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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Network International Holdings Plc | LSE:NETW | London | Ordinary Share | GB00BH3VJ782 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 393.80 | 393.60 | 394.00 | 393.80 | 393.20 | 393.20 | 21,737 | 12:37:27 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Business Services, Nec | 490.13M | 65.69M | 0.1233 | 31.91 | 2.1B |
From Apr 2019 to Apr 2024
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).
Hot Features
Premium
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by the Investment Association (the IA) on executive pay in the context of COVID-19; ii) market practice in light of the withdrawn dividend; iii) the need to retain and motivate a talented leadership team; and iv) benchmarking of FTSE 101-225 companies and other global payment processing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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END
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(END) Dow Jones Newswires
August 24, 2020 02:00 ET (06:00 GMT)
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