Grant of Awards under Long Term Incentive Plan

Cropper(James) PLC

20 December 2023

 

James Cropper plc

("James Cropper", the "Company or the "Group")

Grant of Awards under Long Term Incentive Plan

James Cropper (AIM: CRPR), a global market leader in advanced materials and paper products, announces that the following awards of options ("Options") were made on 19 December 2023 ("Award Date") under the Company's Long-Term Incentive Plan ("LTIP"), to certain PDMRs over ordinary shares in the Company of 25p each ("Ordinary Shares"):

	PDMR	Position	Number of Ordinary Shares*
1.	Steve Adams	Chief Executive Officer	27,110
2.	Andrew Goody	Chief Financial and Operations Officer	13,977
3.	Patrick Willink	Chief Innovation Officer	13,037**
4.	Richard Bracewell	Managing Director, Paper products	11,608
5.	Matt Ratcliffe	General Counsel and Company Secretary	6,384
6.	Rachel Armer	People and Culture Director	5,021

*Determined using a price of 646p per Ordinary Share, being the Company's 20-day average closing price for Ordinary Shares.

**Conditional cash award: to be satisfied in cash based upon the market value of vested shares at the date of exercise.

The Options were awarded for nil-cost subject to the rules of the LTIP and will be exercisable from the third anniversary of the Award Date to the tenth anniversary of the Award Date.

Vesting of the Options is subject to stretching performance targets determined by the Remuneration Committee relating to a three-year performance period covering the financial years 2023/24, 2024/25 and 2025/26.  Performance targets have been set against the following measures:

Performance measure                                        Weighting                                       

Growth in adjusted Earnings Per Share ("EPS")    40%    

Cumulative operating cash flow                               30%

Reduction in carbon emissions intensity ratio        30%

Each performance measure is structured with a threshold target (resulting in 10% vesting) and a maximum target (resulting in 100% vesting).  Vesting is adjusted on a straight-line basis between threshold and maximum targets.  Awards will lapse to the extent that performance is below the threshold target for each performance measure.

The adjusted EPS performance targets are set from a base adjusted EPS of 25.1 pence and are as follows:

	Threshold	Maximum
Target	Compound annual growth in adjusted EPS of 35%	Compound annual growth in adjusted EPS of 70%
Vesting	10%	100%

Enquiries

James Cropper plc

Matt Ratcliffe, General Counsel and Company Secretary

Tel: [phone]

Shore Capital - (NOMAD and Broker)

Robert Finlay, Henry Willcocks, Lucy Bowden

Tel: [phone]

Buchanan Communications - Financial PR

Chris Lane, Charles Ryland, Jamie Hooper, Verity Parker

[e-mail]

Tel: [phone]

The following information is included in accordance with Article 19(3) of the Market Abuse Regulation (No. 596/2014):

1.	Details of person discharging managerial responsibilities/person closely associated
a)	Name	1.     Steve Adams 2.     Andrew Goody 3.     Patrick Willink 4.     Richard Bracewell 5.     Matt Ratcliffe 6.     Rachel Armer
2.	Reason for the notification
a)	Position/status	1.     Chief Executive Officer 2.     Chief Financial and Operations Officer 3.     Chief Innovation Officer 4.     Managing Director, Paper Products 5.     General Counsel and Company Secretary 6.     People and Culture Director
b)	Initial notification/amendment	Initial Notification
3.	Details of the issuer
a)	Name	James Cropper plc
b)	Legal Entity Identifier	213800XM78VTDYGBRM93
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	Ordinary Shares of 25 pence each
b)	Identification code of the Financial Instrument	GB0002346053
c)	Nature of the transaction	Award of nil-cost options under the Company's Long Term Incentive Plan
d)	Currency	GBP
e)	Price(s) and volume(s)	Price(s) Volume(s) 1.     Nil-Cost 27,110 2.     Nil-Cost 13,977 3.     Nil-Cost 13,037 4.     Nil-Cost 11,608 5.     Nil-Cost 6,384 6.     Nil-Cost 5,021
f)	Aggregated information -      volume -      Price -      Total	N/A
g)	Date of the transaction	18 December 2023
h)	Place of the transaction	Outside trading venue

 

END