REG - Churchill China PLC - Grant of Options under LTIP

Churchill ChinaAnnouncement

29/06/2022 07:00

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RNS Number : 5517Q  Churchill China PLC  29 June 2022

 

 

Churchill China plc (the "Company")

 

Grant of Options under LTIP

 

 

Grant of Share Options

 

On 28 June 2022, the following options over 10p ordinary shares in the Company
("Ordinary Shares") were granted to person discharging managerial
responsibilities ("PDMRs") 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       21,977                                          10p             1,415p
 David Taylor    Finance Director              16,918                                          10p             1,415p
 James Roper     Sales and Marketing Director  17,046                                          10p             1,415p

 

In addition, 28,115 Grants were made to employees who are non-PDMRs.

 

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 2024 reaches the following figures for each
level of vesting:

 

 Adjusted EPS for year ending 31 December 2024  % of Grant that Vests
 76.1p                                          25%
 80.1p                                          40%
 84.0p                                          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 28 June 2025.

 

The Grant values represent 100 per cent of current base annual salary for each
of David O'Connor, David Taylor and James Roper.

 

Resultant Holdings

 

Following Grant of new options set out above, David O'Connor, David Taylor and
James Roper hold options over Ordinary Shares as follows:

 

 Director/PDMR   Options Held  Option Exercise Price  Expiry Date
 David O'Connor  21,977        10p                    28.06.2032
 David O'Connor  17,586        10p                    11.06.2031
 David Taylor    16,918        10p                    28.06.2032
 David Taylor    13,538        10p                    11.06.2031
 James Roper     17,046        10p                    28.06.2032
 James Roper     13,641        10p                    11.06.2031

 

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           21,977

 d)   Aggregated information                                       n/a

      - Aggregated volume

      - Price

 e)   Date of the transaction                                      28.06.2022

 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           16,918

 d)   Aggregated information                                       n/a

      - Aggregated volume

      - Price

 e)   Date of the transaction                                      28.06.2022

 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           17,046

 d)   Aggregated information                                       n/a

      - Aggregated volume

      - Price

 e)   Date of the transaction                                      28.06.2022

 f)   Place of the transaction                                     Off market

 

 

For further details, please contact:

 

 Churchill China plc                                                        Tel: 01782 577566

 David O'Connor / David Taylor / James Roper

 Investec Bank plc                                                          Tel: 020 7597 5970
 David Flin / Alex Wright

 Buchanan                                                                   Tel: 020 7466 5000
 Mark Court / Abigail Gilchrist

 

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