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

James CropperAnnouncement

20/12/2023 07:15

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RNS Number : 3585X  Cropper(James) PLC  20 December 2023

James Cropper plc

("James Cropper", the "Company or the "Group")

 

Grant of Awards under Long Term Incentive Plan

 

James Cropper (AIM: CRPR), a global market leader in advanced materials and
paper products, announces that the following awards of options ("Options")
were made on 19 December 2023 ("Award Date") under the Company's Long-Term
Incentive Plan ("LTIP"), to certain PDMRs over ordinary shares in the Company
of 25p each ("Ordinary Shares"):

 

           PDMR               Position                                Number of Ordinary Shares*
 1.        Steve Adams        Chief Executive Officer                 27,110
 2.        Andrew Goody       Chief Financial and Operations Officer  13,977
 3.        Patrick Willink    Chief Innovation Officer                13,037**
 4.        Richard Bracewell  Managing Director, Paper products       11,608
 5.        Matt Ratcliffe     General Counsel and Company Secretary   6,384
 6.        Rachel Armer       People and Culture Director             5,021

 

*Determined using a price of 646p per Ordinary Share, being the Company's
20-day average closing price for Ordinary Shares.

**Conditional cash award: to be satisfied in cash based upon the market value
of vested shares at the date of exercise.

 

The Options were awarded for nil-cost subject to the rules of the LTIP and
will be exercisable from the third anniversary of the Award Date to the tenth
anniversary of the Award Date.

 

Vesting of the Options is subject to stretching performance targets determined
by the Remuneration Committee relating to a three-year performance period
covering the financial years 2023/24, 2024/25 and 2025/26.  Performance
targets have been set against the following measures:

 

Performance measure
 
Weighting

Growth in adjusted Earnings Per Share ("EPS")    40%

Cumulative operating cash flow
            30%

Reduction in carbon emissions intensity ratio        30%

 

Each performance measure is structured with a threshold target (resulting in
10% vesting) and a maximum target (resulting in 100% vesting).  Vesting is
adjusted on a straight-line basis between threshold and maximum targets.
Awards will lapse to the extent that performance is below the threshold target
for each performance measure.

 

The adjusted EPS performance targets are set from a base adjusted EPS of 25.1
pence and are as follows:

          Threshold                                      Maximum
 Target   Compound annual growth in adjusted EPS of 35%  Compound annual growth in adjusted EPS of 70%
 Vesting  10%                                            100%

(

)

Enquiries

 

James Cropper plc

Matt Ratcliffe, General Counsel and Company Secretary

Tel: +44 (0) 1539 722 002

 

Shore Capital - (NOMAD and Broker)

Robert Finlay, Henry Willcocks, Lucy Bowden

Tel: +44 (0) 7601 6100

 

Buchanan Communications - Financial PR

Chris Lane, Charles Ryland, Jamie Hooper, Verity Parker

jamescropper@buchanancomms.co.uk (mailto:jamescropper@buchanancomms.co.uk)

Tel: +44 (0) 207 466 5000

 

 

The following information is included in accordance with Article 19(3) of the
Market Abuse Regulation (No. 596/2014):

 1.   Details of person discharging managerial responsibilities/person closely
      associated

 a)   Name                                             1.     Steve Adams

                                                       2.     Andrew Goody

                                                       3.     Patrick Willink

                                                       4.     Richard Bracewell

                                                       5.     Matt Ratcliffe

                                                       6.     Rachel Armer

 2.   Reason for the notification

 a)   Position/status                                  1.     Chief Executive Officer

                                                       2.     Chief Financial and Operations Officer

                                                       3.     Chief Innovation Officer

                                                       4.     Managing Director, Paper Products

                                                       5.     General Counsel and Company Secretary

                                                       6.     People and Culture Director

 b)   Initial notification/amendment                   Initial Notification
 3.   Details of the issuer

 a)   Name                                             James Cropper plc

 b)   Legal Entity Identifier                          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                               Ordinary Shares of 25 pence each

      financial instrument
 b)   Identification code of the Financial Instrument  GB0002346053
 c)   Nature of the                                    Award of nil-cost options under the Company's Long Term Incentive

                                                Plan
      transaction
 d)   Currency                                         GBP

 e)   Price(s) and volume(s)

Price(s)             Volume(s)
                                                       1.     Nil-Cost      27,110
                                                       2.     Nil-Cost      13,977
                                                       3.     Nil-Cost      13,037
                                                       4.     Nil-Cost      11,608
                                                       5.     Nil-Cost      6,384
                                                       6.     Nil-Cost      5,021

 
 f)   Aggregated

      information

      -      volume                                    N/A

      -      Price

      -      Total

 g)   Date of the transaction                          18 December 2023

 h)   Place of the transaction                         Outside trading venue

 

f)

Aggregated

information

-      volume

-      Price

-      Total

 

 

 

N/A

g)

Date of the transaction

18 December 2023

 

h)

Place of the transaction

Outside trading venue

 

 

 

 

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