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 10 May 2024 it made 1,765,410 performance
share awards in the form of nominal cost options ("Performance
Shares") under the National World Long Term Incentive Plan ("LTIP")
to three executive directors as detailed below.
|
Name
|
Position
|
Number of Performance Shares
|
|
David Montgomery
|
Executive Chairman
|
616,518
|
|
Mark Hollinshead
|
Chief Operating Officer
|
616,518
|
|
Sheree Manning
|
Chief Financial Officer
|
532,374
|
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 2 January 2027, determined as
follows:
|
Adjusted EPS for year ending 2 January 2027
|
Portion of awards subject to Adjusted EPS target which
vest
|
|
Below 3.3p
|
No vesting
|
|
3.3p
|
25%
|
|
3.8p
|
100%
|
Straight line vesting for EPS
between 3.3p and 3.8p.
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 2 January
2027. The share price at the start of this period was 13.75
pence, being the closing price of the Company's shares on 29
December 2023 from LSE website, the last trading day before the
start of the performance period.
|
Annualised TSR for the three year period to 2 January
2027
|
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.
|
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
|
616,518
|
|
|
f)
|
Date of the transaction
|
10 May 2024
|
|
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 Operating 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
|
616,518
|
|
|
f)
|
Date of the transaction
|
10 May 2024
|
|
g)
|
Place of the transaction
|
XLON
|
|
1.
|
Details of PDMR / person closely
associated
|
|
a)
|
Name
|
Sheree Manning
|
|
2.
|
Reason for the
notification
|
|
a)
|
Position / status
|
Chief Financial 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
|
532,374
|
|
|
f)
|
Date of the transaction
|
10 May 2024
|
|
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
|
The information set out in this
announcement is provided in accordance with the requirements of
Regulation 19(3) of the EU Market Abuse Regulation No
596/2014.