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NoHo Partners Plc
STOCK EXCHANGE RELEASE 30 November 2021 at 11:45
The Board of Directors of NoHo Partners Plc has resolved to extend the duration of the long-term share-based incentive plan for the key employees and on the third earning period of the long-term incentive plan
NoHo Partners Plc's Board of Directors has resolved to amend the terms of the long-term incentive plan for the company's key employees due to the changes in the company’s business environment caused by the Covid-19 pandemic. The terms of the long-term incentive plan will be amended by extending the duration of the long-term incentive plan by one year until 2024 and adding a new earning period. The establishment of the long-term incentive plan has been announced on 30 November 2018.
NoHo Partners Plc's Board of Directors has resolved on the third earning period of the long-term incentive plan for the company's key employees. The third earning period is 13 months, starting on 1 December 2021, and ending on 31 December 2022. The reward criteria for the third earning period are based on NoHo Partners Plc’s EBIT. There are eight participants in the long-term incentive plan’s third earning period.
A maximum of 281.828 reward shares could be awarded for the third earning period. The value of the maximum reward at the average share price on the trading day preceding this stock exchange release would be approximately EUR 2.2 million. 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 third earning period is 1.44%.
NoHo Partners Plc
Board of Directors
Aku Vikström, CEO, tel. +358 44 011 1989
Jarno Suominen, Deputy CEO, tel. +358 40 721 5655
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. The well-known restaurant concepts of the company include Elite, Savoy, Teatteri, Stefan’s Steakhouse, Palace, Löyly, Hanko Sushi, Friends & Brgrs and Cock’s & Cows. Depending on the season, the Group employs approximately 2,100 people converted into full-time employees. The Group aims to achieve turnover of MEUR 400 by the end of 2024. The company’s vision is to be the leading restaurant company in Northern Europe.