Grants under Long Term Incentive Plan

RNS Number : 9794W

Cropper(James) PLC

07 August 2018

 

7 August 2018

James Cropper PLC (the "Company")

 Grants under Long Term Incentive Plan

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

On 6 August 2018, the trustees of the James Cropper Employee Trust of James Cropper EBT Ltd advised the Company that they have approved grant awards to certain employees and PDMRs under the terms of The James Cropper Plc 2008 Long Term Incentive Plan (the "LTIP" or the "Plan"), which grants participating employees a conditional right to become entitled to options with an exercise price of nil over ordinary shares of 25p each ("Shares") in the Company. Grant awards to PDMRs are set out below:

Grant Date: 06/08/2018                    Award Reference Price:  1562.6p per Share

		Maximum number of Shares under LTIP award	Nature of conditional award
Mark Cropper	(Director)	2,413	Cash Awards
Phil Wild	(Director)	9,530	Free Cost Options
Steve Adams	(Director)	5,016	Free Cost Options
Isabelle Maddock	(Director)	5,016	Free Cost Options
Martin Thompson	(Director)	5,016	Free Cost Options
Dave Watson	(Director)	5,016	Free Cost Options
Patrick Willink	(Director)	4,216	Cash Awards
Jim Aldridge	(PDMR)	472	Free Cost Options
David Nicholson	(PDMR)	515	Free Cost Options

Conditional cash awards ("Cash Awards") grant participating employees a conditional right to be paid a cash amount based on the proceeds of the sale of a specified number of Shares following the vesting of the award.

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:
Isabelle Maddock, Group Finance Director	Robert Finlay, Henry Willcocks
Jim Aldridge, Company Secretary	Richard Johnson
James Cropper PLC (AIM:CRPR)	Stockdale Securities Limited
Tel: [phone]	Tel: [phone]
www.cropper.com	www.stockdalesecurities.com

 

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