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James Cropper plc

Cropper(James) PLC - Grant of Awards under Long Term Incentive Plan

RNS Number : 1367V
Cropper(James) PLC
05 August 2020
 

5 August 2020

 

James Cropper Plc

(the "Company")

 

Grant of Awards under Long Term Incentive Plan

 

The Company announces that on 3 August 2020, 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: 3 August 2020                  Award Reference Price: 1079.5p per Share 

 

 



Maximum Number of Shares options under LTIP award

Nature of conditional award

Mark Cropper

Director

3,583

Cash award

Phil Wild

Director

14,153

Free cost options

Steve Adams

Director

7,449

Free cost options

Isabelle Maddock

Director

7,449

Free cost options

Martin Thompson

Director

7,449

Free cost options

Patrick Willink

Director

6,948

Cash award

Jim Aldridge

PDMR

787

Free cost options

Nick Barnes

PDMR

865

Free cost options

Claire Brough

PDMR

494

Free cost options

Caroline Noble

PDMR

713

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

-       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:

James Cropper PLC (AIM: CRPR)

Isabelle Maddock, Chief Financial Officer

Jim Aldridge, Company Secretary

Tel: +44 (0) 1539 722002

www.jamescropper.com

     Shore Capital

     Robert Finlay, Henry Willcocks

     John More

     Tel:  + 44 (0) 20 7601 6100

    

 

 

 

 

 

 

 

 

 

 

The information below (set out in accordance with the requirements of EU Market Abuse Regulation) provides further detail:

 

  1

 

Details of the person discharging managerial responsibilities / person closely associated 

a)

 

Names 

Mark Cropper

2

 

Reason for the notification

a)

 

Position/status

 

Director, Chairman

b)

 

Initial notification /Amendment 

Initial Notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor 

a)

 

Name 

James Cropper plc

b)

 

LEI

213800XM78VTDYGBRM93

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 instrument, type of instrument

 

Ordinary Shares of 25p each

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

3,583

d)

 

Aggregated information 

- Aggregated volume

- Price

 

3,583

0.00

e)

 

Date of the transaction 

3 August 2020

f)

 

Place of the transaction

Off Exchange

 

 

  1

 

Details of the person discharging managerial responsibilities / person closely associated 

a)

 

Names 

Phil Wild

2

 

Reason for the notification

a)

 

Position/status

 

Director, Chief Executive Officer

b)

 

Initial notification /Amendment 

Initial Notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor 

a)

 

Name 

James Cropper plc

b)

 

LEI

213800XM78VTDYGBRM93

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 instrument, type of instrument

 

Ordinary Shares of 25p each

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

14,153

d)

 

Aggregated information 

- Aggregated volume

- Price

 

14,153

0.00

e)

 

Date of the transaction 

3 August 2020

f)

 

Place of the transaction

Off Exchange

 

  1

 

Details of the person discharging managerial responsibilities / person closely associated 

a)

 

Names 

Steve Adams

2

 

Reason for the notification

a)

 

Position/status

 

Director, Managing Director of Paper Division

b)

 

Initial notification /Amendment 

Initial Notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor 

a)

 

Name 

James Cropper plc

b)

 

LEI

213800XM78VTDYGBRM93

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 instrument, type of instrument

 

Ordinary Shares of 25p each

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

7,449

d)

 

Aggregated information 

- Aggregated volume

- Price

 

7,449

0.00

e)

 

Date of the transaction 

3 August 2020

f)

 

Place of the transaction

Off Exchange

 

  1

 

Details of the person discharging managerial responsibilities / person closely associated 

a)

 

Names 

Isabelle Maddock

2

 

Reason for the notification

a)

 

Position/status

 

Director, Chief Financial Officer

b)

 

Initial notification /Amendment 

Initial Notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor 

a)

 

Name 

James Cropper plc

b)

 

LEI

213800XM78VTDYGBRM93

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 instrument, type of instrument

 

Ordinary Shares of 25p each

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

7,449

d)

 

Aggregated information 

- Aggregated volume

- Price

 

7,449

0.00

e)

