RNS Number : 7015Q
CT Automotive Group PLC
30 June 2022
 

30 June 2022

 

CT Automotive Group plc (the "Company")

 

Grant of awards under Long Term Incentive Plan

 

CT Automotive Group plc announces that on 29 June 2022, the Company made  awards over 2,546,662 ordinary shares in the capital of the Company  in the form of options to acquire shares at nominal value ("LTIP Awards") under the CT Automotive Long Term Incentive Plan  2022 ("LTIP") to its three executive directors as set out in the table below. The number and terms of these awards are as described in the Company's AIM Admission Document dated 16th December 2021.

 

Director

Role

Number of LTIP Awards

Simon Phillips

Executive Chairman

509,332

Scott McKenzie

Chief Executive Officer

1,018,665

David Wilkinson

Chief Financial Officer

1,018,665

 

The LTIP Awards will vest in three equal annual tranches from the third anniversary of Admission (23 December 2021) subject to meeting earnings per share performance criteria in each of FY 2023, FY 2024 and FY 2025. A portion of the LTIP Awards will vest on meeting minimum performance criteria with vesting thereafter on a straight-line basis. The awards represent a maximum five per cent. dilution of the current issued share capital. No further LTIP Awards will be made to these three Executive Directors before 2024.

For further information, please contact:

 

CT Automotive                                                                                                                                                 via. MHP

Simon Phillips, Executive Chairman

Scott McKenzie, Chief Executive Officer

David Wilkinson, Chief Financial Officer

 

MHP Communications (Financial PR)                                                                     Tel: +44 (0)20 3100 8540

Tim Rowntree                                                                                                                   CTAutomotive@mhpc.com

Charlie Barker

Charlie Protheroe

 

Liberum (Nominated Adviser and Broker)                                                           Tel: +44 (0)20 3100 2000

Richard Lindley

Benjamin Cryer

 

Notes to editors

 

CT Automotive is engaged in the design, development and manufacture of bespoke automotive interior finishes (for example dashboard panels and fascia finishes) and kinematic assemblies (for example air registers, arm rests, deployable cup holders and storage systems), as well as their associated tooling, for the world's leading automotive original equipment suppliers ("OEMs") and global Tier One manufacturers.

 

The Group is headquartered in the UK with a low-cost manufacturing footprint. Key production facilities are located in Shenzhen and Ganzhou, China complemented by additional manufacturing facilities in Turkey, the Czech Republic and the UK.

 

CT Automotive's operating model enables it to pursue a price leadership strategy, supplying high quality parts to customers at a lower overall landed cost than competitors. This has helped the Group build a high-quality roster of OEM end customers, both directly and via Tier One suppliers including Faurecia and Marelli. End customers include volume manufacturers, such as Nissan, and luxury car brands such as Bentley and Lamborghini. In addition, the Group supplies electric car manufacturers, including Lucid. It has also recently started working with e.Go Mobile, a German manufacturer which plans to launch a series of small electric vehicles for the budget end of the market.

 

The Group currently supplies component part types to over 47 different models for 19 OEMs. Since its formation, the Group has been the only significant new entrant into the market, which is characterised by high barriers to entry.

               

The information set out below is provided in accordance with the requirements of Regulation 19(3) of the EU Market Abuse Regulation No 596/2014: 

1

Details of the person discharging managerial responsibilities/person closely associated

(a)

Name

1.   Simon Phillips  

2.   Scott McKenzie

3.   David Wilkinson

2

Reason for the notification

(a)

Position/status

1.    Executive Chairman

2.    Chief Executive Officer

3.    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

CT Automotive Group plc

(b)

LEI

213800RP7B4UJ1DDKY67

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

Identification code

Options over Ordinary shares of £0.005 pence each

ISIN GB00BMHYGR77

 

(b)

Nature of the transaction

Award of options pursuant to CT Automotive Group plc 2022 Long Term Incentive Plan

(c)

Price(s) and volume(s)


Price(s)

Volume(s)

1

2

3

 

NIL

NIL

NIL

509,332

1,018,665

1,018,665

(d)

Aggregated information

-         Aggregated volume

-         Price

N/A

(e)

Date of the transaction

29 June 2022

(f)

Place of the transaction

Outside a trading venue

 

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