REG - Churchill China PLC - Grant of Options

Churchill ChinaAnnouncement

09/05/2019 17:25

RNS Number : 5781Y
Churchill China PLC
09 May 2019
 


9  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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