Grant of Options under LTIP

RNS Number : 6719B

Churchill China PLC

11 June 2021

 

11 June 2021

Churchill China plc (the "Company")

Grant of Options under LTIP

Grant of Share Options

On 11 June 2021, 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	17,586	10p	1627.5p
David Taylor	Finance Director	13,538	10p	1627.5p
James Roper	Sales and Marketing Director	13,641	10p	1627.5p

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 2023 reaches the following figures for each level of vesting:

Adjusted EPS for year ending 31 December 2023	% of Grant that Vests
81.5p	25%
86.3p	40%
90.4p	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 11 June 2024.

The Grant values represent 100 per cent of current base annual salary for each participant.

The target levels of EPS have been set to require growth from the levels of profit before tax achieved in 2019 before the impact of COVID-19 on the Company's performance and also reflect proposed changes in the rate of UK Corporation Tax in 2023.

Resultant Holdings

Following Grant of new options set out above:

David O'Connor is interested in 36,062 Ordinary Shares representing 0.3 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
17,586	10p	11.06.2030
13,010	10p	03.05.2029

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
13,538	10p	11.06.2030
10,015	10p	03.05.2029

James Roper is interested in 1,003,835 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
13,641	10p	11.06.2030
8,879	10p	03.05.2029

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	17,586
d)	Aggregated information	n/a
	- Aggregated volume
	- Price
e)	Date of the transaction	11 June 2021
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	13,538
d)	Aggregated information	n/a
	- Aggregated volume
	- Price
e)	Date of the transaction	11 June 2021
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	13,641
d)	Aggregated information	n/a
	- Aggregated volume
	- Price
e)	Date of the transaction	11 June 2021
f)	Place of the transaction	Off market

For further details, please contact:

Churchill China plc
David Taylor, Finance Director	Tel: [phone]
Investec Bank plc	Tel: [phone]
David Flin / Alex Wright
Buchanan
Mark Court /Sophie Wills / Charlotte Slater	Tel: [phone]

 

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