Directors' option interests

RNS Number : 0101J

Cropper(James) PLC

31 March 2015

 

31 March 2015

James Cropper plc

(the "Company")

Directors' option interests

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

The trustees of the James Cropper Employee Trust of James Cropper EBT Ltd approved grant awards to the following directors under the terms of  The James Cropper Plc 2008 Long Term Incentive Plan (the "LTIP" or the "Plan"), as set out below.

Grant date	20/08/2012	16/11/2012	23/07/2013	21/01/2014	04/08/2014
Award ref  price	184.0p	174.65p	253.4p	361.4p	382.8p
Options vested						Total LTIP Options
Director
MAJ Cropper				4,673	6,022	10,695
IM Maddock				1,808 *	7,868	9,676
M Thompson	13,000 *		11,601		7,868	32,469
KD Watson				2,252	8,832	11,084
PI Wild		19,324	32,796		22,242	74,362
PJ Willink	16,000		10,978		7,868	34,846

*  LTIP Options granted prior to appointment to Board

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

In addition, the following directors hold Options under the Company's save-as-you-earn ("SAYE") scheme, exercisable at 199.52p per share within six month of maturity, as set out below.

Term (from 1 September 2013)	3.25 years	5.25 years
			Total SAYE Options
Director
IM Maddock		4,360	4,360
PI Wild	4,510		4,510
PJ Willink	902		902

Enquiries:
David Carey, Company Secretary	Robert Finlay, David Coaten
James Cropper PLC (AIM:CRPR)	Westhouse Securities Limited
Tel: [phone]	Tel: [phone]
www.cropper.com	www.westhousesecurities.com

Appendix - Long-Term Incentive Plan performance conditions

Under the Plan, awards to acquire ordinary shares in the Company can be made to executive directors and employees of the Company and its subsidiaries selected by the Remuneration Committee.

Awards made during the financial year to 28 March 2015 under the Plan to executive directors were as follows:

	Number at 29 March 2014	Number granted in period	Mid-market price (£) of options awarded	Number exercised in period	Options lapsed in period	Number at 28 March 2015
P I Wild	52,120	22,242	£3.828	-	-	74,362
M A J Cropper	4,673	6,022	£3.828	-	-	10,695
J M Denman*	39,601	-	- -	-	39,601	-
N A Read*	39,029	-		-	39,029	-
P J Willink	38,978	7,868	£3.828	-	12,000	34,846
I M Maddock	1,808	7,868	£3.828	-	-	9,676
M Thompson	34,601	7,868	£3.828	-	10,000	32,469
K D Watson	2,252	8,832	£3.828	-	-	11,084

*  previous directors

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 50% of the participant's basic salary.

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

	Earnings per share conditions	EBITDA targets conditions
	Percentage of Award	Percentage of Award
P I Wild	60%	40%
M A J Cropper	60%	40%
P J Willink	100%	-
I M Maddock	100%	-
M Thompson	100%	-
K D Watson	100%	-

(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 10% per annum;

-       Awards will vest at 10% 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 2.5% per annum;

-       Awards will vest proportionally between 10% 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 2.5% but less than 10% 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 2.5% per annum.

(ii) EBITDA target conditions

-       Awards will vest in full on the third anniversary of the Award if the third year EBITDA target as set out in the Company's  3 Year Business Plan approved in the year that the award was granted has been met or exceeded;

-       Awards will vest at 30% on the third anniversary of the Award if at least 95% but less than 100% of the third year EBITDA target as set out in the Company's 3 Year Business Plan approved in the year that the award was granted has been met or exceeded;

-       Awards will vest at 20% on the third anniversary of the Award if a least 90% but less than 95% of the EBITDA target as set out in the Company's 3 Year Business Plan approved in the year that the award was granted has been met or exceeded; and

-       Awards will lapse on the third anniversary of the Award if less than 90% of the EBITDA target as set out in the Company's 3 Year Business Plan approved in the year that the award was granted has been achieved.

 

END

 

 

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