REG - Cranswick PLC - Director/PDMR Shareholding

CranswickAnnouncement

05/07/2022 15:15

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RNS Number : 4081R  Cranswick PLC  05 July 2022

Director/PDMR Shareholding

Cranswick plc ("the Company")

 

The Company has been notified that the following award of LTIP nil-cost
options has been made, pursuant to the Cranswick plc Long Term Incentive Plan
(the "Scheme"), to certain Directors/Persons Discharging Managerial
Responsibility ("PDMR") over ordinary shares of 10 pence each in the Company
("Ordinary Shares"), as follows:

 Name             No. of Ordinary Shares subject to Option

 Adam Couch       48,250
 Mark Bottomley   31,900
 Jim Brisby       31,900
 Chris Aldersley  31,900

The LTIP nil-cost options were granted on 1 July 2022 in accordance with the
Scheme and are based on a share price of 3124 pence per Ordinary Share, being
the average quoted market price of the Company's shares on the three dealing
days prior to the date of grant.

Each person has also been granted a tax qualifying option over 320 Ordinary
Shares at an exercise price of 3124 pence per Ordinary Share as part of their
award.  These tax qualifying options are linked to the LTIP nil-cost options
such that, at the time of exercise, to the extent that there is a gain in the
tax qualifying option, the LTIP nil-cost option will be forfeited to the value
of that gain.

Vesting of the LTIP options and tax qualifying options is subject to the
achievement of performance criteria based on growth in EPS (as regards 42.5%
of each award), relative Total Shareholder Return (as regards 42.5% of each
award), reduction in emissions (as regards 5% of each award), reduction in
water intensity (as regards 5% of each award) and reduction in energy
intensity (as regards 5% of each award).  The targets applying to each
element are as follows.

 

                                 Target
 EPS                  Threshold  211.1 pence per ordinary share
                      Maximum    237.5 pence per ordinary share
 Relative TSR         Threshold  Median
                      Maximum    Upper decile
 Emissions            Threshold  14.8% reduction

(tonnes Co2e)
                      Maximum    19.7% reduction
 Water Intensity      Threshold  10.7% reduction

(m3/sales tonnes)
                      Maximum    14.3% reduction
 Energy Intensity     Threshold  13.8% reduction

(kWh/sales tonnes)
                      Maximum    18.4% reduction

Notes

Threshold performance results in 25% of that element vesting.

Emissions are total Scope 1 and Scope 2 emissions (location based) (tonnes
CO2e)

Water Intensity is water intensity (m3/sales tonnes) excluding farms

The comparison companies for the purposes of TSR are Associated British Foods
plc, A.G. Barr plc, Britvic plc, Carrs Group plc, Devro plc, Greencore Group
plc, Hilton Food Group plc, Kerry Group plc, McBride plc, Premier Foods plc
and Tate and Lyle plc.

 

Following a review of the EPS target taking into account the Group's financial
plans, market conditions and the impact of the increase in the corporate tax
rate, the Remuneration Committee determined that it was appropriate to set an
absolute EPS target linked to the achievement of Group forecasts rather than
continuing to set EPS targets using a three-year average percentage growth
rate linked to three-year average RPI.  The EPS target will be assessed based
on performance in the final financial year of the performance period.

Targets for the reduction of emissions, water intensity and energy intensity
have been set based on the Group's published 2019/20 baseline performance and
are consistent with the achievement of the Group's long-term target of
achieving a 50% reduction in such measures by 2029/30 (after taking into
account performance achieved to date).

 

Enquiries:

Steven Glover, Company Secretary tel: 01482 275000

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