CT Automotive Group PLC Grant of awards under Long Term Incentive Plan (4875A)
September 23 2022 - 5:56AM
UK Regulatory
TIDMCTA
RNS Number : 4875A
CT Automotive Group PLC
23 September 2022
23 September 2022
CT Automotive Group plc
(the "Company")
Grant of awards under Long Term Incentive Plan
CT Automotive Group plc announces that on 23 September 2022, the
Company made awards over 476,190 ordinary shares in the capital of
the Company in the form of options to acquire shares at nominal
value ("LTIP Awards") under the CT Automotive Long Term Incentive
Plan 2022 ("LTIP") to Stuart Lorraine, the Company's COO. The terms
of these awards are in line with the awards made to Executive
Directors announced on 30 June 2022.
The LTIP Awards will vest in three equal annual tranches from
the third anniversary of Admission (23 December 2021) subject to
meeting earnings per share performance criteria in each of FY2023,
FY2024 and FY2025. A portion of the LTIP Awards will vest on
meeting minimum performance criteria with vesting thereafter on a
straight-line basis.
For further information, please contact:
CT Automotive via MHP
Simon Phillips, Executive Chairman
Scott McKenzie, Chief Executive Officer
David Wilkinson, Chief Financial Officer
MHP Communications (Financial PR) Tel: +44 (0)20 3100 8540
Tim Rowntree CTAutomotive@mhpc.com
Charlie Barker
Liberum (Nominated Adviser and Broker) Tel: +44 (0)20 3100
2000
Richard Lindley
Benjamin Cryer
Notes to editors
CT Automotive is engaged in the design, development and
manufacture of bespoke automotive interior finishes (for example
dashboard panels and fascia finishes) and kinematic assemblies (for
example air registers, arm rests, deployable cup holders and
storage systems), as well as their associated tooling, for the
world's leading automotive original equipment suppliers ("OEMs")
and global Tier One manufacturers.
The Group is headquartered in the UK with a low-cost
manufacturing footprint. Key production facilities are located in
Shenzhen and Ganzhou, China complemented by additional
manufacturing facilities in Turkey and the Czech Republic.
CT Automotive's operating model enables it to pursue a price
leadership strategy, supplying high quality parts to customers at a
lower overall landed cost than competitors. This has helped the
Group build a high-quality roster of OEM end customers, both
directly and via Tier One suppliers including Faurecia and Marelli.
End customers include volume manufacturers, such as Nissan, and
luxury car brands such as Bentley and Lamborghini. In addition, the
Group supplies electric car manufacturers, including Lucid.
The Group currently supplies component part types to over 47
different models for 19 OEMs. Since its formation, the Group has
been the only significant new entrant into the market, which is
characterised by high barriers to entry.
The information set out below is provided in accordance with the
requirements of Regulation 19(3) of the EU Market Abuse Regulation
No 596/2014:
1 Details of the person discharging managerial responsibilities/person
closely associated
(a) Name Stuart Lorraine
-------------------------------- ----------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------
(a) Position/status PDMR
-------------------------------- ----------------------------------------
(b) Initial notification/Amendment Initial notification
-------------------------------- ----------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------
(a) Name CT Automotive Group plc
-------------------------------- ----------------------------------------
(b) LEI 213800RP7B4UJ1DDKY67
-------------------------------- ----------------------------------------
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 financial Options over Ordinary shares
instrument, type of instrument of GBP0.005 pence each
Identification code ISIN GB00BMHYGR77
-------------------------------- ----------------------------------------
(b) Nature of the transaction Award of options pursuant
to CT Automotive Group plc
2022 Long Term Incentive
Plan
-------------------------------- ----------------------------------------
(c) Price(s) and volume(s) Price(s) Volume(s)
NIL 476,010
-------------------------------- ----------------------------------------
(d) Aggregated information N/A
- Aggregated volume
- Price
-------------------------------- ----------------------------------------
(e) Date of the transaction 23 September 2022
-------------------------------- ----------------------------------------
(f) Place of the transaction Outside a trading venue
-------------------------------- ----------------------------------------
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