REG - Cropper(James) PLC - Director/PDMR Shareholding
23/09/2022 07:00
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RNS Number : 3737A Cropper(James) PLC 23 September 2022
23 September 2022
James Cropper Plc
(the "Company")
Grant of Awards under Long Term Incentive Plan
The Company announces that on 22 September 2022, pursuant to the Company's
Long Term Incentive Plan ("LTIP"), conditional awards of ordinary shares of
25p each ("Shares"), or cash equivalent, were made to certain Directors, PDMRs
and employees. The LTIP grants participating employees conditional right to
become entitled to options with an exercise price of nil over Shares in the
Company. Grant awards to Directors and PDMRs are set out below:
Grant Date: 22 September 2022
Award Reference Price: 1037.0p per Share
Maximum Number of Shares options under LTIP award Nature of conditional award
Steve Adams Director 13,640 Free cost options
Isabelle Maddock Director 8,390 Free cost options
James Gravestock Director 8,390 Free cost options
Patrick Willink Director 7,825 Cash award
Jim Aldridge PDMR 2,661 Free cost options
Rachel Armer PDMR 2,661 Free cost options
Nick Barnes PDMR 1,948 Free cost options
Rob Batstone PDMR 2,355 Free cost options
Adam Black PDMR 2,092 Free cost options
Caroline Noble PDMR 1,606 Free cost options
Conditional cash awards ("Cash Awards") grant participating employees a
conditional right to be paid a cash amount based on the proceeds of the sale
of a specified number of Shares following the vesting of the award.
The Remuneration Committee recognises the importance of incentivising and
retaining key employees and is therefore supporting of awarding the LTIPs. The
LTIPs will vest in 3 years' time and in the situation of increased
profitability. Therefore, despite the current challenging environment, the
committee recognises this award does not place any additional financial burden
on the company today and reflects improved performance in future years.
The LTIP options are subject to the achievement of pre-determined performance
conditions and become exercisable at the end of a pre-determined holding
period from the date of the award. Further details are set out in the appendix
below:
Appendix
The number of options that can be awarded to any participant in a financial
year under the Plan, determined by reference to Company's 20-day average
mid-market share price at the time of the award, is limited to a maximum of
75% of the participant's basic salary.
The LTIP awards are subject to the achievement of certain performance
conditions, specific to each participant, as set out below:
Conditions of Award for Participants
(i) Earnings per share conditions: (40%)
- Awards will vest in full on the third
anniversary of the Award provided the growth in the Company's earnings per
share, adjusted for IFRS pension adjustments and exceptional items, between
the preceding financial year end when the award was granted and the preceding
financial year end when the grant is vested exceed the increase in retail
price index plus 65% per annum; or
- Awards will vest proportionally between 10% and
100% on the third anniversary of the Award if the growth in the Company's
earnings per share, adjusted for IFRS adjustments and exceptional items,
between the preceding financial year end when the award was granted and the
preceding financial year end when the grant is vested equate to or exceed the
increase in retail price index plus 45% but less than the increase in retail
price index plus 65% per annum; or
- Awards will lapse on the third anniversary of
the Award if the growth in the Company's earnings per share, adjusted for IFRS
pension adjustments and exceptional items, between the preceding financial
year end when the award was granted and the preceding financial year end when
the grant is vested, does not exceed the increase in retail price plus 45% per
annum.
(ii) Gross operating cash flow: (30%)
- Awards will vest in full on the third
anniversary of the granting of the award, provided the cumulative level of
gross operating cash flow over the three year business plan for 2022-2025, as
agreed at the time of granting the award, is achieved; or
- Awards will vest proportionately between 10% and
100% on the third anniversary of granting the award, provided the cumulative
level of gross operating cash flow over the three year business plan for
2022-2025, as agreed at the time of granting the award, amounts to between 80%
and 100% of the target set out in the three year business plan; or
- Awards will lapse on the third anniversary of
the granting of the award if the cumulative gross operating cash flow over the
three year business plan for 2022-2025, as greed at the time of granting the
award, is less than 80% of the target set out in the three year business plan.
