Press Release

Mediclinic International plc
(Incorporated in England and Wales)
Company Number: 08338604
LSE Share Code: MDC

JSE Share Code: MEI
NSX Share Code: MEP

ISIN: GB00B8HX8Z88

LEI: 2138002S5BSBIZTD5I60

("Mediclinic", or the "Company", or the "Group")

23 November 2020

NOTIFICATION: TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES & PERSONS CLOSELY ASSOCIATED WITH THEM

Awards under the Company's Short-Term Incentive Scheme

As disclosed in the Directors' Remuneration Report of 1 June 2020 for the year ending 31 March 2020 ("FY20"), given the significant global uncertainty caused by the COVID-19 pandemic (the "pandemic"), the Group took a number of decisions to maintain its liquidity through the crisis in order to maximise its support in tackling the pandemic. In light of this, and the Board's decision to suspend the dividend, the Remuneration Committee (the "Committee") and wider Board debated at length the impact on executive remuneration. Subsequently, the Committee decided it would be appropriate to suspend a final decision on pay-outs already earned by the executive directors under the Company's Short-term Incentive Scheme ("STI") for performance during the financial year ended 31 March 2020 ("FY20") until later in the current financial year ("FY21"). 

In support of South Africa's establishment of a Solidarity Fund aimed at assisting the most vulnerable South Africans to deal with the impact of the pandemic, the Group Chief Executive Officer ("CEO") and Group Chief Financial Officer voluntarily donated 30% of their salaries for three months to this essential national initiative. Similarly, the divisional CEOs and all non-executive directors of the Board voluntarily donated 30% of their salaries or fees for three months to benefit charities with similar aims in the countries in which Mediclinic has a presence. In addition, all other Group and divisional executive committee members made similar donations to related charities in their respective countries.

Given the vital role of facility-based frontline employees during the pandemic, the Committee determined that the previously planned increases for these employees proceed. A decision on salary increases for executive directors was, however, postponed until later in the year. The Committee recently decided to approve the executive directors' annual salary increase with effective from October 2020, excluding back-pay for the period April-September 2020.

On 12 November 2020, the Group released its results for the six months ending 30 September 2020 ("1H21"), reporting a robust 1H21 operating performance with a strong financial position and liquidity.  The Group continues to fulfil an essential role in combatting the pandemic. As an international healthcare services provider, Mediclinic prioritises the safety of its employees and patients; the continuity of its operations; and its support of and collaboration with the relevant health authorities - all while delivering on its Group strategy. Considering this, the Committee has reviewed its position on the FY20 STI pay-out.

Following careful review, the Committee has now decided to approve an award, exercising its discretion to override the formulaic FY20 STI outcome (set out on page 212 of the 2020 Annual Report). Taking into account all relevant factors, the Committee considered it appropriate to reduce the award by 60%, which therefore equates to 17% of a maximum possible pay-out. Details of the pay-out will be included in the FY21 Directors' Remuneration Report.

In line with the Remuneration Policy, approved by shareholders at the 2020 Annual General Meeting, 50% of the STI outcome was deferred into shares for two years. Therefore, on 20 November 2020, the following awards over ordinary shares in Mediclinic ("Shares") were granted under the Company's STI.

The awards made under the STI were granted for nil consideration and are based on the average of the middle-market quotations of a Share during a period of five consecutive dealing days ending with the dealing day before the day of grant, which equates to £3.11 per Share.

The notifications below are made in accordance with Articles 19.1 and 19.3 of the Market Abuse Regulation.

About Mediclinic International plc

Mediclinic is a diversified international private healthcare services group, established in South Africa in 1983, with divisions in Switzerland, Southern Africa (South Africa and Namibia) and the United Arab Emirates ("UAE").

The Group's core purpose is to enhance the quality of life.

Its vision is to be the partner of choice that people trust for all their healthcare needs.

Mediclinic is focused on providing specialist-orientated, multi-disciplinary services across the continuum of care in such a way that the Group will be regarded as the most respected and trusted provider of healthcare services by patients, medical practitioners, funders and regulators of healthcare in each of its markets.

At 30 September 2020, Mediclinic comprised 76 hospitals, eight sub-acute and specialised hospitals, 17 day case clinics and 18 outpatient clinics. Hirslanden operated 17 hospitals and four day case clinics in Switzerland with more than 1 900 inpatient beds; Mediclinic Southern Africa operations included 52 hospitals (three of which in Namibia), eight sub-acute and specialised hospitals and 11 day case clinics (four of which operated by Intercare) across South Africa, and more than 8 700 inpatient beds; and Mediclinic Middle East operated seven hospitals, two day case clinics and 18 outpatient clinics with more than 900 inpatient beds in the UAE. In addition, under  management contracts Mediclinic Middle East operates one hospital in Abu Dhabi and will open a 200-bed hospital in the Kingdom of Saudi Arabia in mid-2022.

The Company's primary listing is on the London Stock Exchange ("LSE") in the United Kingdom, with secondary listings on the JSE Ltd in South Africa and the Namibian Stock Exchange in Namibia.

Mediclinic also holds a 29.9% interest in Spire Healthcare Group plc, a leading private healthcare group based in the United Kingdom and listed on the LSE.

For further information, please contact:

Investor Relations, Mediclinic International plc

James Arnold, Head of Investor Relations

ir@mediclinic.com 

+44 (0)20 3786 8181

Media queries

FTI Consulting

Ben Atwell/Ciara Martin - UK

+44 (0)20 3727 1000

Sherryn Schooling - South Africa 

+27 (0)21 487 9000

Registered address: 6^th Floor, 65 Gresham Street, London, EC2V 7NQ, United Kingdom

Website: www.mediclinic.com 

Corporate broker (United Kingdom): Morgan Stanley & Co International plc and UBS Investment Bank

JSE sponsor (South Africa): Rand Merchant Bank (A division of FirstRand Bank Limited)

NSX sponsor (Namibia): Simonis Storm Securities (Pty) Ltd