DNA PLC STOCK EXCHANGE RELEASE 4 OCTOBER 2019, 9:00 am EEST
DNA Plc's Board of Directors has on 3 October 2019 resolved to terminate DNA's long-term share-based incentive schemes for senior executives and other key employees and the matching shares plan for its personnel. The Board of Directors has also resolved on the payment of rewards thereunder in cash. The long-term share-based incentive schemes and the matching shares plan were initially disclosed by way of a stock exchange releases on 31 January 2017 and 21 December 2018, respectively. More information on the incentive schemes and the matching shares plan is available in DNA's annual report for 2018.
As previously announced by DNA, the Norwegian telecommunications company Telenor has gained control in DNA, which event constitutes grounds, pursuant to the terms and conditions of the long-term share-based incentive schemes and the matching shares plan, for the schemes' and the plan's accelerated termination and for the payment of any rewards thereunder in cash instead of shares.
Today's resolution by the Board of Directors of DNA covers the Performance Share Plan (PSP) programmes 2017–2019, 2018–2020 and 2019–2021, the Restricted Share Plan (RSP) programme 2019–2021 as well as the matching shares plan period 2019–2020. The payment of the cash reward to around 50 participants in the PSP programme 2017–2019 will be paid at the latest on 10 October 2019. In the matching share plan, matching shares are disbursed as cash reward to around 1,000 participants by 20 November 2019. In respect of the PSP programmes 2018–2020 and 2019–2021 as well as the RSP programme 2019–2021, the payment of the cash reward to around 70 participants will take place at the latest on 30 June 2020. Payments of the cash reward are conditional on the participants' employment continuing until the payment of the reward or that the participant is a good leaver in accordance with the applicable terms and conditions.
The cash reward amounts to approximately EUR 14 million. As a result of the cash reward, EUR 2 million will be recognized as an expense in the income statement in September 2019.
DNA Plc
Further enquiries:
Marja Mäkinen, Head of IR, DNA Plc, +358 44 044 1262, marja.makinen@dna.fi
DNA Corporate Communications, +358 44 044 8000, communications@dna.fi
DNA Plc is a Finnish telecommunications group providing high-quality voice, data and TV services for communication, entertainment and working. DNA is Finland's largest cable operator and the leading pay TV provider in both cable and terrestrial networks. Our mission is to provide products and services that make our private and corporate customers' lives simple. As a telecommunications operator, DNA plays an important role in society by providing important communication connections and by enabling digital development. DNA was ranked as Finland's best place to work in 2019 in the Great Place to Work survey’s large companies category. In 2018, our net sales were EUR 912 million and our operating profit EUR 139 million. DNA has more than 4 million subscriptions in its fixed and mobile communications networks. The Group also includes DNA Store, Finland's largest retail chain selling mobile phones. DNA shares are listed on Nasdaq Helsinki Ltd. For further information, visit www.dna.fi or follow us on Twitter @DNA_fi and Facebook.