LTIP awards and Director/PDMR shareholdings

RNS Number : 0179K
National World PLC
16 December 2022
 

National World plc

 

("National World")

 

Grant of performance share awards under Long Term Incentive Plan
and
Notification of transactions by PDMRs

 

National World announces that on 12 December 2022 it adopted the National World Long Term Incentive Plan 2022 ("LTIP") and on 15 December 2022 it made 1,848,718 performance share awards in the form of nominal cost options ("Performance Shares") under the LTIP to its two executive directors as detailed below.

 

Name

Position

Number of Performance Shares

David Montgomery

Executive Chairman

1,056,410

Mark Hollinshead

Chief Commercial Officer

792,308

 

The vesting of all the Performance Shares is conditional on meeting performance conditions measured over a three-year period as described below. The awards will vest on the third anniversary of grant.

 

Performance conditions

1. Adjusted Earnings Per Share ("EPS") Target

Up to 50% of the total Performance Shares will vest dependent upon the achievement of adjusted EPS targets for the year ending 28 December 2024, determined as follows:

 

Adjusted EPS for year ending 28 December 2024

Portion of awards subject to Adjusted EPS target which vest

Below 2.8p

No vesting

2.8p

25%

3.2p

100%

Straight line vesting for EPS between 2.8p and 3.2p.

 

2. Total Shareholder Return ("TSR") Target

Up to 50% of the total Performance Shares will vest dependent upon the performance of the Company's Absolute TSR measured over the three year period ending 28 December 2024.  The share price at the start of this period was 30.0 pence, being the closing price of the Company's shares on 31st December 2021 from LSE website, the last trading day before the start of the performance period.

 

Annualised TSR for the three year period to 28 December 2024

Portion of Ordinary Shares vesting subject to TSR Target

Below 8.0% per annum

No vesting

8.0% per annum

25%

16.0% per annum

100%

 

The making of these awards at these levels and with these performance conditions is in accordance with the Company's Remuneration Policy with regard to the Executive Directors.

 

In making its determination in relation to the achievement of the above conditions, the Committee may, in line with the Good Governance Practice, exercise its discretion to override formulaic outcomes, including, without limitation, to reflect overall corporate performance and the experience of shareholders in terms of value creation and if the business has suffered an exceptional negative event.

 

The Remuneration Committee has discretion to adjust the level of vesting if in its opinion such level of vesting resulting from the application of the performance conditions is considered not to be a fair and accurate reflection of the performance of the Company or a fair and accurate reflection of the award holder's performance or where there is any other factor or any other circumstances which would make the level of vesting inappropriate without adjustment.

 

The information set out below is provided in accordance with the requirements of Regulation 19(3) of the EU Market Abuse Regulation No 596/2014: 

 

1.

Details of PDMR / person closely associated

a)

Name

David Montgomery

2.

Reason for the notification

a)

Position / status

Executive Chairman

b)

Initial notification /amendment

Initial notification

3.

Details of the issuer

a)

Name

National World plc

b)

LEI

213800NL4ICLKYSYU749

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 instrument

Ordinary Shares of 0.1p par value

b)

Identification code of the Financial Instrument

GB00BJN5J635

c)

Nature of the transaction

Grant of options

d)

Price(s) and volume(s)

Price

Volume

0.1p

1,056,410

f)

Date of the transaction

15 December 2022

g)

Place of the transaction

XLON  

 

1.

Details of PDMR / person closely associated

a)

Name

Mark Hollinshead

2.

Reason for the notification

a)

Position / status

Chief Commercial Officer

b)

Initial notification /amendment

Initial notification

3.

Details of the issuer

a)

Name

National World plc

b)

LEI

213800NL4ICLKYSYU749

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 instrument

Ordinary Shares of 0.1p par value

b)

Identification code of the Financial Instrument

GB00BJN5J635

c)

Nature of the transaction

Grant of options

d)

Price(s) and volume(s)

Price

Volume

0.1p

792,308

f)

Date of the transaction

15 December 2022

g)

Place of the transaction

XLON  

 

Enquiries:

National World plc

Douglas Easton

c/o Montfort Communications

 

Montfort Communications

Olly Scott

+44 (0)78 1234 5205

 

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