02:00 Thu 10 Dec 2020
National Milk Recrds - Executive Bonus Plan and Grant of Options
National Milk Records plc
("NMR", the "Company", or, together with its subsidiaries, the "Group")
Executive Bonus Plan and Grant of Options
The Remuneration Committee of National Milk Records plc, the leading supplier of dairy and livestock information services (AQSE: NMRP), is pleased to announce that it has awarded
The Plan is applicable to the Executives and has been put in place to enable the Board to continue to incentivise senior management in a manner that is closely aligned with the interests of NMR's shareholders. In line with its obligations under the QCA Code, the Remuneration Committee has consulted with major shareholders on the Plan, who have provided feedback.
Plan Overview
A summary of the key features of the Plan is set out below:
· The Executives may be granted options over ordinary shares of 0.25p each in the capital of the Company ("Shares") pursuant to the Plan ("Options")
· The Options will vest subject to certain performance criteria
· The number of Options to be granted to each Executive will be calculated by reference to a percentage of their base salary in that financial year
· Once exercised, the option shares must be held for a further two years, or such shorter period as the Company may in its discretion determine
· The number of Shares issued pursuant to the Plan shall not exceed 1.75% of the issued share capital in the Company at the date of grant
· The Option awards are at the discretion of the Board.
Option Awards
· The Executives have been awarded Options over up to 351,433 Shares pursuant to the Plan (the "Awards").
· The Options have an exercise price of
· The value of the Ordinary Shares for the purposes of Award calculation is
· The Options will vest at the end of the performance period, being the accounting period ending
Performance Criteria
The performance target shall be achieving EBITDA of the Company of
· If EBITDA of less than
· Between
· If EBITDA of
· Above
· Between
· Above
The table below details the relevant percentages for each Executive to be used to determine the grant value.
Percentage of target achieved |
85% or more but less than 100% |
100% |
100-120% |
120-150% |
Equates to an EBITDA of: |
|
|
|
|
Percentage of salary used to determine award value - |
80% of base salary less 1% for each 1% of EBITDA below |
80% of base salary |
The previous, plus a further 0.75% of base salary for every 1% in EBITDA above |
The previous, plus a further 1.5% of base salary for every 1% above |
Percentage of salary used to determine award value - |
40% of base salary less 0.5% for each 1% of EBITDA below
|
40% of base salary
40% of base salary to the extent that Microsoft Dynamics has been successfully implemented by
|
The previous, plus a further 0.5% of base salary for every 1% in EBITDA above |
The previous, plus a further 1.25% of base salary for every 1% above |
The Board believes that the performance criteria attaching to the Awards are a fair measure of value creation and align the Executives' interest with those of shareholders.
The Executives hold additional options in the Company pursuant to both the 2017 Unapproved Share Option Plan and the 2017 Approved Share Option Plan. Both schemes vest over 3 years and have no performance conditions attached. Further information on these schemes can be found in the Company's 2020 Annual Report.
For further information please contact
National Milk Records plc
|
|
Canaccord Genuity
|
+44 20 7523 8000 |
Blytheweigh (Financial PR) |
+44 20 7138 3204 |
The Directors of NMR are responsible for the contents of this announcement.
About NMR
NMR is the leading supplier of essential management information to the
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them. |
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1 |
Details of the person discharging managerial responsibilities / person closely associated |
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a) |
Name |
|
2 |
Reason for the notification |
|
a) |
Position/status |
Managing Director |
b) |
Initial notification /Amendment |
|
3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|
a) |
Name |
National Milk Records plc |
b) |
LEI |
213800WRKB3WOUGNGN83 |
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, type of instrument |
|
b) |
Nature of the transaction |
Grant of Options pursuant to the Plan |
c) |
Price(s) and volume(s) |
Up to 211,470 |
d) |
Aggregated information |
n/a - single transaction |
e) |
Date of the transaction |
|
f) |
Place of the transaction |
AQSE Growth Market |
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them. |
||
1 |
Details of the person discharging managerial responsibilities / person closely associated |
|
a) |
Name |
|
2 |
Reason for the notification |
|
a) |
Position/status |
Finance Director |
b) |
Initial notification /Amendment |
|
3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|
a) |
Name |
National Milk Records plc |
b) |
LEI |
213800WRKB3WOUGNGN83 |
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, type of instrument |
|
b) |
Nature of the transaction |
Grant of Options pursuant to the Plan |
c) |
Price(s) and volume(s) |
Up to 139,963 |
d) |
Aggregated information |
n/a - single transaction |
e) |
Date of the transaction |
|
f) |
Place of the transaction |
AQSE Growth Market |
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