Cropper(James) PLC Directors' option interests (2697L)
September 30 2016 - 1:02AM
UK Regulatory
TIDMCRPR
RNS Number : 2697L
Cropper(James) PLC
30 September 2016
30 September 2016
James Cropper plc
(the "Company")
Directors' option interests
The Company provides the following update of the interest of the
directors in options over ordinary shares of 25p each in the
Company ("Options").
On 28 September 2016 the trustees of the James Cropper Employee
Trust of James Cropper EBT Ltd advised the Company that they have
approved grant awards to the following directors under the terms of
The James Cropper Plc 2008 Long Term Incentive Plan (the "LTIP" or
the "Plan"), as set out below.
Grant date 28/09/2016
------------ ------------ ------------------
Award ref
price 954.3p
------------ ------------ ------------------
LTIP Total outstanding
Share LTIP Share
Options Options
granted
------------ ------------ ------------------
Director
------------ ------------ ------------------
IM Maddock 6,026 21,768
------------ ------------ ------------------
M Thompson 6,811 21,327
------------ ------------ ------------------
KD Watson 6,811 24,720
------------ ------------ ------------------
PI Wild 14,932 54,326
------------ ------------ ------------------
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 director, as set out
below:
Earnings per share
conditions
------------- --------------------
Percentage of Award
------------- --------------------
P I Wild 100%
------------- --------------------
I M Maddock 100%
------------- --------------------
M Thompson 100%
------------- --------------------
K D Watson 100%
------------- --------------------
Conditions of Award for Directors
(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:
Jim Aldridge, Company Robert Finlay, David Coaten
Secretary
James Cropper PLC Stockdale Securities Limited
(AIM:CRPR)
Tel: +44 (0) 1539 Tel: +44 (0) 207 601 6100
722002
www.cropper.com www.stockdalesecurities.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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