Grant of Options under LTIP

Churchill China PLC

22 June 2023

 

For immediate release

22 June 2023

CHURCHILL CHINA plc

("Churchill" or the "Company" or the "Group")

Grant of Options under LTIP

Churchill China plc (AIM: CHH), the manufacturer of innovative performance ceramic products serving hospitality markets worldwide, announces that on 21 June 2023, the following options over 10p ordinary shares in the Company ("Ordinary Shares") were granted to persons discharging managerial responsibilities ("PDMRs") under the Churchill China Long Term Incentive Plan ("CCLTIP") (the "Grants"):

Director	Position	Number of Options Over Ordinary Shares granted	Exercise Price	Market Price at Date of Grant
David O'Connor	Chief Executive Officer	24,425	10p	1,375p
James Roper	Sales and Marketing Director	18,945	10p	1,375p
Michael Cunningham	Chief Financial Officer	14,545	10p	1,375p

In addition, 30,096 Grants were made to employees who are non-PDMRs.

The Grants are subject to the achievement of performance criteria as specified by the Remuneration Committee and are subject to claw back provisions in certain circumstances. The performance conditions require that the Company's adjusted (pre-exceptional items and adjusted for pension interest charges and credits) earnings per share ("Adjusted EPS") for the financial year ending 31 December 2025 reaches the following figures for each level of vesting:

Adjusted EPS for year ending 31 December 2025	% of Grant that Vests
81.0	25%
90.0	40%
94.5	100%

Between these target levels, share options will vest on a straight-line basis and shares will vest, subject to the achievement of these performance conditions, from 21 June 2026.

The Grant values represent 100 per cent of the current base annual salary for each of David O'Connor, James Roper and Michael Cunningham.

Resultant Holdings

Following the Grants, David O'Connor, James Roper and Michael Cunningham hold options over Ordinary Shares as follows:

Director	Options Held	Option Exercise Price	Expiry Date
David O'Connor	21,977	10p	28.06.2032
David O'Connor	17,856	10p	11.06.2031
David O'Connor	24,425	10p	21.06.2033
James Roper	17,046	10p	28.06.2032
James Roper	13,641	10p	11.06.2031
James Roper	18,945	10p	21.06.2033
Michael Cunningham	14,545	10p	21.06.2033

For further information, please contact:

Churchill China plc	Tel: [phone]
David O'Connor / James Roper / Michael Cunningham
Buchanan	Tel: [phone]
Mark Court / Abigail Gilchrist
[e-mail]
Investec	Tel: [phone]
David Flin / Alex Wright / William Brinkley

Notification and public disclosure of transactions by Persons Discharging Managerial Responsibilities ("PDMR") and persons closely associated with them ("PCA")

Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014
1	Details of the person discharging managerial responsibilities/person closely associated
a.	Name	Michael Cunningham
2	Reason for notification
a.	Position/Status	Chief Financial Officer
b.	Initial notification/ Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a.	Name	Churchill China plc
b.	LEI	213800GQ51I4LZQ5AR09
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a.	Description of the financial instrument, type of instrument Identification Code	Ordinary Shares of 10p each ISIN: GB0001961035
b.	Nature of the transaction	Grant of options
c.	Price(s) and volume(s)	Price(s) Volume(s) 10p 14,545
d.	Aggregated information	N/A - Single Transaction
e.	Date of the transaction	21/06/2023
f.	Place of the transaction	Off market

Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014
1	Details of the person discharging managerial responsibilities/person closely associated
a.	Name	David O'Connor
2	Reason for notification
a.	Position/Status	Chief Executive Officer
b.	Initial notification/ Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a.	Name	Churchill China plc
b.	LEI	213800GQ51I4LZQ5AR09
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a.	Description of the financial instrument, type of instrument Identification Code	Ordinary Shares of 10p each ISIN: GB0001961035
b.	Nature of the transaction	Grant of Options
c.	Price(s) and volume(s)	Price(s) Volume(s) 10p 24,425
d.	Aggregated information	N/A - Single Transaction
e.	Date of the transaction	21/06/2023
f.	Place of the transaction	Off market

Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014
1	Details of the person discharging managerial responsibilities/person closely associated
a.	Name	James Roper
2	Reason for notification
a.	Position/Status	Sales and Marketing Director
b.	Initial notification/ Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a.	Name	Churchill China plc
b.	LEI	213800GQ51I4LZQ5AR09
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a.	Description of the financial instrument, type of instrument Identification Code	Ordinary Shares of 10p each ISIN: GB0001961035
b.	Nature of the transaction	Grant of Options
c.	Price(s) and volume(s) -    Transaction 1	Price(s) Volume(s) 10p 18,945
d.	Aggregated information	N/A - Single Transaction
e.	Date of the transaction	21/06/2023
f.	Place of the transaction	Off market

 

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