TIDMCRPR
RNS Number : 3737A
Cropper(James) PLC
23 September 2022
23 September 2022
James Cropper Plc
(the "Company")
Grant of Awards under Long Term Incentive Plan
The Company announces that on 22 September 2022, pursuant to the
Company's Long Term Incentive Plan ("LTIP"), conditional awards of
ordinary shares of 25p each ("Shares"), or cash equivalent, were
made to certain Directors, PDMRs and employees. The LTIP grants
participating employees conditional right to become entitled to
options with an exercise price of nil over Shares in the Company.
Grant awards to Directors and PDMRs are set out below:
Grant Date: 22 September 2022 Award Reference Price: 1037.0p per Share
Maximum Number
of Shares options Nature of conditional
under LTIP award award
Steve Adams Director 13,640 Free cost options
--------- ------------------- ----------------------
Isabelle Maddock Director 8,390 Free cost options
--------- ------------------- ----------------------
James Gravestock Director 8,390 Free cost options
--------- ------------------- ----------------------
Patrick Willink Director 7,825 Cash award
--------- ------------------- ----------------------
Jim Aldridge PDMR 2,661 Free cost options
--------- ------------------- ----------------------
Rachel Armer PDMR 2,661 Free cost options
--------- ------------------- ----------------------
Nick Barnes PDMR 1,948 Free cost options
--------- ------------------- ----------------------
Rob Batstone PDMR 2,355 Free cost options
--------- ------------------- ----------------------
Adam Black PDMR 2,092 Free cost options
--------- ------------------- ----------------------
Caroline Noble PDMR 1,606 Free cost 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 Remuneration Committee recognises the importance of
incentivising and retaining key employees and is therefore
supporting of awarding the LTIPs. The LTIPs will vest in 3 years'
time and in the situation of increased profitability. Therefore,
despite the current challenging environment, the committee
recognises this award does not place any additional financial
burden on the company today and reflects improved performance in
future years.
The LTIP options are subject to the achievement of
pre-determined performance conditions and become exercisable at the
end of a pre-determined 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: (40%)
- 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 and exceptional items, 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 65% per annum; or
- Awards will vest proportionally between 10% and 100% on the
third anniversary of the Award if the growth in the Company's
earnings per share, adjusted for IFRS adjustments and exceptional
items, between the preceding financial year end when the award was
granted and the preceding financial year end when the grant is
vested equate to or exceed the increase in retail price index plus
45% but less than the increase in retail price index plus 65% per
annum; or
- 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 and exceptional items, 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 45% per annum.
(ii) Gross operating cash flow: (30%)
- Awards will vest in full on the third anniversary of the
granting of the award, provided the cumulative level of gross
operating cash flow over the three year business plan for
2022-2025, as agreed at the time of granting the award, is
achieved; or
- Awards will vest proportionately between 10% and 100% on the
third anniversary of granting the award, provided the cumulative
level of gross operating cash flow over the three year business
plan for 2022-2025, as agreed at the time of granting the award,
amounts to between 80% and 100% of the target set out in the three
year business plan; or
- Awards will lapse on the third anniversary of the granting of
the award if the cumulative gross operating cash flow over the
three year business plan for 2022-2025, as greed at the time of
granting the award, is less than 80% of the target set out in the
three year business plan.
(iii) ESG target: (30%)
- Awards will vest in full on the third anniversary of the
granting of the award, provided the reduction in the carbon
emissions intensity ratio (as per the Streamlined Energy and Carbon
Report (SECR) reporting) over the three year business plan for
2022-2025 as agreed at the time of granting the award, is achieved;
or
- Awards will vest proportionately between 10% and 100% on the
third anniversary of granting the award, provided the reduction in
the carbon emissions intensity ration (as per SECR reporting) over
the three year business plan for 2022-2025, as agreed at the time
of granting the award, amounts to between 80% and 100% of the
target; or
- Awards will lapse on the third anniversary of the granting of
the award if the reduction in the carbon emissions intensity ratio
(as per SECR reporting) over the three year business plan for
2022-2025, as agreed at the time of granting the award, is less
than 80% of the target.
