Dealings in Securities by Directors and by Directors of Major Subsidiaries of MiX Telematics
MIDRAND, South Africa--(BUSINESS WIRE)--Nov 14, 2018--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:
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.
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KEYWORD: UNITED STATES NORTH AMERICA SOUTH AFRICA AFRICA
INDUSTRY KEYWORD: TECHNOLOGY SOFTWARE TELECOMMUNICATIONS AUTOMOTIVE PROFESSIONAL SERVICES BANKING FLEET MANAGEMENT FINANCE
SOURCE: MiX Telematics Limited
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PUB: 11/14/2018 10:00 AM/DISC: 11/14/2018 10:01 AM