REG - Churchill China PLC - Grant of Options
RNS Number : 5781YChurchill China PLC09 May 20199 May 2019
Churchill China plc (the "Company")
Grant of Options under LTIP
Grant of Share Options
On 9 May 2019, 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
13,010
10p
1,605p
David Taylor
Finance Director
10,015
10p
1,605p
James Roper
Sales and Marketing Director
8,879
10p
1,605p
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 2021 reaches the following figures for each level of vesting:
Adjusted EPS for year ending 31 December 2021
% Increase on 2018
% of Grant that Vests
89.5p
27%
25%
94.2p
33%
40%
98.9p
40%
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 9 May 2022.
The Adjusted EPS for the base year 2018 has been calculated as 70.7p excluding the net effect of pension fund interest charges and exceptional items.
The Grant values represent 75 per cent of current base salary for each participant.
Resultant Holdings
Following Grant of new options set out above:
David O'Connor is interested in 49,020 Ordinary Shares representing 0.4 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
13,010
10p
03.05.2029
14,570
10p
04.05.2028
15,179
10p
02.05.2027
12,698
10p
16.05.2026
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
10,015
10p
03.05.2029
11,216
10p
04.05.2028
11,685
10p
02.05.2027
10,159
10p
16.05.2026
James Roper is interested in 1,000,835 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
8,879
10p
03.05.2029
9,347
10p
04.05.2028
9,737
10p
02.05.2027
8,127
10p
16.05.2026
The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, 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
13,010
d)
Aggregated information
n/a
- Aggregated volume
- Price
e)
Date of the transaction
9 May 2019
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
10,015
d)
Aggregated information
n/a
- Aggregated volume
- Price
e)
Date of the transaction
9 May 2019
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
8,879
d)
Aggregated information
n/a
- Aggregated volume
- Price
e)
Date of the transaction
9 May 2019
f)
Place of the transaction
Off market
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)20 7496 3000
Buchanan
Mark Court /Sophie Wills
+44(0)20 7466 5000
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