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

James CropperAnnouncement

10/09/2024 15:30

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RNS Number : 6277D  Cropper(James) PLC  10 September 2024

10 September 2024

James Cropper plc

(the "Company")

 

Grant of Awards under Long-Term Incentive Plan

 

James Cropper (AIM: CRPR), the Advanced Materials and Paper & Packaging
group, announces that the following awards of options ("Options") were made on
9 September 2024 ("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                 71,452
 2.          Andrew Goody       Chief Financial and Operations Officer  36,840
 3.          Patrick Willink    Chief Innovation Officer                34,360**
 4.          Andrew Walton      Managing Director, Advanced Materials   36,040
 5.          Matthew Ratcliffe  General Counsel and Company Secretary   16,827
 6.          Rachel Armer       People and Culture Director             13,235

 

(*) Determined using a price of 252.5p 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, following which they will lapse.

 

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 2024/25, 2025/26 and 2026/27. Performance targets
have been set against the following measures:

 

Performance measure
 
 
Weighting

Growth in adjusted Profit Before Tax ("PBT")
            80%

Reduction in carbon emissions intensity ratio
                20%

 

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 PBT performance targets are set from a base adjusted PBT of
£4.5m(***) and are as follows:

          Threshold                                                           Maximum
 Target   Compound annual growth in adjusted PBT of 5% (from base of £4.5m)   Compound annual growth in adjusted PBT of 25% (from base of £4.5m)
 Vesting  10%                                                                 100%

( )

(***) Being the average adjusted PBT achieved by the Group during the previous
five financial years (except for the FY2023/24 financial year which has been
excluded).

 

The carbon emissions performance targets are set from the performance in
FY2023/24 (being 27.0 tonnes of CO(2) generated per £100k of revenue) and are
as follows:

          Threshold                                                                   Maximum
 Target   Reduction of 10% in carbon intensity ratio over the three-year performance  Reduction of 25% in carbon intensity ratio over the three-year performance
          period                                                                      period
 Vesting  10%                                                                         100%

(
) Remuneration Committee discretion

In accordance with its Remuneration Policy the Remuneration Committee retains
discretion when assessing the Company's performance against the above measures
to avoid formulaic outcomes and to reduce the above awards as it sees fit to
avoid windfall gains.  The Remuneration Committee also retains discretion to
adjust awards in the event of corporate activity.

 

 

 

Enquiries

 

James Cropper plc

Matt Ratcliffe, General Counsel and Company Secretary

Tel: +44 (0) 1539 722 002

 

Shore Capital - (NOMAD and Broker)

Daniel Bush, David Coaten, Henry Willcocks, Lucy Bowden

Tel: +44 (0) 7601 6100

 

Bursor Buchanan - 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.     Andrew Walton

                                                       5.     Matthew 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, Advanced Materials

                                                       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      71,452
                                                       2.     Nil-Cost      36,840
                                                       3.     Nil-Cost      34,360*
                                                       4.     Nil-Cost      36,040
                                                       5.     Nil-Cost      16,827
                                                       6.     Nil-Cost      13,235

 

                                                       *Conditional cash award.

 f)   Aggregated

      information

      -      volume                                    N/A

      -      Price

      -      Total

 g)   Date of the transaction                          9 September 2024
 h)   Place of the transaction                         Outside trading venue

 

*Conditional cash award.

 

f)

Aggregated

information

-      volume

-      Price

-      Total

 

 

 

N/A

g)

Date of the transaction

9 September 2024

h)

Place of the transaction

Outside trading venue

 

 

 

 

 

 

 

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