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31 Oct 2024 07:00
31 October 2024
CT Automotive Group PLC
("CT Automotive" or the "Group")
Grant of Awards under the Long Term Incentive Plan
CT Automotive, a leading designer, developer and supplier of interior components to the global automotive industry, announces that on 30 October 2024, the Company awarded 660,194[1] nominal cost options under the CT Automotive Long Term Incentive Plan 2022 to certain senior executives, including to its Chief Executive Officer and Chief Financial Officer.
The awards have been granted in relation to ordinary shares of £0.005 ("Ordinary Shares") in the form of options to acquire Ordinary Shares at nominal value ("LTIP Awards") and will all vest on the third anniversary of grant.
The table below sets out details of the LTIP Awards granted to directors of the Company.
Executive Director | Role | Performance conditions | Number of LTIP Awards granted |
Simon Phillips | Chief Executive Officer | Earnings per share performance criteria for 3 year period ending FY2025 | 213,592 |
Salman Mohammed | Chief Financial Officer | No performance conditions | 38,835 |
For future awards, the Remuneration Committee intend to grant Salman Mohammed awards which will be subject to performance conditions to reflect the fact that as of 17 October 2024, he is a member of the Executive Board and considered to be one of the senior executives.
Enquiries:
CT Automotive Simon Phillips, Chief Executive Officer Salman Mohammed, Chief Financial Officer
| Via Novella
|
Singer Capital Markets Advisory LLP (Nominated Adviser and Broker) Steve Pearce, Alex Bond, James Todd
| Tel: +44 (0)20 7496 3000 |
Novella Communications (Financial Public Relations) Tim Robertson, Claire de Groot, Safia Colebrook | Tel : +44 (0)20 3151 7008 ctautomotive@novella-comms.com |
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 Mexico, Türkiye and Czechia.
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 portfolio of OEM customers, both directly and via Tier One suppliers including Forvia and Marelli. End customers include volume manufacturers, such as Nissan, Ford, GM and Volkswagen Audi Group, and premium luxury car brands such as Bentley and Lamborghini. In addition, the Group supplies all our customer base with a range of products for PHEV and BEV platforms and supplies electric car manufacturers, including Rivian and a US based major EV OEM.
The Group currently supplies component part types to over 57 different models for 22 OEMs. Since its formation, the Group has been one of the very few new entrants to 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 | Simon Phillips | ||||||
2 | Reason for the notification | |||||||
(a) | Position/status | 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 | 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 instrument, type of instrument Identification code | Options over Ordinary shares of £0.005 pence each 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) |
| ||||||
(d) | Aggregated information - Aggregated volume - Price | N/A | ||||||
(e) | Date of the transaction | 30 October 2024 | ||||||
(f) | Place of the transaction | Outside a trading venue | ||||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||
(a) | Name | Salman Mohammed | ||||||
2 | Reason for the notification | |||||||
(a) | Position/status | 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 | 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 instrument, type of instrument Identification code | Options over Ordinary shares of £0.005 pence each 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) |
| ||||||
(d) | Aggregated information - Aggregated volume - Price | N/A | ||||||
(e) | Date of the transaction | 30 October 2024 | ||||||
(f) | Place of the transaction | Outside a trading venue | ||||||
[1] 427,184 LTIP Awards which carry earnings per share performance criteria for 3 year period ending FY2026 and 233,010 LTIP awards which carry no additional performance conditions.
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