Last checked at 5 Aug 2020 07:00
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) |
| ||||
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) |
| ||||
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) |
| ||||
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) |
| ||||
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) |
| ||||
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) |
| ||||
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) |
| ||||
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) |
| ||||
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) |
| ||||
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) |
| ||||
d)
| Aggregated information - Aggregated volume - Price |
713 0.00 | ||||
e)
| Date of the transaction | 3 August 2020 | ||||
f)
| Place of the transaction | Off Exchange | ||||