Bank of Georgia Group PLC Section 430(2B) Companies Act 2006 Statement (3560S)
08 Marzo 2019 - 08:39AM
UK Regulatory
TIDMBGEO
RNS Number : 3560S
Bank of Georgia Group PLC
08 March 2019
London, 8 March 2019
Section 430(2B) Companies Act 2006 Statement
The following information is provided in accordance with section
430(2B) of the Companies Act 2006.
On 4 March 2019, Kakhaber Kiknavelidze, Bank of Georgia Group
PLC (the "Company") and JSC Bank of Georgia entered into a
settlement agreement in relation to his cessation of employment
effective as of 28 February 2019 ("Termination Date"). For the
purposes of section 430(2B), payments made or to be made after his
termination may include:
-- Payment of $11,698 for accrued but untaken annual leave,
-- Outstanding business expenses incurred up to Termination Date,
-- Pro-rata portion of deferred share salary up to Termination
Date, paid in nil-cost options over 10,000 Company shares,
-- Payment in lieu of contractual notice of $42,192,
-- GBP100 in respect of his agreement to certain restrictive
covenants and a contribution of GBP5,000 to his legal fees incurred
in connection with the termination of his employment and
negotiating a settlement agreement,
-- Payment of $85,000 as a severance payment under his JSC Bank
of Georgia contract in line with contractual arrangements,
-- Pro-rata portion of discretionary deferred shares in respect
of period during FY19 up to Termination Date, to be determined by
the Remuneration Committee and paid in nil-cost options after the
end of FY19.
Any outstanding nil-cost options awards under the Bank of
Georgia Group Senior Executive Equity Compensation Plan, the Bank
of Georgia Executive Equity Compensation Plan and the Rubicon
Executive Equity Compensation Plan will continue to vest on their
normal vesting dates, subject to the rules of the relevant
plan.
The Company's 2019 Annual Report will contain full details of
all remuneration payments described above.
Name of authorised official of issuer responsible for making
notification: Natia Kalandarishvili, Head of Investor Relations and
Funding
About Bank of Georgia Group PLC
Bank of Georgia Group PLC ("Bank of Georgia Group" or the
"Group" - LSE: BGEO LN) is a UK incorporated holding company, which
comprises: a) retail banking and payment services, b) corporate
investment banking and wealth management operations and c) banking
operations in Belarus ("BNB"). JSC Bank of Georgia ("Bank of
Georgia", "BOG" or the "Bank"), the leading universal bank in
Georgia, is the core entity of the Group. The Group targets to
benefit from superior growth of the Georgian economy through both
its retail banking and corporate investment banking services and
aims to deliver on its strategy, which is based on at least 20%
ROAE and 15%-20% growth of its loan book.
JSC Bank of Georgia has, as of
the date hereof, the following
credit ratings:
Fitch Ratings 'BB-/B'
Moody's 'Ba3/NP' (FC) &
'Ba2/NP' (LC)
For further information, please visit www.bankofgeorgiagroup.com
or contact:
Archil Gachechiladze Michael Oliver David Tsiklauri Natia Kalandarishvili
Group CEO Adviser to the Group CFO Head of Investor
CEO Relations
+995 322 444 444
+995 322 444 144 +44 203 178 4034 +995 322 444 108 (9282)
agachechiladze@bog.ge moliver@bgeo.com dtsiklauri@bog.ge ir@bog.ge
This news report is presented for general informational purposes
only and should not be construed as an offer to sell or the
solicitation of an offer to buy any securities
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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