(iii) ESG target: (30%)
- Awards will vest in full on the third
anniversary of the granting of the award, provided the reduction in the carbon
emissions intensity ratio (as per the Streamlined Energy and Carbon Report
(SECR) reporting) over the three year business plan for 2022-2025 as agreed at
the time of granting the award, is achieved; or
- Awards will vest proportionately between 10% and
100% on the third anniversary of granting the award, provided the reduction in
the carbon emissions intensity ration (as per SECR reporting) over the three
year business plan for 2022-2025, as agreed at the time of granting the award,
amounts to between 80% and 100% of the target; or
- Awards will lapse on the third anniversary of
the granting of the award if the reduction in the carbon emissions intensity
ratio (as per SECR reporting) over the three year business plan for 2022-2025,
as agreed at the time of granting the award, is less than 80% of the target.
Enquiries:
James Cropper PLC (AIM: CRPR) Shore Capital
Isabelle Maddock, Chief Financial Officer Robert Finlay, Henry Willcocks
Jim Aldridge, Company Secretary John More
Tel: +44 (0) 1539 722002 Tel: + 44 (0) 20 7601 6100
www.jamescropper.com (http://www.jamescropper.com)
The information below (set out in accordance with the requirements of EU
Market Abuse Regulation) provides further detail:
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Names Steve Adams
2 Reason for the notification
a) Position/status Director, 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 James Cropper plc
b) LEI 213800XM78VTDYGBRM93
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 25p each
b) Identification code GB0002346053
c) Nature of the transaction Granting of Share Options under the James Cropper plc LTIP award
d) Price(s) and volume(s) Price(s) Volume(s)
0.00 13,640
d) Aggregated information
- Aggregated volume 13,640
- Price 0.00
e) Date of the transaction 22 September 2022
f) Place of the transaction Off Exchange
d)
Aggregated information
- Aggregated volume
- Price
13,640
0.00
e)
Date of the transaction
22 September 2022
f)
Place of the transaction
Off Exchange
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Names Isabelle Maddock
2 Reason for the notification
a) Position/status Director, Chief Financial Officer
b) Initial notification /Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name James Cropper plc
b) LEI 213800XM78VTDYGBRM93
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 25p each
b) Identification code GB0002346053
c) Nature of the transaction Granting of Share Options under the James Cropper plc LTIP award.
d) Price(s) and volume(s) Price(s) Volume(s)
0.00 8,390
d) Aggregated information
- Aggregated volume 8,390
- Price 0.00
e) Date of the transaction 22 September 2022
f) Place of the transaction Off Exchange
d)
Aggregated information
- Aggregated volume
- Price
8,390
0.00
e)
Date of the transaction
22 September 2022
f)
Place of the transaction
Off Exchange
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Names James Gravestock
2 Reason for the notification
a) Position/status Director, Managing Director of TFP Division
b) Initial notification /Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name James Cropper plc
b) LEI 213800XM78VTDYGBRM93
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 25p each
b) Identification code GB0002346053
c) Nature of the transaction Granting of Share Options under the James Cropper plc LTIP award
d) Price(s) and volume(s) Price(s) Volume(s)
0.00 8,390
d) Aggregated information
- Aggregated volume 8,390
- Price 0.00
e) Date of the transaction 22 September 2022
f) Place of the transaction Off Exchange
d)
Aggregated information
- Aggregated volume
- Price
8,390
0.00
e)
Date of the transaction
22 September 2022
f)
Place of the transaction
Off Exchange
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Names Patrick Willink
2 Reason for the notification
a) Position/status Director, Managing Director of Colourform Division
b) Initial notification /Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name James Cropper plc
b) LEI 213800XM78VTDYGBRM93
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 25p each
b) Identification code GB0002346053
c) Nature of the transaction Granting of cash settled Share Options under the James Cropper plc LTIP award
d) Price(s) and volume(s) Price(s) Volume(s)
0.00 7,825
d) Aggregated information
- Aggregated volume 7,825
- Price 0.00
e) Date of the transaction 22 September 2022
f) Place of the transaction Off Exchange
d)
Aggregated information
- Aggregated volume
- Price
7,825
0.00
e)
Date of the transaction
22 September 2022
f)
Place of the transaction
Off Exchange
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Names Jim Aldridge
2 Reason for the notification
a) Position/status PDMR, Company Secretary
