
a. Description of the Shares
Financial Instrument
------------------------------ --------------------------------
b. Identification Code GB00BH3VJ782
------------------------------ --------------------------------
c. Nature of the Transaction Grant of Awards under the
Network International Holdings
Long-Term Incentive Plan
------------------------------ --------------------------------
d. Date & Place of Transaction 19 August 2020, London Stock
Exchange, Main Market (XLON)
------------------------------ --------------------------------
e. Price(s) and Volume(s) Price Volume
------------------------------ --------------------------------
GBP 4.35 199,379 Ordinary
Shares
------------------------------ --------------------------------
f. Additional information
------------------------------ --------------------------------
- Aggregated volume N/A Single transaction
------------------------------ --------------------------------
- Aggregated price N/A Single transaction
------------------------------ --------------------------------
Enquiries
Network International InvestorRelations@Network.Global
Amie Gramlick: Head of Investor
Relations
Finsbury network-lon@finsbury.com
James Leviton, Andy Parnis:
Media Relations
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