Grant of Options

RNS Number : 5781Y
Churchill China PLC
09 May 2019
 

9  May 2019

 

Churchill China plc (the "Company")

 

Grant of Options under LTIP

 

 

Grant of Share Options

 

On 9 May 2019, 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

13,010

10p

1,605p

David Taylor

Finance Director

10,015

10p

1,605p

James Roper

Sales and Marketing Director

8,879

10p

1,605p

 

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 2021 reaches the following figures for each level of vesting:

 

Adjusted EPS for year ending 31 December 2021

% Increase on 2018

% of Grant that Vests

89.5p

27%

25%

94.2p

33%

40%

98.9p

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 9 May 2022.

 

The Adjusted EPS for the base year 2018 has been calculated as 70.7p excluding the net effect of pension fund interest charges and exceptional items.

 

The Grant values represent 75 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 49,020 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

13,010

10p

03.05.2029

14,570

10p

04.05.2028

15,179

10p

02.05.2027

12,698

10p

16.05.2026

 

David Taylor is interested in 59,555 Ordinary Shares representing 0.5 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

10,015

10p

03.05.2029

11,216

10p

04.05.2028

11,685

10p

02.05.2027

10,159

10p

16.05.2026

 

James Roper is interested in 1,000,835 Ordinary Shares representing 9.1 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

8,879

10p

03.05.2029

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)

 

 

 

 

 

 

Price(s)

Volume(s)

 

 

 

10 pence

13,010

 

 

 

 

 

 

d)

 

Aggregated information

n/a

 

 

- Aggregated volume

 

 

 

- Price

 

 

 

e)

 

Date of the transaction

 

 

9 May 2019

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

10,015

 

 

 

 

 

 

d)

 

Aggregated information

n/a

 

 

- Aggregated volume

 

 

 

- Price

 

 

 

e)

 

Date of the transaction

 

 

9 May 2019

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

8,879

 

 

 

 

 

 

d)

 

Aggregated information

n/a

 

 

- Aggregated volume

 

 

 

- Price

 

 

 

e)

 

Date of the transaction

 

 

9 May 2019

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

+44(0)20 7466 5000

 


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