MIDRAND, South Africa--(BUSINESS WIRE)--MiX Telematics Limited (NYSE: MIXT and JSE: MIX), a leading global
provider of fleet and mobile asset management solutions delivered as
Software-as-a-Service ("SaaS"), MiX shareholders are referred to the
unaudited interim financial results for the period ended September 30,
2018 published on November 1, 2018, wherein shareholders were informed
that the MiX Telematics board of directors (“the Board”) had authorized
a supplemental performance share award (“PSA”) under the MiX Telematics
Limited Long-Term Incentive Plan (“LTIP”) in terms of which the Board
had designated 8 000 000 ordinary shares (equivalent to 320 000 ADSs),
to be awarded to eligible employees if the Company achieves both of the
following constant currency targets at March 31, 2020:
- Cumulative subscription revenue for the 2019 and 2020 fiscal years
of R3,588 million, and
- Cumulative Adjusted EBITDA for the 2019
and 2020 fiscal years of R1,322 million.
Half of this supplemental equity grant is being made now and the
remaining half will be awarded at the beginning of fiscal 2020 if the
Board believes the Company remains on track to meet the vesting targets
listed above.
“The incentive targets are well in excess of the current and implied
guidance we have provided to investors,” said Stefan Joselowitz, Chief
Executive Officer of MiX Telematics. “This grant should be viewed by
investors as a stretch target that the Board and management believes is
potentially achievable if market trends remain favorable and the Company
executes at an extremely high level. The Board believes it appropriately
incentivizes management to focus on delivering a balance of continued
strong subscription revenue growth while at the same time generating
additional margin expansion.”
Joselowitz continued, “These targets were set at a budget rate for the
year at R13.80 to the US Dollar. Clearly, while we don’t know where the
average rate going forward will end up, the program is designed to
incentivize true performance on a constant currency basis. In other
words, if the average rate ends up with the Rand weaker than R13.80 to
the Dollar, the required targets will be raised appropriately, and vice
versa. This same methodology will apply to the other currencies which
the Company transacts in.”
Robin Frew, MiX Telematics Chairman of the Board, said, “Our management
team is always pushing the Company to deliver the best operational and
financial results possible. The Board believes this new supplemental
equity award elegantly aligns the interests of the global management
team and shareholders and provides a significant incentive if the
Company is able to achieve these stretch financial targets set by the
Board.”
Accordingly, shareholders are advised of the following information
relating to the award and acceptance of PSAs under the LTIP, the vesting
of which will occur on the finalization and sign-off of the audited
financial statements for fiscal 2020 (“vesting period”) and will be
subject to continued employment and the satisfaction of both the
performance conditions being the vesting targets listed above:
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Transaction date:
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November 13, 2018
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Class of securities:
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PSAs in respect of ordinary shares
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Award price per PSA:
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Rnil
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Nature of transaction:
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Off-market acceptance of PSAs under the LTIP
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Nature and extent of directors’ interest:
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Direct beneficial
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Clearance to deal received:
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Yes
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Name of directors of MiX Telematics:
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Number of PSAs awarded:
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Total deemed value calculated using
the closing price on the
day prior to the
transaction date of R10.24:
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Stefan Joselowitz
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400 000
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R4 096 000.00
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Charles Tasker
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400 000
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R4 096 000.00
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Paul Dell
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200 000
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R2 048 000.00
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Name of director of MiX Telematics
International (Pty) Ltd:
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Number of PSAs awarded:
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Total deemed value calculated using
the closing price on the
day prior to the
transaction date of R10.24:
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Catherine Lewis
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400 000
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R4 096 000.00
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Name of director of MiX Telematics
Africa (Pty) Ltd and MiX
Telematics
Investments (Pty) Ltd:
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Number of PSAs awarded:
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Total deemed value calculated using
the closing price on the
day prior to the
transaction date of R10.24:
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Gert Pretorius
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400 000
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R4 096 000.00
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In addition to the awards granted to the five individuals disclosed
above, a further 2 200 000 PSAs have been awarded to twelve other
individuals globally (who are not directors of MiX Telematics nor
directors of major subsidiaries of MiX Telematics).
About MiX Telematics Limited
MiX Telematics is a leading global provider of fleet and mobile asset
management solutions delivered as SaaS to customers managing over
714,000 assets in approximately 120 countries. The Company’s products
and services provide enterprise fleets, small fleets and consumers with
solutions for safety, efficiency, risk and security. MiX Telematics was
founded in 1996 and has offices in South Africa, the United Kingdom, the
United States, Uganda, Brazil, Australia, Romania, Thailand and the
United Arab Emirates as well as a network of more than 130 fleet
partners worldwide. MiX Telematics shares are publicly traded on the
Johannesburg Stock Exchange (JSE: MIX) and MiX Telematics American
depositary shares are listed on the New York Stock Exchange (NYSE:
MIXT). For more information visit www.mixtelematics.com.
Contact: