REG - Cropper(James) PLC - Grant of Awards under Long Term Incentive Plan

James CropperAnnouncement

12/08/2021 07:05

RNS Number : 3716I
  
Cropper(James) PLC
  
12 August 2021
  
 

12 August 2021
 
James Cropper Plc
(the "Company")
 
Grant of Awards under Long Term Incentive Plan
 
The Company announces that on 11 August 2021, 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: 11 August 2021                Award Reference Price: 1368.8p per Share 
 
 











Maximum Number of Shares options under LTIP award 


Nature of conditional award




Mark Cropper


Director


2,940


Cash award




Phil Wild


Director


11,612


Free cost options




Steve Adams


Director


6,112


Free cost options




Isabelle Maddock


Director


6,112


Free cost options




Martin Thompson


Director


6,112


Free cost options




Patrick Willink


Director


5,700


Cash award




Jim Aldridge


PDMR


646


Free cost options




Rachel Armer


PDMR


646


Free cost options




Nick Barnes


PDMR


710


Free cost options




Claire Brough


PDMR


406


Free cost options




Caroline Noble


PDMR


585


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
-       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 20% per annum; 
-       Awards will vest at 25% 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 exceed the increase in retail price index plus 6.0% per annum;
-       Awards will vest proportionally between 25% 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 exceed the increase in retail price index by more than 6.0% but less than 20% per annum; and
-       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 6.0% per annum.
Enquiries:



James Cropper PLC (AIM: CRPR)
Isabelle Maddock, Chief Financial Officer
Jim Aldridge, Company Secretary
Tel: +44 (0) 1539 722002
www.jamescropper.com


     Shore Capital
     Robert Finlay, Henry Willcocks
     John More
     Tel:  + 44 (0) 20 7601 6100
     



 
 
 
 
 
 
 
 
 
 
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 


Mark Cropper




2
 


Reason for the notification




a)
 


Position/status
 


Director, Chairman




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


2,940








d)
 


Aggregated information 
- Aggregated volume
- Price


 
2,940
0.00




e)
 


Date of the transaction 


11 August 2021




f)
 


Place of the transaction


Off Exchange



 
 



  1
 


Details of the person discharging managerial responsibilities / person closely associated 




a)
 


Names 


Phil Wild




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


11,612








d)
 


Aggregated information 
- Aggregated volume
- Price


 
11,612
0.00




e)
 


Date of the transaction 


11 August 2021




f)
 


Place of the transaction


Off Exchange



 



  1
 


Details of the person discharging managerial responsibilities / person closely associated 




a)
 


Names 


Steve Adams




2
 


Reason for the notification




a)
 


Position/status
 


Director, Managing Director of 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


6,112








d)
 


Aggregated information 
- Aggregated volume
- Price


 
6,112
0.00




e)
 


Date of the transaction 


11 August 2021




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


6,112








d)
 


Aggregated information 
- Aggregated volume
- Price


 
6,112
0.00




e)
 


Date of the transaction 


11 August 2021




f)
 


Place of the transaction


Off Exchange



 



  1
 


Details of the person discharging managerial responsibilities / person closely associated 




a)
 


Names 


Martin Thompson




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


6,112








d)
 


Aggregated information 
- Aggregated volume
- Price


 
6,112
0.00




e)
 


Date of the transaction 


11 August 2021




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


5,700








d)
 


Aggregated information 
- Aggregated volume
- Price


 
5,700
0.00




e)
 


Date of the transaction 


11 August 2021




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


646








d)
 


Aggregated information 
- Aggregated volume
- Price


 
646
0.00




e)
 


Date of the transaction 


11 August 2021




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




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


710








d)
 


Aggregated information 
- Aggregated volume
- Price


 
710
0.00




e)
 


Date of the transaction 


11 August 2021




f)
 


Place of the transaction


Off Exchange



 



  1
 


Details of the person discharging managerial responsibilities / person closely associated 




a)
 


Names 


Claire Brough




2
 


Reason for the notification




a)
 


Position/status
 


PDMR, Head of Finance




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


406








d)
 


Aggregated information 
- Aggregated volume
- Price


 
406
0.00




e)
 


Date of the transaction 


11 August 2021




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


585








d)
 


Aggregated information 
- Aggregated volume
- Price


 
585
0.00




e)
 


Date of the transaction 


11 August 2021




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


646








d)
 


Aggregated information 
- Aggregated volume
- Price


 
646
0.00




e)
 


Date of the transaction 


11 August 2021




f)
 


Place of the transaction


Off Exchange



 
 

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