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	[phone]
N+1 Singer (NOMAD & Broker)
Richard Lindley	[phone]
Buchanan
Mark Court /Sophie Wills	[phone]

 

END

 

 

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