REG - National World PLC - LTIP awards and Director/PDMR shareholdings

National WorldAnnouncement

16/12/2022 10:45

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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 31(st) 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

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

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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