Grant of Options

RNS Number : 1539E

Churchill China PLC

07 May 2013

 



7 May 2013

Churchill China plc

Grant of Options under LTIP

Churchill China plc (the "Company") announces that on 3 May 2013 the following options over 10p ordinary shares ("Ordinary Shares") were granted under the Churchill China Long Term Incentive Plan ("CCLTIP") (the "Grants"):

Director	Position	Number of Ordinary Shares granted	Exercise Price	Market Price at Date of Grant
David O'Connor	Chief Operating Officer	22,609	10p	345p
David Taylor	Finance Director	21,333	10p	345p

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 2015 reaches the following figures for each level of vesting:

Adjusted EPS for year ending 31 December 2015	% Increase on 2012	% of Grant that Vests
26.7p	28%	25%
28.1p	35%	40%
29.5p	42%	100%

Between these target levels, share options will vest on a pro-rata basis and shares will vest, subject to the achievement of performance conditions, from 3 May 2016.

The adjusted EPS for the base year 2012 has been calculated as 20.8p excluding the net effect of pension fund interest receipts.

The Grants represent 40 per cent of current base salary for each participant.

Following the Grants:

David O'Connor will be interested in 6,000 Ordinary Shares representing 0.05 per cent. of the total issued share capital of the Company. David O'Connor also holds 82,133 options over Ordinary Shares as follows:

Options Held	Option Exercise Price	Expiry Date
22,609	10p	02.05.2023
49,524	10p	20.06.2022
10,000	284p	12.05.2013

David Taylor will be interested in 20,000 Ordinary Shares representing 0.18 per cent. of the total issued share capital of the Company. David Taylor also holds 78,063 options over Ordinary Shares as follows:

Options Held	Option Exercise Price	Expiry Date
21,333	10p	02.05.2023
46,730	10p	20.06.2022
10,000	284p	12.05.2013

For further details, please contact:

Churchill China plc
David Taylor, Finance Director	[phone]
N+1 Singer (NOMAD & Broker)
Richard Lindley	[phone]
Buchanan
Mark Court /Fiona Henson	[phone]

 

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