| For immediate release | 22 June 2023 |
CHURCHILL CHINA plc
("Churchill" or the "Company" or the "Group")
Grant of Options under LTIP
Churchill China plc (AIM: CHH), the manufacturer of innovative performance ceramic products serving hospitality markets worldwide, announces that on 21 June 2023, the following options over 10p ordinary shares in the Company ("Ordinary Shares") were granted to persons 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 | 24,425 | 10p | 1,375p |
| James Roper | Sales and Marketing Director | 18,945 | 10p | 1,375p |
| Michael Cunningham | Chief Financial Officer | 14,545 | 10p | 1,375p |
In addition, 30,096 Grants were made to employees who are non-PDMRs.
The Grants are subject to the achievement of performance criteria 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 2025 reaches the following figures for each level of vesting:
| Adjusted EPS for year ending 31 December 2025 | % of Grant that Vests |
| 81.0 | 25% |
| 90.0 | 40% |
| 94.5 | 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 21 June 2026.
The Grant values represent 100 per cent of the current base annual salary for each of David O'Connor, James Roper and Michael Cunningham.
Resultant Holdings
Following the Grants, David O'Connor, James Roper and Michael Cunningham hold options over Ordinary Shares as follows:
| Director | Options Held | Option Exercise Price | Expiry Date |
| David O'Connor | 21,977 | 10p | 28.06.2032 |
| David O'Connor | 17,856 | 10p | 11.06.2031 |
| David O'Connor | 24,425 | 10p | 21.06.2033 |
| James Roper | 17,046 | 10p | 28.06.2032 |
| James Roper | 13,641 | 10p | 11.06.2031 |
| James Roper | 18,945 | 10p | 21.06.2033 |
| Michael Cunningham | 14,545 | 10p | 21.06.2033 |
For further information, please contact:
| Churchill China plc | Tel: 01782 577566 |
| David O'Connor / James Roper / Michael Cunningham | |
| | |
| Buchanan | Tel: 020 7466 5000 |
| Mark Court / Abigail Gilchrist | |
| ChurchillChina@buchanan.uk.com | |
|
| |
| Investec | Tel: 020 7597 5970 |
| David Flin / Alex Wright / William Brinkley
| |
Notification and public disclosure of transactions by Persons Discharging Managerial Responsibilities ("PDMR") and persons closely associated with them ("PCA")
| Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014 | ||||||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a. | Name | Michael Cunningham | ||||
| 2 | Reason for notification |
| ||||
| a. | Position/Status | 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 | 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 10p each ISIN: GB0001961035 | ||||
| b. | Nature of the transaction | Grant of options | ||||
| c. | Price(s) and volume(s)
|
| ||||
| d. | Aggregated information
|
N/A - Single Transaction | ||||
| e. | Date of the transaction | 21/06/2023 | ||||
| f. | Place of the transaction | Off market | ||||
| Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014 | ||||||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a. | Name | David O'Connor | ||||
| 2 | Reason for 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 10p each ISIN: GB0001961035 | ||||
| b. | Nature of the transaction | Grant of Options | ||||
| c. | Price(s) and volume(s)
|
| ||||
| d. | Aggregated information
|
N/A - Single Transaction | ||||
| e. | Date of the transaction | 21/06/2023 | ||||
| f. | Place of the transaction | Off market | ||||
| Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014 | ||||||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a. | Name | James Roper | ||||
| 2 | Reason for 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 10p each ISIN: GB0001961035 | ||||
| b. | Nature of the transaction | Grant of Options | ||||
| c. | Price(s) and volume(s)
- Transaction 1
|
| ||||
| d. | Aggregated information
|
N/A - Single Transaction | ||||
| e. | Date of the transaction | 21/06/2023 | ||||
| f. | Place of the transaction | Off market | ||||
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