The Board of Directors of NoHo Partners Plc resolved on a second earning period of the company’s share-based incentive plan for key employees
NoHo Partners Plc
STOCK EXCHANGE RELEASE 30 December 2019 at 14:00
The Board of Directors of NoHo Partners Plc resolved on a second earning period of the company’s share-based incentive plan for key employees
The Board of Directors of NoHo Partners Plc has resolved on a second earning period of the long-term share-based incentive plan targeted to key employees of the company. The second 24 moths earning period starts on 1 January 2020 and ends on 31 December 2021. The aim of the incentive plan is to combine the objectives of the shareholders and the key personnel in order to increase the value of the company as well as to engage the key personnel to the company and to offer them a competitive incentive plan based on share ownership and development of the company’s value.
After the second earning period a maximum amount of 354 668 NoHo Partners Plc’s shares can be paid as reward to the key employees based on achieving goals essential to the business of the company as determined by the Board of Directors. The reward criteria set for the second earning period are EBIT-% of the Finnish operations, share price development of the company and EBIT-% of the foreign operations during the second earning period.
The potential reward to be paid during the earning period may be paid in shares or as a combination of shares and cash payment, so that the amount to be paid in cash is determined based on the taxes payable on the reward. The reward can under exceptional circumstances be paid entirely in cash due to a justified reason based on the decision of the company’s Board of Directors. The reward earned for the second earning period will be paid to the key employees during the spring of 2022. The key employees shall subscribe the earned reward shares free of charge. The payment of the reward is subject to the condition that the key employee’s employment or service relationship has not been terminated or cancelled by such key employee or by the company prior to the payment of the reward.
The Board of Directors estimates that if the reward is fully paid in shares, the maximum dilutive effect on the number of the company’s registered shares for the second earning period is 1.83%. The total value of the second earning period of the share-based incentive plan is approximately EUR 3,585,000 estimated based on the average exchange rate of the trading day preceding this stock exchange release. In the second earning period the incentive plan will cover 11 key employees of the company’s executive group.
NoHo Partners Plc
The Board of Directors
Additional information:
Aku Vikström, CEO, NoHo Partners Plc, tel. +358 44 011 1989
Jarno Suominen, CFO, Deputy CEO, NoHo Partners Plc, tel. +358 40 721 5655
Distribution:
Nasdaq Helsinki
Major media
www.noho.fi
NoHo Partners Plc is a Finnish group established in 1996, specialising in restaurant services. The company, which was listed on NASDAQ Helsinki in 2013 and became the first Finnish listed restaurant company, has continued to grow strongly throughout its history. The Group companies include some 250 restaurants in Finland, Denmark and Norway. Well-known restaurant concepts of the company include Elite, Savoy, Teatteri, Yes Yes Yes, Stefan’s Steakhouse, Palace, Löyly, Hanko Sushi and Cock’s & Cows. In 2018, NoHo Partners Plc’s turnover was MEUR 323.2 and EBIT MEUR 7.2. Depending on the season, the Group employs approximately 2,100 people converted into full-time workers.
NoHo Partners corporate website: www.noho.fi
NoHo Partners consumer websites: www.ravintola.fi and www.royalravintolat.fi