Grant of Options

RNS Number : 0015G

Churchill China PLC

22 June 2012

 



22 June 2012

Churchill China plc

Grant of Options under LTIP

Churchill China plc (the "Company") announces that on 21 June 2012 the following options over 10p ordinary shares ("Ordinary Shares") have been 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 Operating Officer	49,524	10p	315p
David Taylor	Finance Director	46,730	10p	315p

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) earnings per shares ("EPS") for the financial year ending 31 December 2014 reaches the following figures for each level of vesting:

EPS for year ending 31 December 2014	% Increase on 2011	% of Grant that Vests
24.6p	28%	25%
25.9p	35%	40%
27.2p	42%	100%

Between these target levels, share options will vest on a pro-rata basis and shares will vest, subject to the achievement of performance conditions, from 21 June 2014.

The Grants represent 80 per cent. of current base salary for each participant.

Following the Grants:

David O'Connor will be interested in 5,599 Ordinary Shares representing 0.05 per cent. of the total issued share capital of the Company. David O'Connor also holds 95,524 options over Ordinary Shares as follows:

Options Held	Option Exercise Price	Expiry Date
49,524	10p	20.06.2022
6,000	208p	30.04.2014
30,000	300p	19.12.2012
10,000	284p	12.05.2013

David Taylor will be interested in 18,500 Ordinary Shares representing 0.17 per cent. of the total issued share capital of the Company. David Taylor also holds 96,730 options over Ordinary Shares as follows:

Options Held	Option Exercise Price	Expiry Date
46,730	10p	20.06.2022
10,000	208p	30.04.2014
30,000	300p	19.12.2012
10,000	284p	12.05.2013

For further details, please contact:

Churchill China plc
David Taylor, Finance Director	[phone]
N+1 Brewin (NOMAD & Broker)
Robert Beenstock	[phone]
Richard Lindley	[phone]
Buchanan
Tim Anderson	[phone]

 

END

 

 

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