E nquiries:
James Cropper PLC (AIM: CRPR) Shore Capital
Isabelle Maddock, Chief Financial Robert Finlay, Henry Willcocks
Officer John More
Jim Aldridge, Company Secretary Tel: + 44 (0) 20 7601 6100
Tel: +44 (0) 1539 722002
www.jamescropper.com
The information below (set out in accordance with the
requirements of EU Market Abuse Regulation) provides further
detail:
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Names Steve Adams
--------------------------------- ----------------------------------
Reason for the notification
2
---------------------------------------------------------------------
a) Position/status Director, Chief Executive Officer
--------------------------------- ----------------------------------
b) Initial notification /Amendment Initial Notification
--------------------------------- ----------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
---------------------------------------------------------------------
a) Name James Cropper plc
--------------------------------- ----------------------------------
b) LEI 213800XM78VTDYGBRM93
--------------------------------- ----------------------------------
Details of the transaction(s): section to be repeated
4 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 Ordinary Shares of 25p each
instrument, type of instrument
--------------------------------- ----------------------------------
b) Identification code GB0002346053
--------------------------------- ----------------------------------
c) Nature of the transaction Granting of Share Options under
the James Cropper plc LTIP award
--------------------------------- ----------------------------------
d) Price(s) and volume(s) Price(s) Volume(s)
0.00 13,640
----------
--------------------------------- ----------------------------------
d) Aggregated information
- Aggregated volume 13,640
- Price 0.00
--------------------------------------- ----------------------------------
e) Date of the transaction 22 September 2022
--------------------------------- ----------------------------------
f) Place of the transaction Off Exchange
--------------------------------- ----------------------------------
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Names Isabelle Maddock
--------------------------------- -----------------------------------
Reason for the notification
2
----------------------------------------------------------------------
a) Position/status Director, Chief Financial Officer
--------------------------------- -----------------------------------
b) Initial notification /Amendment Initial Notification
--------------------------------- -----------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
----------------------------------------------------------------------
a) Name James Cropper plc
--------------------------------- -----------------------------------
b) LEI 213800XM78VTDYGBRM93
--------------------------------- -----------------------------------
Details of the transaction(s): section to be repeated
4 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 Ordinary Shares of 25p each
instrument, type of instrument
--------------------------------- -----------------------------------
b) Identification code GB0002346053
--------------------------------- -----------------------------------
c) Nature of the transaction Granting of Share Options under
the James Cropper plc LTIP award.
--------------------------------- -----------------------------------
d) Price(s) and volume(s) Price(s) Volume(s)
0.00 8,390
----------
--------------------------------- -----------------------------------
d) Aggregated information
- Aggregated volume 8,390
- Price 0.00
--------------------------------------- -----------------------------------
e) Date of the transaction 22 September 2022
--------------------------------- -----------------------------------
f) Place of the transaction Off Exchange
--------------------------------- -----------------------------------
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Names James Gravestock
--------------------------------- ----------------------------------
Reason for the notification
2
---------------------------------------------------------------------
a) Position/status Director, Managing Director
of TFP Division
--------------------------------- ----------------------------------
b) Initial notification /Amendment Initial Notification
--------------------------------- ----------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
---------------------------------------------------------------------
a) Name James Cropper plc
--------------------------------- ----------------------------------
b) LEI 213800XM78VTDYGBRM93
--------------------------------- ----------------------------------
Details of the transaction(s): section to be repeated
4 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 Ordinary Shares of 25p each
instrument, type of instrument
--------------------------------- ----------------------------------
b) Identification code GB0002346053
--------------------------------- ----------------------------------
c) Nature of the transaction Granting of Share Options under
the James Cropper plc LTIP award
--------------------------------- ----------------------------------
d) Price(s) and volume(s) Price(s) Volume(s)
0.00 8,390
----------
--------------------------------- ----------------------------------
d) Aggregated information
- Aggregated volume 8,390
- Price 0.00
--------------------------------------- ----------------------------------
e) Date of the transaction 22 September 2022
--------------------------------- ----------------------------------
f) Place of the transaction Off Exchange
--------------------------------- ----------------------------------
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Names Patrick Willink
--------------------------------- ---------------------------------
Reason for the notification
2
--------------------------------------------------------------------
a) Position/status Director, Managing Director
of Colourform Division
--------------------------------- ---------------------------------
