Cropper(James) PLC Grant of Awards under Long Term Incentive Plan (3585X)
20 December 2023 - 6:00PM
UK Regulatory
TIDMCRPR
RNS Number : 3585X
Cropper(James) PLC
20 December 2023
James Cropper plc
("James Cropper", the "Company or the "Group")
Grant of Awards under Long Term Incentive Plan
James Cropper (AIM: CRPR), a global market leader in advanced
materials and paper products, announces that the following awards
of options ("Options") were made on 19 December 2023 ("Award Date")
under the Company's Long-Term Incentive Plan ("LTIP"), to certain
PDMRs over ordinary shares in the Company of 25p each ("Ordinary
Shares"):
PDMR Position Number of Ordinary
Shares *
1. Steve Adams Chief Executive Officer 27,110
------------------ ---------------------------------- -------------------
Chief Financial and Operations
2. Andrew Goody Officer 13,977
------------------ ---------------------------------- -------------------
3. Patrick Willink Chief Innovation Officer 13,037**
------------------ ---------------------------------- -------------------
4. Richard Bracewell Managing Director, Paper products 11,608
------------------ ---------------------------------- -------------------
General Counsel and Company
5. Matt Ratcliffe Secretary 6,384
------------------ ---------------------------------- -------------------
6. Rachel Armer People and Culture Director 5,021
------------------ ---------------------------------- -------------------
*Determined using a price of 646p per Ordinary Share, being the
Company's 20-day average closing price for Ordinary Shares.
**Conditional cash award: to be satisfied in cash based upon the
market value of vested shares at the date of exercise.
The Options were awarded for nil-cost subject to the rules of
the LTIP and will be exercisable from the third anniversary of the
Award Date to the tenth anniversary of the Award Date.
Vesting of the Options is subject to stretching performance
targets determined by the Remuneration Committee relating to a
three-year performance period covering the financial years 2023/24,
2024/25 and 2025/26. Performance targets have been set against the
following measures:
Performance measure Weighting
Growth in adjusted Earnings Per Share ("EPS") 40%
Cumulative operating cash flow 30%
Reduction in carbon emissions intensity ratio 30%
Each performance measure is structured with a threshold target
(resulting in 10% vesting) and a maximum target (resulting in 100%
vesting). Vesting is adjusted on a straight-line basis between
threshold and maximum targets. Awards will lapse to the extent that
performance is below the threshold target for each performance
measure.
The adjusted EPS performance targets are set from a base
adjusted EPS of 25.1 pence and are as follows:
Threshold Maximum
Target Compound annual growth Compound annual growth
in adjusted EPS of in adjusted EPS of
35% 70%
----------------------- -----------------------
Vesting 10% 100%
----------------------- -----------------------
Enquiries
James Cropper plc
Matt Ratcliffe, General Counsel and Company Secretary
Tel: +44 (0) 1539 722 002
Shore Capital - (NOMAD and Broker)
Robert Finlay, Henry Willcocks, Lucy Bowden
Tel: +44 (0) 7601 6100
Buchanan Communications - Financial PR
Chris Lane, Charles Ryland, Jamie Hooper, Verity Parker
jamescropper@buchanancomms.co.uk
Tel: +44 (0) 207 466 5000
The following information is included in accordance with Article
19(3) of the Market Abuse Regulation (No. 596/2014):
Details of person discharging managerial responsibilities/person
1. closely associated
a) Name 1. Steve Adams
2. Andrew Goody
3. Patrick Willink
4. Richard Bracewell
5. Matt Ratcliffe
6. Rachel Armer
------------------------------- ------------------------------------------------------
Reason for the notification
2.
---------------------------------------------------------------------------------------
a) Position/status 1. Chief Executive Officer
2. Chief Financial and Operations Officer
3. Chief Innovation Officer
4. Managing Director, Paper Products
5. General Counsel and Company Secretary
6. People and Culture Director
------------------------------- ------------------------------------------------------
b) Initial notification/amendment Initial Notification
------------------------------- ------------------------------------------------------
Details of the issuer
3.
---------------------------------------------------------------------------------------
a) Name James Cropper plc
------------------------------- ------------------------------------------------------
b) Legal Entity 213800XM78VTDYGBRM93
Identifier
------------------------------- ------------------------------------------------------
Details of the transaction(s): section to be repeated for
4. (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 Ordinary Shares of 25 pence each
the
financial instrument
------------------------------- ------------------------------------------------------
b) Identification GB0002346053
code of the Financial
Instrument
------------------------------- ------------------------------------------------------
c) Nature of the Award of nil-cost options under the Company's
transaction Long Term Incentive Plan
------------------------------- ------------------------------------------------------
d) Currency GBP
------------------------------- ------------------------------------------------------
e) Price(s) and Price(s) Volume(s)
volume(s) 1. Nil-Cost 27,110
----------
2. Nil-Cost 13,977
----------
3. Nil-Cost 13,037
----------
4. Nil-Cost 11,608
----------
5. Nil-Cost 6,384
----------
6. Nil-Cost 5,021
----------
------------------------------- ------------------------------------------------------
f) Aggregated
information
* volume N/A
* Price
* Total
------------------------------- ------------------------------------------------------
g) Date of the transaction 18 December 2023
------------------------------- ------------------------------------------------------
h) Place of the Outside trading venue
transaction
------------------------------- ------------------------------------------------------
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END
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