leadf
logo-loader
RNS
viewNetwork International Holdings PLC

Network Intnl Hldgs - LTIP awards

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 19th 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by the Investment Association (the IA) on executive pay in the context of COVID-19; ii) market practice in light of the withdrawn dividend; iii) the need to retain and motivate a talented leadership team; and iv) benchmarking of FTSE 101-225 companies and other global payment processing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 £4.35, as previously announced, i.e. the higher of the IPO offer price of £4.35 (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 / Amendment

Initial Notification

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 Financial Instrument

Shares

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



£ 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 / Amendment

Initial Notification

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 Financial Instrument

Shares

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



£ 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 / Amendment

Initial Notification

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 Financial Instrument

Shares

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



£ 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


 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
DSHPJMRTMTITBRM

Quick facts: Network International Holdings PLC

Price: -

Market: LSE
Market Cap: -
Follow

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

9 min read