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

Churchill ChinaAnnouncement

16/05/2016 12:10

RNS Number : 3600Y
Churchill China PLC
16 May 2016
16 May 2016
Churchill China plc
Grant of Options under LTIP
Grant of Share Options
On 16 May 2016, the following options were granted over 10p ordinary shares in the Company ("Ordinary Shares") under the Churchill China Long Term Incentive Plan ("CCLTIP") (the "Grants"): 
Director
Position
Number of options granted
Exercise Price
Market Price at Date of Grant
David O'Connor
Chief Executive Officer
12,698
10p
787.5p
David Taylor
Finance Director
10,159
10p
787.5p
James Roper
Sales and Marketing Director
8,127
10p
787.5p
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 2018reaches the following figures for each level of vesting:
Adjusted EPS for year ending 31 December 2018
% Increase on 2015
% of Grant that Vests
50.6p
31%
25%
53.3p
38%
40%
56.0p
45%
100%
Between these target levels, share options will vest on a straight line basis and will vest, subject to the achievement of these performance conditions, from 16 May 2019.
The adjusted EPS for the base year 2015 has been calculated as 38.5p excluding the net effect of pension fund interest charges.
The Grant values represent 40 per cent of current base salary for each participant.
Resultant Holdings
Following Grant of the new options set out above:
David O'Connor will be interested in 41,613 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
12,698
10p
16.05.2026
16,804
10p
07.05.2025
17,571
10p
01.05.2024
David Taylor will be interested in 54,489 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
10,159
10p
16.05.2026
14,123
10p
07.05.2025
16,580
10p
01.05.2024
James Roper will be interested in 1,067,500 Ordinary Shares representing 9.7 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
8,127
10p
16.05.2026
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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