b) Initial notification /Amendment Initial Notification
--------------------------------- ---------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
--------------------------------------------------------------------
a) Name James Cropper plc
--------------------------------- ---------------------------------
b) LEI 213800XM78VTDYGBRM93
--------------------------------- ---------------------------------
Details of the transaction(s): section to be repeated
4 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 Ordinary Shares of 25p each
instrument, type of instrument
--------------------------------- ---------------------------------
b) Identification code GB0002346053
--------------------------------- ---------------------------------
c) Nature of the transaction Granting of cash settled Share
Options under the James Cropper
plc LTIP award
--------------------------------- ---------------------------------
d) Price(s) and volume(s) Price(s) Volume(s)
0.00 7,825
----------
--------------------------------- ---------------------------------
d) Aggregated information
- Aggregated volume 7,825
- Price 0.00
--------------------------------------- ---------------------------------
e) Date of the transaction 22 September 2022
--------------------------------- ---------------------------------
f) Place of the transaction Off Exchange
--------------------------------- ---------------------------------
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Names Jim Aldridge
--------------------------------- ----------------------------------
Reason for the notification
2
---------------------------------------------------------------------
a) Position/status PDMR, Company Secretary
--------------------------------- ----------------------------------
b) Initial notification /Amendment Initial Notification
--------------------------------- ----------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
---------------------------------------------------------------------
a) Name James Cropper plc
--------------------------------- ----------------------------------
b) LEI 213800XM78VTDYGBRM93
--------------------------------- ----------------------------------
Details of the transaction(s): section to be repeated
4 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 Ordinary Shares of 25p each
instrument, type of instrument
--------------------------------- ----------------------------------
b) Identification code GB0002346053
--------------------------------- ----------------------------------
c) Nature of the transaction Granting of Share Options under
the James Cropper plc LTIP award
--------------------------------- ----------------------------------
d) Price(s) and volume(s) Price(s) Volume(s)
0.00 2,661
----------
--------------------------------- ----------------------------------
d) Aggregated information
- Aggregated volume 2,661
- Price 0.00
--------------------------------------- ----------------------------------
e) Date of the transaction 22 September 2022
--------------------------------- ----------------------------------
f) Place of the transaction Off Exchange
--------------------------------- ----------------------------------
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Names Rachel Armer
----------------------------- -------------------------------------
Reason for the notification
2
--------------------------------------------------------------------
a) Position/status PDMR, Head of Human Resources
----------------------------- -------------------------------------
b) Initial notification Initial Notification
/Amendment
----------------------------- -------------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
--------------------------------------------------------------------
a) Name James Cropper plc
----------------------------- -------------------------------------
b) LEI 213800XM78VTDYGBRM93
----------------------------- -------------------------------------
Details of the transaction(s): section to be repeated
4 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 25p each
financial instrument,
type of instrument
----------------------------- -------------------------------------
b) Identification code GB0002346053
----------------------------- -------------------------------------
c) Nature of the transaction Granting of Share Options under the
James Cropper plc LTIP award
----------------------------- -------------------------------------
d) Price(s) and volume(s) Price(s) Volume(s)
0.00 2,661
----------
----------------------------- -------------------------------------
d) Aggregated information
- Aggregated volume 2,661
- Price 0.00
----------------------------------- -------------------------------------
e) Date of the transaction 22 September 2022
----------------------------- -------------------------------------
f) Place of the transaction Off Exchange
----------------------------- -------------------------------------
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Names Nick Barnes
----------------------------- -------------------------------------
Reason for the notification
2
--------------------------------------------------------------------
a) Position/status PDMR, Global Sales Director - Paper
Division
----------------------------- -------------------------------------
b) Initial notification Initial Notification
/Amendment
----------------------------- -------------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
--------------------------------------------------------------------
a) Name James Cropper plc
----------------------------- -------------------------------------
b) LEI 213800XM78VTDYGBRM93
----------------------------- -------------------------------------
Details of the transaction(s): section to be repeated
4 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 25p each
financial instrument,
type of instrument
----------------------------- -------------------------------------
b) Identification code GB0002346053
----------------------------- -------------------------------------
c) Nature of the transaction Granting of Share Options under the
