Grant of Options under LTIP

RNS Number : 5643M

Churchill China PLC

08 May 2015

 

8 May 2015

Churchill China plc

Grant of Options under LTIP

 Churchill China plc (the "Company") announces that on 7 May 2015 the following options over 10p ordinary shares ("Ordinary Shares") were granted under the Churchill China Long Term Incentive Plan ("CCLTIP") (the "Grants"):

Director	Position	Number of Ordinary Shares granted	Exercise Price	Market Price at Date of Grant
David O'Connor	Chief Executive Officer	16,804	10p	547.5p
David Taylor	Finance Director	14,123	10p	547.5p

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 2017 reaches the following figures for each level of vesting:

Adjusted EPS for year ending 31 December 2017	% Increase on 2014	% of Grant that Vests
42.3p	32%	25%
44.5p	39%	40%
46.7p	45%	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 7 May 2018. 

The adjusted EPS for the base year 2014 has been calculated as 32.1p excluding the net effect of pension fund interest charges. 

The Grants represent 40 per cent of current base salary for each participant. 

Following the Grants: 

David O'Connor will be interested in 6,000 Ordinary Shares representing 0.05 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
16,804	10p	07.05.2025
17,571	10p	01.05.2024
22,609	10p	02.05.2023
49,524	10p	20.06.2022

 David Taylor will be interested in 21,000 Ordinary Shares representing 0.19 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
14,123	10p	07.05.2025
16,580	10p	01.05.2024
21,333	10p	02.05.2023
46,730	10p	20.06.2022

 For further details, please contact:

Churchill China plc
David Taylor, Finance Director	[phone]
N+1 Singer (NOMAD & Broker)
Richard Lindley	[phone]
Buchanan
Mark Court /Sophie Cowles /Jane Glover	[phone]

 

END

 

 

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