Grant of Awards under Long Term Incentive Plan

RNS Number : 7671H

Cropper(James) PLC

02 August 2019

 

2 August 2019

James Cropper Plc

(the "Company")

Grant of Awards under Long Term Incentive Plan

The Company announces that on 1 August 2019, pursuant to the Company's Long Term Incentive Plan ("LTIP"), conditional awards of ordinary shares of 25p each ("Shares"), or cash equivalent, were made to certain Directors, PDMRs and employees. The LTIP grants participating employees conditional right to become entitled to options with an exercise price of nil over Shares in the Company. Grant awards to Directors and PDMRs are set out below:

Grant Date: 1 August 2019                       Award Reference Price: 1120.8p per Share 

		Maximum Number of Shares options under LTIP award	Nature of conditional award
Mark Cropper	Director	3,364	Cash award
Phil Wild	Director	13,286	Free cost options
Steve Adams	Director	6,993	Free cost options
Isabelle Maddock	Director	6,993	Free cost options
Martin Thompson	Director	6,993	Free cost options
Dave Watson	Director	6,993	Free cost options
Patrick Willink	Director	5,877	Cash award
Jim Aldridge	PDMR	676	Free cost options
David Nicholson	PDMR	819	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 pre-determined 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:

James Cropper PLC (AIM: CRPR) Isabelle Maddock, Group Finance Director Jim Aldridge, Company Secretary Tel: [phone] www.jamescropper.com

Shore Capital      Robert Finlay, Henry Willcocks      Richard Johnson      Tel:  + 44 (0) 207 408 4090

The information below (set out in accordance with the requirements of EU Market Abuse Regulation) provides further detail:

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Names	Mark Cropper
2	Reason for the notification
a)	Position/status	Director, Chairman
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	James Cropper plc
b)	LEI	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, type of instrument	Ordinary Shares of 25p each
b)	Identification code	GB0002346053
c)	Nature of the transaction	Granting of cash settled Share Options under the James Cropper plc LTIP award
d)	Price(s) and volume(s)	Price(s) Volume(s) 0.00 3,364
d)	Aggregated information  - Aggregated volume - Price	3,364 0.00
e)	Date of the transaction	1 August 2019
f)	Place of the transaction	Off Exchange

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Names	Phil Wild
2	Reason for the notification
a)	Position/status	Director, Chief Executive Officer
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	James Cropper plc
b)	LEI	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, type of instrument	Ordinary Shares of 25p each
b)	Identification code	GB0002346053
c)	Nature of the transaction	Granting of Share Options under the James Cropper plc LTIP award.
d)	Price(s) and volume(s)	Price(s) Volume(s) 0.00 13,286
d)	Aggregated information  - Aggregated volume - Price	13,286 0.00
e)	Date of the transaction	1 August 2019
f)	Place of the transaction	Off Exchange

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Names	Steve Adams
2	Reason for the notification
a)	Position/status	Director, Managing Director of Paper Division
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	James Cropper plc
b)	LEI	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, type of instrument	Ordinary Shares of 25p each
b)	Identification code	GB0002346053
c)	Nature of the transaction	Granting of Share Options under the James Cropper plc LTIP award
d)	Price(s) and volume(s)	Price(s) Volume(s) 0.00 6,993
d)	Aggregated information  - Aggregated volume - Price	6,993 0.00
e)	Date of the transaction	1 August 2019
f)	Place of the transaction	Off Exchange

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Names	Isabelle Maddock
2	Reason for the notification
a)	Position/status	Director, Group Finance Director
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	James Cropper plc
b)	LEI	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, type of instrument	Ordinary Shares of 25p each
b)	Identification code	GB0002346053
c)	Nature of the transaction	Granting of Share Options under the James Cropper plc LTIP award
d)	Price(s) and volume(s)	Price(s) Volume(s) 0.00 6,993
d)	Aggregated information  - Aggregated volume - Price	6,993 0.00
e)	Date of the transaction	1 August 2019
f)	Place of the transaction	Off Exchange

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Names	Martin Thompson
2	Reason for the notification
a)	Position/status	Director, Managing Director of TFP Division
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	James Cropper plc
b)	LEI	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, type of instrument	Ordinary Shares of 25p each
b)	Identification code	GB0002346053
c)	Nature of the transaction	Granting of Share Options under the James Cropper plc LTIP award
d)	Price(s) and volume(s)	Price(s) Volume(s) 0.00 6,993
d)	Aggregated information  - Aggregated volume - Price	6,993 0.00
e)	Date of the transaction	1 August 2019
f)	Place of the transaction	Off Exchange

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Names	Dave Watson
2	Reason for the notification
a)	Position/status	Director, Chief Operations Officer
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	James Cropper plc
b)	LEI	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, type of instrument	Ordinary Shares of 25p each
b)	Identification code	GB0002346053
c)	Nature of the transaction	Granting of Share Options under the James Cropper plc LTIP award
d)	Price(s) and volume(s)	Price(s) Volume(s) 0.00 6,993
d)	Aggregated information  - Aggregated volume - Price	6,993 0.00
e)	Date of the transaction	1 August 2019
f)	Place of the transaction	Off Exchange

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Names	Patrick Willink
2	Reason for the notification
a)	Position/status	Director, Chief Technology Officer
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	James Cropper plc
b)	LEI	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, type of instrument	Ordinary Shares of 25p each
b)	Identification code	GB0002346053
c)	Nature of the transaction	Granting of cash settled Share Options under the James Cropper plc LTIP award
d)	Price(s) and volume(s)	Price(s) Volume(s) 0.00 5,877
d)	Aggregated information  - Aggregated volume - Price	5,877 0.00
e)	Date of the transaction	1 August 2019
f)	Place of the transaction	Off Exchange

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Names	Jim Aldridge
2	Reason for the notification
a)	Position/status	PDMR, Company Secretary
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	James Cropper plc
b)	LEI	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, type of instrument	Ordinary Shares of 25p each
b)	Identification code	GB0002346053
c)	Nature of the transaction	Granting of cash settled Share Options under the James Cropper plc LTIP award
d)	Price(s) and volume(s)	Price(s) Volume(s) 0.00 676
d)	Aggregated information  - Aggregated volume - Price	676 0.00
e)	Date of the transaction	1 August 2019
f)	Place of the transaction	Off Exchange

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Names	David Nicholson
2	Reason for the notification
a)	Position/status	PDMR, Group HR Director
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	James Cropper plc
b)	LEI	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, type of instrument	Ordinary Shares of 25p each
b)	Identification code	GB0002346053
c)	Nature of the transaction	Granting of cash settled Share Options under the James Cropper plc LTIP award
d)	Price(s) and volume(s)	Price(s) Volume(s) 0.00 819
d)	Aggregated information  - Aggregated volume - Price	819 0.00
e)	Date of the transaction	1 August 2019
f)	Place of the transaction	Off Exchange

 

END

 

 

DSHFLLFBKVFLBBZ