James Cropper plc LTIP award
----------------------------- -------------------------------------
d) Price(s) and volume(s) Price(s) Volume(s)
0.00 1,948
----------
----------------------------- -------------------------------------
d) Aggregated information
- Aggregated volume 1,948
- Price 0.00
----------------------------------- -------------------------------------
e) Date of the transaction 22 September 2022
----------------------------- -------------------------------------
f) Place of the transaction Off Exchange
----------------------------- -------------------------------------
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Names Rob Batstone
--------------------------------- ----------------------------------
Reason for the notification
2
---------------------------------------------------------------------
a) Position/status PDMR, Operations Director -
Paper Division
--------------------------------- ----------------------------------
b) Initial notification /Amendment Initial Notification
--------------------------------- ----------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
---------------------------------------------------------------------
a) Name James Cropper plc
--------------------------------- ----------------------------------
b) LEI 213800XM78VTDYGBRM93
--------------------------------- ----------------------------------
Details of the transaction(s): section to be repeated
4 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 Ordinary Shares of 25p each
instrument, type of instrument
--------------------------------- ----------------------------------
b) Identification code GB0002346053
--------------------------------- ----------------------------------
c) Nature of the transaction Granting of Share Options under
the James Cropper plc LTIP award
--------------------------------- ----------------------------------
d) Price(s) and volume(s) Price(s) Volume(s)
0.00 2,355
----------
--------------------------------- ----------------------------------
d) Aggregated information
- Aggregated volume 2,355
- Price 0.00
--------------------------------------- ----------------------------------
e) Date of the transaction 22 September 2022
--------------------------------- ----------------------------------
f) Place of the transaction Off Exchange
--------------------------------- ----------------------------------
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Names Adam Black
--------------------------------- -------------------------------------
Reason for the notification
2
------------------------------------------------------------------------
a) Position/status PDMR, Business Development Director-
TFP Division
--------------------------------- -------------------------------------
b) Initial notification /Amendment Initial Notification
--------------------------------- -------------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
------------------------------------------------------------------------
a) Name James Cropper plc
--------------------------------- -------------------------------------
b) LEI 213800XM78VTDYGBRM93
--------------------------------- -------------------------------------
Details of the transaction(s): section to be repeated
4 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 Ordinary Shares of 25p each
instrument, type of instrument
--------------------------------- -------------------------------------
b) Identification code GB0002346053
--------------------------------- -------------------------------------
c) Nature of the transaction Granting of Share Options under
the James Cropper plc LTIP award
--------------------------------- -------------------------------------
d) Price(s) and volume(s) Price(s) Volume(s)
0.00 2,092
----------
--------------------------------- -------------------------------------
d) Aggregated information
- Aggregated volume 2,092
- Price 0.00
--------------------------------------- -------------------------------------
e) Date of the transaction 22 September 2022
--------------------------------- -------------------------------------
f) Place of the transaction Off Exchange
--------------------------------- -------------------------------------
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Names Caroline Noble
--------------------------------- -----------------------------------
Reason for the notification
2
----------------------------------------------------------------------
a) Position/status PDMR, Head of Information Services
--------------------------------- -----------------------------------
b) Initial notification /Amendment Initial Notification
--------------------------------- -----------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
----------------------------------------------------------------------
a) Name James Cropper plc
--------------------------------- -----------------------------------
b) LEI 213800XM78VTDYGBRM93
--------------------------------- -----------------------------------
Details of the transaction(s): section to be repeated
4 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 Ordinary Shares of 25p each
instrument, type of instrument
--------------------------------- -----------------------------------
b) Identification code GB0002346053
--------------------------------- -----------------------------------
c) Nature of the transaction Granting of Share Options under
the James Cropper plc LTIP award
--------------------------------- -----------------------------------
d) Price(s) and volume(s) Price(s) Volume(s)
0.00 1,606
----------
--------------------------------- -----------------------------------
d) Aggregated information
- Aggregated volume 1,606
- Price 0.00
--------------------------------------- -----------------------------------
e) Date of the transaction 22 September 2022
--------------------------------- -----------------------------------
f) Place of the transaction Off Exchange
--------------------------------- -----------------------------------
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END
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