Grant of Options under LTIP

RNS Number : 5517Q

Churchill China PLC

29 June 2022

 

 

Churchill China plc (the "Company")

Grant of Options under LTIP

Grant of Share Options

On 28 June 2022, the following options over 10p ordinary shares in the Company ("Ordinary Shares") were granted to person 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	21,977	10p	1,415p
David Taylor	Finance Director	16,918	10p	1,415p
James Roper	Sales and Marketing Director	17,046	10p	1,415p

In addition, 28,115 Grants were made to employees who are non-PDMRs.

The Grants are subject to the achievement of performance conditions 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 2024 reaches the following figures for each level of vesting:

Adjusted EPS for year ending 31 December 2024	% of Grant that Vests
76.1p	25%
80.1p	40%
84.0p	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 28 June 2025.

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

Resultant Holdings

Following Grant of new options set out above, David O'Connor, David Taylor and James Roper hold options over Ordinary Shares as follows:

Director/PDMR	Options Held	Option Exercise Price	Expiry Date
David O'Connor	21,977	10p	28.06.2032
David O'Connor	17,586	10p	11.06.2031
David Taylor	16,918	10p	28.06.2032
David Taylor	13,538	10p	11.06.2031
James Roper	17,046	10p	28.06.2032
James Roper	13,641	10p	11.06.2031

The notification below, made in accordance with the requirements of the EU Market Abuse Regulation (as retained in UK law), provides further detail:

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	David O'Connor
2	Reason for the 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	Ordinary shares of 10 pence each
	Identification code	GB0001961035
b)	Nature of the transaction	Grant of options to acquire ordinary shares (exercise price of 10p)
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			10 pence	21,977
d)	Aggregated information	n/a
	- Aggregated volume
	- Price
e)	Date of the transaction	28.06.2022
f)	Place of the transaction	Off market

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	David Taylor
2	Reason for the notification
a)	Position/status	Finance 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	Ordinary shares of 10 pence each
	Identification code	GB0001961035
b)	Nature of the transaction	Grant of options to acquire ordinary shares (exercise price of 10p)
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			10 pence	16,918
d)	Aggregated information	n/a
	- Aggregated volume
	- Price
e)	Date of the transaction	28.06.2022
f)	Place of the transaction	Off market

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	James Roper
2	Reason for the 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	Ordinary shares of 10 pence each
	Identification code	GB0001961035
b)	Nature of the transaction	Grant of options to acquire ordinary shares (exercise price of 10p)
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			10 pence	17,046
d)	Aggregated information	n/a
	- Aggregated volume
	- Price
e)	Date of the transaction	28.06.2022
f)	Place of the transaction	Off market

For further details, please contact:

Churchill China plc	Tel: [phone]
David O'Connor / David Taylor / James Roper
Investec Bank plc	Tel: [phone]
David Flin / Alex Wright
Buchanan	Tel: [phone]
Mark Court / Abigail Gilchrist

 

END

 

 

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