Director/PDMR Shareholding

RNS Number : 1368R

Cropper(James) PLC

07 December 2016

 

7 December 2016

James Cropper PLC

(the "Company")

 Option interests of Persons Discharging Managerial Responsibilities ("PDMR")

The Company provides the following update in options over ordinary shares of 25p each in the Company ("Options").

On 6 December 2016 the trustees of the James Cropper Employee Trust of James Cropper EBT Ltd advised the Company that they have approved grant awards to the following PDMR under the terms of  The James Cropper Plc 2008 Long Term Incentive Plan (the "LTIP" or the "Plan"), as set out below.

Grant date	06/12/2016
Award ref price	1064.4p
	LTIP Share Options granted	Total outstanding LTIP Share Options
D Nicholson	705	705

The LTIP Options are subject to the achievement of pre-determined performance conditions and become exercisable at the end of a predetermined holding period from the date of the award. Further details are set out in the appendix below.

Appendix

The number of options that can be awarded to any participant in a financial year under the Plan, determined by reference to Company's 20 day average mid-market share price at the time of the award, is limited to a maximum of 75% of the participant's basic salary.

The LTIP awards are subject to the achievement of certain performance conditions, specific to each participant, as set out below: 

Conditions of Award for Participants

(i) Earnings per share conditions

-       Awards will vest in full on the third anniversary of the Award provided the growth in the Company's earnings per share, adjusted for IFRS pension adjustments, between the preceding financial year end when the award was granted and the preceding financial year end when the grant is vested exceed the increase in retail price index plus 20% per annum;

-       Awards will vest at 25% on the third anniversary of the Award if the growth in the Company's earnings per share, adjusted for IFRS pension adjustments, between the preceding financial year end when the award was granted and the preceding financial year end when the grant is vested exceed the increase in retail price index plus 6.0% per annum;

-       Awards will vest proportionally between 25% and 100% on the third anniversary of the Award if the growth in the Company's earnings per share, adjusted for IFRS adjustments, between the preceding financial year end when the award was granted and the preceding financial year end when the grant is vested exceed the increase in retail price index by more than 6.0% but less than 20% per annum; and

-       Awards will lapse on the third anniversary of the Award if the growth in the Company's earnings per share, adjusted for IFRS pension adjustments, between the preceding financial year end when the award was granted and the preceding financial year end when the grant is vested, does not exceed the increase in retail price plus 6.0% per annum.

Enquiries:
Jim Aldridge, Company Secretary	Robert Finlay, David Coaten
James Cropper PLC (AIM:CRPR)	Stockdale Securities Limited
Tel: [phone]	Tel: [phone]
www.cropper.com	www.stockdalesecurities.com

 

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