Grant of Options

RNS Number : 2298N
Churchill China PLC
04 May 2018
 

4  May 2018

 

 

 

 

Churchill China plc (the "Company")

 

Grant of Options under LTIP

 

 

Grant of Share Options

 

On 4 May 2018, the following options over 10p ordinary shares in the Company ("Ordinary Shares") were granted 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

14,570

10p

1,117.5p

David Taylor

Finance Director

11,216

10p

1,117.5p

James Roper

Sales and Marketing Director

9,347

10p

1,117.5p

 

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 2020 reaches the following figures for each level of vesting:

 

Adjusted EPS for year ending 31 December 2020

% Increase on 2017

% of Grant that Vests

72.1p

26%

25%

75.9p

33%

40%

79.7p

40%

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 4 May 2021.

 

The Adjusted EPS for the base year 2017 has been calculated as 57.0p excluding the net effect of pension fund interest charges and exceptional items.

 

The Grant values represent 60 per cent of current base salary for each participant.

 

Resultant Holdings

 

Following Grant of new options set out above:

 

David O'Connor is interested in 48,520 Ordinary Shares representing 0.4 per cent. of the total issued share capital of the Company. David O'Connor also holds options over Ordinary Shares as follows:

 

Options Held

Option Exercise Price

Expiry Date

14,570

10p

04.05.2028

15,179

10p

02.05.2027

12,698

10p

16.05.2026

16,804

10p

07.05.2025

 

David Taylor is interested in 60,555 Ordinary Shares representing 0.6 per cent. of the total issued share capital of the Company. David Taylor also holds options over Ordinary Shares as follows:

 

Options Held

Option Exercise Price

Expiry Date

11,216

10p

04.05.2028

11,685

10p

02.05.2027

10,159

10p

16.05.2026

14,123

10p

07.05.2025

 

James Roper is interested in 1,034,835 Ordinary Shares representing 9.4 per cent. of the total issued share capital of the Company. James Roper also holds options over Ordinary Shares as follows:

 

Options Held

Option Exercise Price

Expiry Date

9,347

10p

04.05.2028

9,737

10p

02.05.2027

8,127

10p

16.05.2026

 





The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, 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)

 

 

 

 


 

Exercise price(s)

Volume(s)

 


 

10 pence

14,570

 


 

 

 

 

d)

 

Aggregated information

n/a



- Aggregated volume




- Price




e)

 

Date of the transaction

 

 

4 May 2018

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)

 

 

 

 


 

Exercise price(s)

Volume(s)

 


 

10 pence

11,216

 


 

 

 

 

d)

 

Aggregated information

n/a



- Aggregated volume




- Price




e)

 

Date of the transaction

 

 

4 May 2018

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)

 

 

 

 


 

Exercise price(s)

Volume(s)

 


 

10 pence

9,347

 


 

 

 

 

d)

 

Aggregated information

n/a



- Aggregated volume




- Price




e)

 

Date of the transaction

 

 

4 May 2018

f)

 

Place of the transaction

 

 

Off market

 

For further details, please contact:

 

Churchill China plc                                     


David Taylor, Finance Director

+44 (0)1782 577566



N+1 Singer (NOMAD & Broker)


Richard Lindley

+44 (0)20 7496 3000



Buchanan


Mark Court /Sophie Wills/Gemma Mostyn-Owen

+44(0)20 7466 5000

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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