REG - Churchill China PLC - Grant of Options under LTIP <Origin Href="QuoteRef">CHCH.L</Origin>

Churchill ChinaAnnouncement

15/07/2015 16:39

RNS Number : 5643M
Churchill China PLC
08 May 2015
8 May 2015
Churchill China plc

Grant of Options under LTIP
Churchill China plc (the "Company") announces that on 7 May 2015 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 Executive Officer
16,804
10p
547.5p
David Taylor
Finance Director
14,123
10p
547.5p
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 2017reaches the following figures for each level of vesting:
Adjusted EPS for year ending 31 December 2017
% Increase on 2014
% of Grant that Vests
42.3p
32%
25%
44.5p
39%
40%
46.7p
45%
100%
Between these target levels, share options will vest on a straight line basis and shares will vest, subject to the achievement of these performance conditions, from 7 May 2018.
The adjusted EPS for the base year 2014 has been calculated as 32.1p excluding the net effect of pension fund interest charges.
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 options over Ordinary Shares as follows:
Options Held
Option Exercise Price
Expiry Date
16,804
10p
07.05.2025
17,571
10p
01.05.2024
22,609
10p
02.05.2023
49,524
10p
20.06.2022
David Taylor will be interested in 21,000 Ordinary Shares representing 0.19 per cent. of the total issued share capital of the Company. David Taylor also holds options over Ordinary Shares as follows:
Options Held
Option Exercise Price
Expiry Date
14,123
10p
07.05.2025
16,580
10p
01.05.2024
21,333
10p
02.05.2023
46,730
10p
20.06.2022
For further details, please contact:
Churchill China plc 

David Taylor, Finance Director
+44 (0)1782 577566


N+1 Singer (NOMAD & Broker)



Richard Lindley
+44 (0)113 388 4789


Buchanan

Mark Court /Sophie Cowles /Jane Glover 
+44(0)20 7466 5000



This information is provided by RNS
The company news service from the London Stock Exchange
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