Churchill China PLC Grant of Options under LTIP (6719B)
June 11 2021 - 5:57AM
UK Regulatory
TIDMCHH
RNS Number : 6719B
Churchill China PLC
11 June 2021
11 June 2021
Churchill China plc (the "Company")
Grant of Options under LTIP
Grant of Share Options
On 11 June 2021, the following options over 10p ordinary shares
in the Company ("Ordinary Shares") were granted under the Churchill
China Long Term Incentive Plan ("CCLTIP") (the "Grants"):
Director Position Number of options Exercise Market Price
over Ordinary Price at Date
Shares granted of Grant
Chief Executive
David O'Connor Officer 17,586 10p 1627.5p
--------------------- ------------------ --------- -------------
David Taylor Finance Director 13,538 10p 1627.5p
--------------------- ------------------ --------- -------------
Sales and Marketing
James Roper Director 13,641 10p 1627.5p
--------------------- ------------------ --------- -------------
The Grants are subject to the achievement of performance
conditions 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 2023 reaches the following figures for each
level of vesting:
Adjusted EPS % of Grant
for year ending that Vests
31 December
2023
81.5p 25%
------------
86.3p 40%
------------
90.4p 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 11 June 2024.
The Grant values represent 100 per cent of current base annual
salary for each participant.
The target levels of EPS have been set to require growth from
the levels of profit before tax achieved in 2019 before the impact
of COVID-19 on the Company's performance and also reflect proposed
changes in the rate of UK Corporation Tax in 2023.
Resultant Holdings
Following Grant of new options set out above:
David O'Connor is interested in 36,062 Ordinary Shares
representing 0.3 per cent. of the total issued share capital of the
Company. David O'Connor also holds options over Ordinary Shares as
follows:
Options Held Option Exercise Expiry
Price Date
17,586 10p 11.06.2030
---------------- -----------
13,010 10p 03.05.2029
---------------- -----------
David Taylor is interested in 59,555 Ordinary Shares
representing 0.5 per cent. of the total issued share capital of the
Company. David Taylor also holds options over Ordinary Shares as
follows:
Options Held Option Exercise Expiry
Price Date
13,538 10p 11.06.2030
---------------- -----------
10,015 10p 03.05.2029
---------------- -----------
James Roper is interested in 1,003,835 Ordinary Shares
representing 9.1 per cent. of the total issued share capital of the
Company. James Roper also holds options over Ordinary Shares as
follows:
Options Held Option Exercise Expiry
Price Date
13,641 10p 11.06.2030
---------------- -----------
8,879 10p 03.05.2029
---------------- -----------
The notification below, made in accordance with the requirements
of the EU Market Abuse Regulation (as retained in UK law), provides
further detail:
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name David O'Connor
--------------------------------------- -------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------------
a) Position/status Chief Executive Officer
--------------------------------------- -------------------------------------------
b) Initial notification Initial Notification
/Amendment
--------------------------------------- -------------------------------------------
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 Ordinary shares of 10 pence each
financial instrument,
type of instrument
Identification code GB0001961035
b) Nature of the transaction Grant of options to acquire ordinary
shares (exercise price of 10p)
--------------------------------------- -------------------------------------------
c) Price(s) and volume(s)
------------------- -------------------
Price(s) Volume(s)
------------------- -------------------
10 pence 17,586
---------------------------------------------------------------- -------------------
d) Aggregated information n/a
- Aggregated volume
- Price
e) Date of the transaction 11 June 2021
--------------------------------------- -------------------------------------------
f) Place of the transaction Off market
--------------------------------------- -------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name David Taylor
--------------------------------------- -------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------------
a) Position/status Finance Director
--------------------------------------- -------------------------------------------
b) Initial notification Initial Notification
/Amendment
--------------------------------------- -------------------------------------------
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 Ordinary shares of 10 pence each
financial instrument,
type of instrument
Identification code GB0001961035
b) Nature of the transaction Grant of options to acquire ordinary
shares (exercise price of 10p)
--------------------------------------- -------------------------------------------
c) Price(s) and volume(s)
------------------- -------------------
Price(s) Volume(s)
------------------- -------------------
10 pence 13,538
---------------------------------------------------------------- -------------------
d) Aggregated information n/a
- Aggregated volume
- Price
e) Date of the transaction 11 June 2021
--------------------------------------- -------------------------------------------
f) Place of the transaction Off market
--------------------------------------- -------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name James Roper
--------------------------------------- -------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------------
a) Position/status Sales and Marketing Director
--------------------------------------- -------------------------------------------
b) Initial notification Initial Notification
/Amendment
--------------------------------------- -------------------------------------------
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 Ordinary shares of 10 pence each
financial instrument,
type of instrument
Identification code GB0001961035
b) Nature of the transaction Grant of options to acquire ordinary
shares (exercise price of 10p)
--------------------------------------- -------------------------------------------
c) Price(s) and volume(s)
------------------- -------------------
Price(s) Volume(s)
------------------- -------------------
10 pence 13,641
---------------------------------------------------------------- -------------------
d) Aggregated information n/a
- Aggregated volume
- Price
e) Date of the transaction 11 June 2021
--------------------------------------- -------------------------------------------
f) Place of the transaction Off market
--------------------------------------- -------------------------------------------
For further details, please contact:
Churchill China plc
David Taylor, Finance Director Tel: 01782 577566
Investec Bank plc Tel: 020 7597 5970
David Flin / Alex Wright
Buchanan
Mark Court /Sophie Wills / Tel: 020 7466 5000
Charlotte Slater
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END
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