RNS Number : 5517Q
Churchill China PLC
29 June 2022
 
 


 

Churchill China plc (the "Company")

 

Grant of Options under LTIP

 

 

Grant of Share Options

 

On 28 June 2022, the following options over 10p ordinary shares in the Company ("Ordinary Shares") were granted to person discharging managerial responsibilities ("PDMRs") under the Churchill China Long Term Incentive Plan ("CCLTIP") (the "Grants"):

 

Director

Position

Number of options over Ordinary Shares granted

Exercise Price

Market Price at Date of Grant

David O'Connor

Chief Executive Officer

21,977

10p

1,415p

David Taylor

Finance Director

16,918

10p

1,415p

James Roper

Sales and Marketing Director

17,046

10p

1,415p

 

In addition, 28,115 Grants were made to employees who are non-PDMRs.

 

The Grants are subject to the achievement of performance conditions as specified by the Remuneration Committee and are subject to claw back provisions in certain circumstances. The performance conditions require that the Company's adjusted (pre-exceptional items and adjusted for pension interest charges and credits) earnings per share ("Adjusted EPS") for the financial year ending 31 December 2024 reaches the following figures for each level of vesting:

 

Adjusted EPS for year ending 31 December 2024

% of Grant that Vests

76.1p

25%

80.1p

40%

84.0p

100%

 

Between these target levels, share options will vest on a straight line basis and shares will vest, subject to the achievement of these performance conditions, from 28 June 2025.

 

The Grant values represent 100 per cent of current base annual salary for each of David O'Connor, David Taylor and James Roper.

 

Resultant Holdings

 

Following Grant of new options set out above, David O'Connor, David Taylor and James Roper hold options over Ordinary Shares as follows:

 

Director/PDMR

Options Held

Option Exercise Price

Expiry Date

David O'Connor

21,977

10p

28.06.2032

David O'Connor

17,586

10p

11.06.2031

David Taylor

16,918

10p

28.06.2032

David Taylor

13,538

10p

11.06.2031

James Roper

17,046

10p

28.06.2032

James Roper

13,641

10p

11.06.2031

 

The notification below, made in accordance with the requirements of the EU Market Abuse Regulation (as retained in UK law), provides further detail:

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

 

 

David O'Connor

2

 

Reason for the notification

 

a)

 

Position/status

 

 

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

 

 

Churchill China plc

b)

 

LEI

 

 

213800GQ51I4LZQ5AR09     

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 10 pence each



Identification code

GB0001961035



b)

 

Nature of the transaction

 

 

Grant of options to acquire ordinary shares (exercise price of 10p)

c)

 

Price(s) and volume(s)







Price(s)

Volume(s)




10 pence

21,977







d)

 

Aggregated information

n/a



- Aggregated volume




- Price




e)

 

Date of the transaction

 

 

28.06.2022

f)

 

Place of the transaction

 

 

Off market

 


1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

 

 

David Taylor

 

2

 

Reason for the notification

 

a)

 

Position/status

 

 

Finance Director

b)

 

Initial notification /Amendment

 

 

Initial Notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

 

Name

 

 

Churchill China plc

b)

 

LEI

 

 

213800GQ51I4LZQ5AR09     

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 10 pence each



Identification code

GB0001961035



b)

 

Nature of the transaction

 

 

Grant of options to acquire ordinary shares (exercise price of 10p)

c)

 

Price(s) and volume(s)







Price(s)

Volume(s)




10 pence

16,918







d)

 

Aggregated information

n/a



- Aggregated volume




- Price




e)

 

Date of the transaction

 

 

28.06.2022

f)

 

Place of the transaction

 

 

Off market

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

 

 

James Roper

 

2

 

Reason for the notification

 

a)

 

Position/status

 

 

Sales and Marketing Director

b)

 

Initial notification /Amendment

 

 

Initial Notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

 

Name

 

 

Churchill China plc

b)

 

LEI

 

 

213800GQ51I4LZQ5AR09     

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 10 pence each



Identification code

GB0001961035



b)

 

Nature of the transaction

 

 

Grant of options to acquire ordinary shares (exercise price of 10p)

c)

 

Price(s) and volume(s)







Price(s)

Volume(s)




10 pence

17,046







d)

 

Aggregated information

n/a



- Aggregated volume




- Price




e)

 

Date of the transaction

 

 

28.06.2022

f)

 

Place of the transaction

 

 

Off market

 

 

For further details, please contact:

 

Churchill China plc                                     

Tel: 01782 577566

David O'Connor / David Taylor / James Roper




Investec Bank plc

Tel: 020 7597 5970  

David Flin / Alex Wright

 


Buchanan

Tel: 020 7466 5000

Mark Court / Abigail Gilchrist


 

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