Grant of awards under Long Term Incentive Plan

RNS Number : 4875A

CT Automotive Group PLC

23 September 2022

 

23 September 2022

CT Automotive Group plc

(the "Company")

Grant of awards under Long Term Incentive Plan

CT Automotive Group plc  announces that on 23 September 2022, the Company made awards over 476,190 ordinary shares in the capital of the Company  in the form of options to acquire shares at nominal value ("LTIP Awards") under the CT Automotive Long Term Incentive Plan  2022 ("LTIP") to Stuart Lorraine, the Company's COO. The terms of these awards are in line with the awards made to Executive Directors announced on 30 June 2022. 

The LTIP Awards will vest in three equal annual tranches from the third anniversary of Admission (23 December 2021) subject to meeting earnings per share performance criteria in each of FY2023, FY2024 and FY2025. A portion of the LTIP Awards will vest on meeting minimum performance criteria with vesting thereafter on a straight-line basis.

For further information, please contact:

CT Automotive   via MHP

Simon Phillips, Executive Chairman

Scott McKenzie, Chief Executive Officer

David Wilkinson, Chief Financial Officer

MHP Communications (Financial PR)  Tel: [phone]

Tim Rowntree  [e-mail]

Charlie Barker

Liberum (Nominated Adviser and Broker)  Tel: [phone]

Richard Lindley

Benjamin Cryer

Notes to editors

CT Automotive is engaged in the design, development and manufacture of bespoke automotive interior finishes (for example dashboard panels and fascia finishes) and kinematic assemblies (for example air registers, arm rests, deployable cup holders and storage systems), as well as their associated tooling, for the world's leading automotive original equipment suppliers ("OEMs") and global Tier One manufacturers.

The Group is headquartered in the UK with a low-cost manufacturing footprint. Key production facilities are located in Shenzhen and Ganzhou, China complemented by additional manufacturing facilities in Turkey and the Czech Republic.

CT Automotive's operating model enables it to pursue a price leadership strategy, supplying high quality parts to customers at a lower overall landed cost than competitors. This has helped the Group build a high-quality roster of OEM end customers, both directly and via Tier One suppliers including Faurecia and Marelli. End customers include volume manufacturers, such as Nissan, and luxury car brands such as Bentley and Lamborghini. In addition, the Group supplies electric car manufacturers, including Lucid.

The Group currently supplies component part types to over 47 different models for 19 OEMs. Since its formation, the Group has been the only significant new entrant into the market, which is characterised by high barriers to entry.

The information set out below is provided in accordance with the requirements of Regulation 19(3) of the EU Market Abuse Regulation No 596/2014:

1	Details of the person discharging managerial responsibilities/person closely associated
(a)	Name	Stuart Lorraine
2	Reason for the notification
(a)	Position/status	PDMR
(b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
(a)	Name	CT Automotive Group plc
(b)	LEI	213800RP7B4UJ1DDKY67
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	Options over Ordinary shares of £0.005 pence each ISIN GB00BMHYGR77
(b)	Nature of the transaction	Award of options pursuant to CT Automotive Group plc 2022 Long Term Incentive Plan
(c)	Price(s) and volume(s)	Price(s) Volume(s) NIL 476,010
(d)	Aggregated information -  Aggregated volume -  Price	N/A
(e)	Date of the transaction	23 September 2022
(f)	Place of the transaction	Outside a trading venue

 

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