Cropper(James) PLC Grants under Long Term Incentive Plan (9794W)
07 August 2018 - 4:00PM
UK Regulatory
TIDMCRPR
RNS Number : 9794W
Cropper(James) PLC
07 August 2018
7 August 2018
James Cropper PLC (the "Company")
Grants under Long Term Incentive Plan
The Company provides the following update in options over
ordinary shares of 25p each in the Company ("Options").
On 6 August 2018, the trustees of the James Cropper Employee
Trust of James Cropper EBT Ltd advised the Company that they have
approved grant awards to certain employees and PDMRs under the
terms of The James Cropper Plc 2008 Long Term Incentive Plan (the
"LTIP" or the "Plan"), which grants participating employees a
conditional right to become entitled to options with an exercise
price of nil over ordinary shares of 25p each ("Shares") in the
Company. Grant awards to PDMRs are set out below:
Grant Date: 06/08/2018 Award Reference Price: 1562.6p per Share
Maximum
number
of Shares Nature of
under LTIP conditional
award award
----------------- ----------- ------------ -------------
Mark Cropper (Director) 2,413 Cash Awards
Free Cost
Phil Wild (Director) 9,530 Options
Free Cost
Steve Adams (Director) 5,016 Options
Free Cost
Isabelle Maddock (Director) 5,016 Options
Free Cost
Martin Thompson (Director) 5,016 Options
Free Cost
Dave Watson (Director) 5,016 Options
Patrick Willink (Director) 4,216 Cash Awards
Free Cost
Jim Aldridge (PDMR) 472 Options
Free Cost
David Nicholson (PDMR) 515 Options
Conditional cash awards ("Cash Awards") grant participating
employees a conditional right to be paid a cash amount based on the
proceeds of the sale of a specified number of Shares following the
vesting of the award.
The LTIP Options are subject to the achievement of
pre-determined performance conditions and become exercisable at the
end of a predetermined holding period from the date of the award.
Further details are set out in the appendix below.
Appendix
The number of options that can be awarded to any participant in
a financial year under the Plan, determined by reference to
Company's 20-day average mid-market share price at the time of the
award, is limited to a maximum of 75% of the participant's basic
salary.
The LTIP awards are subject to the achievement of certain
performance conditions, specific to each participant, as set out
below:
Conditions of Award for Participants
(i) Earnings per share conditions
- Awards will vest in full on the third anniversary of the Award
provided the growth in the Company's earnings per share, adjusted
for IFRS pension adjustments, between the preceding financial year
end when the award was granted and the preceding financial year end
when the grant is vested exceed the increase in retail price index
plus 20% per annum;
- Awards will vest at 25% on the third anniversary of the Award
if the growth in the Company's earnings per share, adjusted for
IFRS pension adjustments, between the preceding financial year end
when the award was granted and the preceding financial year end
when the grant is vested exceed the increase in retail price index
plus 6.0% per annum;
- Awards will vest proportionally between 25% and 100% on the
third anniversary of the Award if the growth in the Company's
earnings per share, adjusted for IFRS adjustments, between the
preceding financial year end when the award was granted and the
preceding financial year end when the grant is vested exceed the
increase in retail price index by more than 6.0% but less than 20%
per annum; and
- Awards will lapse on the third anniversary of the Award if the
growth in the Company's earnings per share, adjusted for IFRS
pension adjustments, between the preceding financial year end when
the award was granted and the preceding financial year end when the
grant is vested, does not exceed the increase in retail price plus
6.0% per annum.
Enquiries:
Isabelle Maddock, Group Robert Finlay, Henry Willcocks
Finance Director
Jim Aldridge, Company Richard Johnson
Secretary
James Cropper PLC (AIM:CRPR) Stockdale Securities Limited
Tel: +44 (0) 1539 722002 Tel: +44 (0) 207 601 6100
www.cropper.com www.stockdalesecurities.com
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END
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