 

Date of the transaction 

3 August 2020

f)

 

Place of the transaction

Off Exchange

 

 

  1

 

Details of the person discharging managerial responsibilities / person closely associated 

a)

 

Names 

Martin Thompson

2

 

Reason for the notification

a)

 

Position/status

 

Director, Managing Director of TFP Division

b)

 

Initial notification /Amendment 

Initial Notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor 

a)

 

Name 

James Cropper plc

b)

 

LEI

213800XM78VTDYGBRM93

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 instrument, type of instrument

 

Ordinary Shares of 25p each

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

7,449

d)

 

Aggregated information 

- Aggregated volume

- Price

 

7,449

0.00

e)

 

Date of the transaction 

3 August 2020

f)

 

Place of the transaction

Off Exchange

 

  1

 

Details of the person discharging managerial responsibilities / person closely associated 

a)

 

Names 

Patrick Willink

2

 

Reason for the notification

a)

 

Position/status

 

Director, Managing Director of Colourform Division

b)

 

Initial notification /Amendment 

Initial Notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor 

a)

 

Name 

James Cropper plc

b)

 

LEI

213800XM78VTDYGBRM93

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 instrument, type of instrument

 

Ordinary Shares of 25p each

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

6,948

d)

 

Aggregated information 

- Aggregated volume

- Price

 

6,948

0.00

e)

 

Date of the transaction 

3 August 2020

f)

 

Place of the transaction

Off Exchange

 

  1

 

Details of the person discharging managerial responsibilities / person closely associated 

a)

 

Names 

Jim Aldridge

2

 

Reason for the notification

a)

 

Position/status

 

PDMR, Company Secretary

b)

 

Initial notification /Amendment 

Initial Notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor 

a)

 

Name 

James Cropper plc

b)

 

LEI

213800XM78VTDYGBRM93

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 instrument, type of instrument

 

Ordinary Shares of 25p each

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

787

d)

 

Aggregated information 

- Aggregated volume

- Price

 

787

0.00

e)

 

Date of the transaction 

3 August 2020

f)

 

Place of the transaction

Off Exchange

 

  1

 

Details of the person discharging managerial responsibilities / person closely associated 

a)

 

Names 

Nick Barnes

2

 

Reason for the notification

a)

 

Position/status

 

PDMR, Global Sales Director

b)

 

Initial notification /Amendment 

Initial Notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor 

a)

 

Name 

James Cropper plc

b)

 

LEI

213800XM78VTDYGBRM93

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 instrument, type of instrument

 

Ordinary Shares of 25p each

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

865

d)

 

Aggregated information 

- Aggregated volume

- Price

 

865

0.00

e)

 

Date of the transaction 

3 August 2020

f)

 

Place of the transaction

Off Exchange

 

  1

 

Details of the person discharging managerial responsibilities / person closely associated 

a)

 

Names 

Claire Brough

2

 

Reason for the notification

a)

 

Position/status

 

PDMR, Head of Finance

b)

 

Initial notification /Amendment 

Initial Notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor 

a)

 

Name 

James Cropper plc

b)

 

LEI

213800XM78VTDYGBRM93

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 instrument, type of instrument

 

Ordinary Shares of 25p each

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

494

d)

 

Aggregated information 

- Aggregated volume

- Price

 

494

0.00

e)

 

Date of the transaction 

3 August 2020

f)

 

Place of the transaction

Off Exchange

 

 

  1

 

Details of the person discharging managerial responsibilities / person closely associated 

a)

 

Names 

Caroline Noble

2

 

Reason for the notification

a)

 

Position/status

 

PDMR, Head of Information Services

b)

 

Initial notification /Amendment 

Initial Notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor 

a)

 

Name 

James Cropper plc

b)

 

LEI

213800XM78VTDYGBRM93

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 instrument, type of instrument

 

Ordinary Shares of 25p each

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

713

d)

 

Aggregated information 

- Aggregated volume

- Price

 

713

0.00

e)

 

Date of the transaction 

3 August 2020

f)

 

Place of the transaction

Off Exchange

 

 


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