REG - Churchill China PLC - Grant of Options under LTIP

Churchill ChinaAnnouncement

11/06/2021 12:00

RNS Number : 6719B
  
Churchill China PLC
  
11 June 2021
  
 

11 June 2021
 
 
 
 
Churchill China plc (the "Company")
 
Grant of Options under LTIP
 
 
Grant of Share Options
 
On 11 June 2021, the following options over 10p ordinary shares in the Company ("Ordinary Shares") were granted under the Churchill China Long Term Incentive Plan ("CCLTIP") (the "Grants"): 
 




Director


Position


Number of options over Ordinary Shares granted


Exercise Price


Market Price at Date of Grant




David O'Connor


Chief Executive Officer


17,586


10p


1627.5p




David Taylor


Finance Director


13,538


10p


1627.5p




James Roper


Sales and Marketing Director


13,641


10p


1627.5p




 
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 2023 reaches the following figures for each level of vesting:
 




Adjusted EPS for year ending 31 December 2023


% of Grant that Vests




81.5p


25%




86.3p


40%




90.4p


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 11 June 2024.
 
The Grant values represent 100 per cent of current base annual salary for each participant.
 
The target levels of EPS have been set to require growth from the levels of profit before tax achieved in 2019 before the impact of COVID-19 on the Company's performance and also reflect proposed changes in the rate of UK Corporation Tax in 2023. 
 
 
 
 
Resultant Holdings
 
Following Grant of new options set out above:
 
David O'Connor is interested in 36,062 Ordinary Shares representing 0.3 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




17,586


10p


11.06.2030




13,010


10p


03.05.2029




 
David Taylor is interested in 59,555 Ordinary Shares representing 0.5 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




13,538


10p


11.06.2030




10,015


10p


03.05.2029




 
James Roper is interested in 1,003,835 Ordinary Shares representing 9.1 per cent. of the total issued share capital of the Company. James Roper also holds options over Ordinary Shares as follows:
 




Options Held


Option Exercise Price


Expiry Date




13,641


10p


11.06.2030




8,879


10p


03.05.2029




 
The notification below, made in accordance with the requirements of the EU Market Abuse Regulation (as retained in UK law), provides further detail:
 




1 
 


Details of the person discharging managerial responsibilities / person closely associated 
 




a) 
 


Name 
 
 


David O'Connor




2 
 


Reason for the notification 
 




a) 
 


Position/status 
 
 


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 
 
 


Churchill China plc




b) 
 


LEI 
 
 


213800GQ51I4LZQ5AR09     




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 10 pence each




 


 




Identification code 


GB0001961035




 


 




b) 
 


Nature of the transaction 
 
 


Grant of options to acquire ordinary shares (exercise price of 10p)




c) 
 


Price(s) and volume(s) 


 


 


 


 




 


 


Price(s)


Volume(s)


 




 


 


10 pence


17,586


 




 


 


 


 


 




d) 
 


Aggregated information 


n/a




 


 




- Aggregated volume


 




 


 




- Price


 




 


 




e) 
 


Date of the transaction 
 
 


11 June 2021




f) 
 


Place of the transaction 
 
 


Off market




 
 
 
 




1 
 


Details of the person discharging managerial responsibilities / person closely associated 
 




a) 
 


Name 
 
 


David Taylor
 




2 
 


Reason for the notification 
 




a) 
 


Position/status 
 
 


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 
 
 


Churchill China plc




b) 
 


LEI 
 
 


213800GQ51I4LZQ5AR09     




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 10 pence each




 


 




Identification code 


GB0001961035




 


 




b) 
 


Nature of the transaction 
 
 


Grant of options to acquire ordinary shares (exercise price of 10p)




c) 
 


Price(s) and volume(s) 


 


 


 


 




 


 


Price(s)


Volume(s)


 




 


 


10 pence


13,538


 




 


 


 


 


 




d) 
 


Aggregated information 


n/a




 


 




- Aggregated volume


 




 


 




- Price


 




 


 




e) 
 


Date of the transaction 
 
 


11 June 2021




f) 
 


Place of the transaction 
 
 


Off market




 




1 
 


Details of the person discharging managerial responsibilities / person closely associated 
 




a) 
 


Name 
 
 


James Roper
 




2 
 


Reason for the notification 
 




a) 
 


Position/status 
 
 


Sales and Marketing Director




b) 
 


Initial notification /Amendment 
 
 


Initial Notification




3 
 


Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor 
 




a) 
 


Name 
 
 


Churchill China plc




b) 
 


LEI 
 
 


213800GQ51I4LZQ5AR09     




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 10 pence each




 


 




Identification code 


GB0001961035




 


 




b) 
 


Nature of the transaction 
 
 


Grant of options to acquire ordinary shares (exercise price of 10p)




c) 
 


Price(s) and volume(s) 


 


 


 


 




 


 


Price(s)


Volume(s)


 




 


 


10 pence


13,641


 




 


 


 


 


 




d) 
 


Aggregated information 


n/a




 


 




- Aggregated volume


 




 


 




- Price


 




 


 




e) 
 


Date of the transaction 
 
 


11 June 2021




f) 
 


Place of the transaction 
 
 


Off market




 
For further details, please contact:
 




Churchill China plc                                     


 




David Taylor, Finance Director


Tel: 01782 577566




 


 




Investec Bank plc


Tel: 020 7597 5970   




David Flin / Alex Wright
 


 




Buchanan


 




Mark Court /Sophie Wills / Charlotte Slater


Tel: 020 7466 5000




 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
  END
 
 
DSHBGGDLLUBDGBB