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Home News

Airtel Africa Awards £2.3m in Shares to Top Directors

by Justice Godfrey Okamgba
July 5, 2023
in News
0
Airtel Africa Awards £2.3m in Shares to Top Directors
UBA
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Airtel Africa Plc, a leading telecommunications company, has recently granted shares worth £2.3 million to two of its directors, Olusegun Ogunsanya and Jaideep Kishore Paul.

This significant allocation comes as part of the company’s Long-Term Incentive Plan (LTIP), aimed at rewarding directors for their exceptional performance over an extended period.

Under the LTIP, which entails executive share plans with a minimum vesting period of three years, CEO Olusegun Ogunsanya has been awarded 1,420,828 shares, while CFO Jaideep Kishore Paul has been granted 633,704 shares.

Currently valued at £1.1197 per share, these allocations amount to a total value of £2.3 million.

The shares will vest over five years, contingent upon the directors meeting specific performance targets.

These targets include achieving a 40% compound annual growth rate in net revenue, a 40% increase in underlying EBITDA margin, and a 20% ranking on the MSCI Emerging Markets Communications Service Index, a respected benchmark.

In a notice to the Nigerian Exchange Limited, Airtel Africa Plc declared, “On 27 June 2023, the Company granted the awards over Ordinary Shares under the terms of the Airtel Africa Long Term Incentive Plan (LTIP) to PDMRs at nil cost.”

According to Simon O’Hara, the Group Company Secretary, the number of awarded shares represents the maximum that may vest, typically after the third anniversary of the award date.

The actual number of shares that will vest is subject to the fulfillment of performance conditions.

Airtel Africa Plc further stated that the performance conditions for the 2023 Awards will be based on a 40% compound annual growth in Net Revenue (CAGR %) over three financial years commencing on 1 April 2023, a 40% increase in underlying EBITDA margin, and a 20% total shareholder return (TSR) ranking against the MSCI Emerging Markets Communications Service Index.

The 2023 Awards will also be subject to a holding period until the fifth anniversary of the grant date.

The allocation of shares to the top directors under the LTIP signifies the company’s commitment to incentivizing long-term performance and fostering sustained growth.

By aligning the directors’ interests with the company’s objectives, Airtel Africa Plc aims to drive strategic decision-making and enhance shareholder value.

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  • Justice Godfrey Okamgba
    Justice Godfrey Okamgba

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Justice Godfrey Okamgba

Justice Godfrey Okamgba

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