Director/PDMR Shareholding

RNS Number : 0319V

Cropper(James) PLC

02 July 2009

 



Date: Thursday, 2 July 2009

JAMES CROPPER PLC

DIRECTOR SHAREHOLDING

Long Term Incentive Plan Award

On 23 June 2009, under the terms of The James Cropper PLC 2008 Long Term Incentive Plan, the following executive directors were granted awards by James Cropper EBT Limited, trustees of the James Cropper Employee Trust.

Name	Shares under Conditional Award	Percentage of Issued Share Capital
A. I. Lewis	25,000	0.30%
J.M.Denman	20,000	0.23%
N.A.Read	20,000	0.23%
P.J.Willink	20,000	0.23%
G.T.Quayle	20,000	0.23%

The number of shares referred to is the maximum available and the conditions on which the awarded shares will vest are as follows:

• if the Company's adjusted earnings per share for the financial period ending 31 March 2012 exceeds its adjusted earnings per share for the financial period ending 31 March 2009 by the increase in the retail prices index over the three year period commencing with the date of grant of the awards plus 2.5% per year (the 'minimum target'), the awards will vest as to 10%;

• if the Company's adjusted earnings per share for the financial period ending 31 March 2012 exceeds its adjusted earnings per share for the financial period ending 31 March 2009 by the increase in the retail prices index over the three year period commencing with the date of grant of the awards plus 10% per year (the 'maximum target'), the awards that will vest in full; and

• if the Company's adjusted earnings per share for the financial period ending 31 March 2012 exceeds its adjusted earnings per share for the financial period ending 31 March 2009 by more than the minimum target but by less than the maximum target, the proportion of the awards that will vest will increase from 10% to 100% on a straight line basis.

The participating directors will, following the end of the performance period, be notified as to the extent to which the performance conditions have been met and their awards have vested. They will then, provided that that they continue to remain directors or employees of the Company, have up to six months following 23 June 2012 (the third anniversary of the date on which the awards were granted) in which to secure the release of the ordinary shares.

Enquiries:
John Denman, Group Finance Director
James Cropper PLC
Tel: [phone]
www.cropper.com
Andrew Kitchingman, Corporate Finance
Brewin Dolphin Investment Banking
Tel: [phone]

 

END

 

 

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