b) Initial notification /Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name James Cropper plc
b) LEI 213800XM78VTDYGBRM93
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 25p each
b) Identification code GB0002346053
c) Nature of the transaction Granting of Share Options under the James Cropper plc LTIP award
d) Price(s) and volume(s) Price(s) Volume(s)
0.00 2,661
d) Aggregated information
- Aggregated volume 2,661
- Price 0.00
e) Date of the transaction 22 September 2022
f) Place of the transaction Off Exchange
d)
Aggregated information
- Aggregated volume
- Price
2,661
0.00
e)
Date of the transaction
22 September 2022
f)
Place of the transaction
Off Exchange
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Names Rachel Armer
2 Reason for the notification
a) Position/status PDMR, Head of Human Resources
b) Initial notification /Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name James Cropper plc
b) LEI 213800XM78VTDYGBRM93
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 25p each
b) Identification code GB0002346053
c) Nature of the transaction Granting of Share Options under the James Cropper plc LTIP award
d) Price(s) and volume(s) Price(s) Volume(s)
0.00 2,661
d) Aggregated information
- Aggregated volume 2,661
- Price 0.00
e) Date of the transaction 22 September 2022
f) Place of the transaction Off Exchange
d)
Aggregated information
- Aggregated volume
- Price
2,661
0.00
e)
Date of the transaction
22 September 2022
f)
Place of the transaction
Off Exchange
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Names Nick Barnes
2 Reason for the notification
a) Position/status PDMR, Global Sales Director - Paper Division
b) Initial notification /Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name James Cropper plc
b) LEI 213800XM78VTDYGBRM93
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 25p each
b) Identification code GB0002346053
c) Nature of the transaction Granting of Share Options under the James Cropper plc LTIP award
d) Price(s) and volume(s) Price(s) Volume(s)
0.00 1,948
d) Aggregated information
- Aggregated volume 1,948
- Price 0.00
e) Date of the transaction 22 September 2022
f) Place of the transaction Off Exchange
d)
Aggregated information
- Aggregated volume
- Price
1,948
0.00
e)
Date of the transaction
22 September 2022
f)
Place of the transaction
Off Exchange
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Names Rob Batstone
2 Reason for the notification
a) Position/status PDMR, Operations Director - Paper Division
b) Initial notification /Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name James Cropper plc
b) LEI 213800XM78VTDYGBRM93
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 25p each
b) Identification code GB0002346053
c) Nature of the transaction Granting of Share Options under the James Cropper plc LTIP award
d) Price(s) and volume(s) Price(s) Volume(s)
0.00 2,355
d) Aggregated information
- Aggregated volume 2,355
- Price 0.00
e) Date of the transaction 22 September 2022
f) Place of the transaction Off Exchange
d)
Aggregated information
- Aggregated volume
- Price
2,355
0.00
e)
Date of the transaction
22 September 2022
f)
Place of the transaction
Off Exchange
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Names Adam Black
2 Reason for the notification
a) Position/status PDMR, Business Development Director- TFP Division
b) Initial notification /Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name James Cropper plc
b) LEI 213800XM78VTDYGBRM93
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 25p each
b) Identification code GB0002346053
c) Nature of the transaction Granting of Share Options under the James Cropper plc LTIP award
d) Price(s) and volume(s) Price(s) Volume(s)
0.00 2,092
d) Aggregated information
- Aggregated volume 2,092
- Price 0.00
e) Date of the transaction 22 September 2022
f) Place of the transaction Off Exchange
d)
Aggregated information
- Aggregated volume
- Price
2,092
0.00
e)
Date of the transaction
22 September 2022
f)
Place of the transaction
Off Exchange
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Names Caroline Noble
2 Reason for the notification
a) Position/status PDMR, Head of Information Services
b) Initial notification /Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name James Cropper plc
b) LEI 213800XM78VTDYGBRM93
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 25p each
b) Identification code GB0002346053
c) Nature of the transaction Granting of Share Options under the James Cropper plc LTIP award
d) Price(s) and volume(s) Price(s) Volume(s)
0.00 1,606
d) Aggregated information
- Aggregated volume 1,606
- Price 0.00
e) Date of the transaction 22 September 2022
f) Place of the transaction Off Exchange
d)
Aggregated information
- Aggregated volume
- Price
1,606
0.00
e)
Date of the transaction
22 September 2022
f)
Place of the transaction
Off Exchange
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