Last checked at 3 Jul 2023 13:56
Director/PDMR Shareholding
Cranswick plc ("the Company")
The Company has been notified that the following award of LTIP nil-cost options has been made, pursuant to the Cranswick plc Long Term Incentive Plan (the "Scheme"), to certain Directors/Persons Discharging Managerial Responsibility ("PDMR") over ordinary shares of 10 pence each in the Company ("Ordinary Shares"), as follows:
Name | No. of Ordinary Shares subject to Option |
Adam Couch | 49,620 |
Mark Bottomley | 32,800 |
Jim Brisby | 32,800 |
Chris Aldersley | 32,800 |
The LTIP nil-cost options were granted on 1 July 2023 in accordance with the Scheme and are based on a share price of 3250 pence per Ordinary Share, being the average quoted market price of the Company's shares on the three dealing days prior to the date of grant.
Each person has also been granted a tax qualifying option over 615 Ordinary Shares at an exercise price of 3250 pence per Ordinary Share as part of their award. These tax qualifying options are linked to the LTIP nil-cost options such that, at the time of exercise, to the extent that there is a gain in the tax qualifying option, the LTIP nil-cost option will be forfeited to the value of that gain.
Vesting of the LTIP options and tax qualifying options is subject to the achievement of performance criteria based on growth in EPS (as regards 42.5% of each award), relative Total Shareholder Return (as regards 42.5% of each award), reduction in emissions (as regards 5% of each award), reduction in water intensity (as regards 5% of each award) and reduction in energy intensity (as regards 5% of each award). The targets applying to each element are as follows.
| Target | |
EPS | Threshold | 215.6 pence per ordinary share |
Maximum | 249.8 pence per ordinary share | |
Relative TSR | Threshold | Median |
Maximum | Upper decile | |
Emissions(tonnes Co2e) | Threshold | 12.4% reduction |
Maximum | 16.5% reduction | |
Water Intensity(m3/sales tonnes) | Threshold | 12.2% reduction |
Maximum | 16.3% reduction | |
Energy Intensity(kWh/sales tonnes) | Threshold | 14.0% reduction |
Maximum | 18.7% reduction |
Notes
Threshold performance results in 25% of that element vesting.
Emissions are total Scope 1 and Scope 2 emissions (location based) (tonnes CO2e)
Water Intensity is water intensity (m3/sales tonnes) excluding farms
TSR performance will be measured against companies in the FTSE 250 Index (excluding investment trusts).
Targets for the reduction of emissions, water intensity and energy intensity have been set based on the Group's published 2019/20 baseline performance and are consistent with the achievement of the Group's long-term target of achieving a 50% reduction in such measures by 2029/30 (after taking into account performance achieved to date).
Enquiries:
Steven Glover, Company Secretary tel: 01482 275000
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
1 | Details of the person discharging managerial responsibilities / person closely associated | ||||||||||
a) | Name | Christopher Aldersley | |||||||||
2 | Reason for the notification | ||||||||||
a) | Position/status | Director | |||||||||
b) | Initial notification/amendment | Initial notification | |||||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||||||||
a) | Name | Cranswick plc | |||||||||
b) | LEI | 549300LDZLPU51XOSK43 | |||||||||
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 | Ordinary shares of 10 pence each GB0002318888 | |||||||||
b) | Nature of the transaction | Grant of LTIP and CSOP Options | |||||||||
c) | Price(s) and volume(s) |
| |||||||||
d) | Aggregated information - Aggregated volume - Price - Purpose |
n/a n/a Option Grant | |||||||||
e) | Date of the transaction | 1 July 2023 | |||||||||
f) | Place of the transaction | Outside a Trading Venue | |||||||||
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
1 | Details of the person discharging managerial responsibilities / person closely associated | ||||||||||
a) | Name | John Mark Bottomley | |||||||||
2 | Reason for the notification | ||||||||||
a) | Position/status | Director | |||||||||
b) | Initial notification/amendment | Initial notification | |||||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||||||||
a) | Name | Cranswick plc | |||||||||
b) | LEI | 549300LDZLPU51XOSK43 | |||||||||
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 | Ordinary shares of 10 pence each GB0002318888 | |||||||||
b) | Nature of the transaction | Grant of LTIP and CSOP Options | |||||||||
c) | Price(s) and volume(s) |
| |||||||||
d) | Aggregated information - Aggregated volume - Price - Purpose |
n/a n/a Option Grant | |||||||||
e) | Date of the transaction | 1 July 2023 | |||||||||
f) | Place of the transaction | Outside a Trading Venue | |||||||||
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
1 | Details of the person discharging managerial responsibilities / person closely associated | ||||||||||
a) | Name | James Robert Brisby | |||||||||
2 | Reason for the notification | ||||||||||
a) | Position/status | Director | |||||||||
b) | Initial notification/amendment | Initial notification | |||||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||||||||
a) | Name | Cranswick plc | |||||||||
b) | LEI | 549300LDZLPU51XOSK43 | |||||||||
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 | Ordinary shares of 10 pence each GB0002318888 | |||||||||
b) | Nature of the transaction | Grant of LTIP and CSOP Options | |||||||||
c) | Price(s) and volume(s) |
| |||||||||
d) | Aggregated information - Aggregated volume - Price - Purpose |
n/a n/a Option Grant | |||||||||
e) | Date of the transaction | 1 July 2023 | |||||||||
f) | Place of the transaction | Outside a Trading Venue | |||||||||
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
1 | Details of the person discharging managerial responsibilities / person closely associated | ||||||||||
a) | Name | Adam Hartley Couch | |||||||||
2 | Reason for the notification | ||||||||||
a) | Position/status | Director | |||||||||
b) | Initial notification/amendment | Initial notification | |||||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||||||||
a) | Name | Cranswick plc | |||||||||
b) | LEI | 549300LDZLPU51XOSK43 | |||||||||
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 | Ordinary shares of 10 pence each GB0002318888 | |||||||||
b) | Nature of the transaction | Grant of LTIP and CSOP Options | |||||||||
c) | Price(s) and volume(s) |
| |||||||||
d) | Aggregated information - Aggregated volume - Price - Purpose |
n/a n/a Option Grant | |||||||||
e) | Date of the transaction | 1 July 2023 | |||||||||
f) | Place of the transaction | Outside a Trading Venue | |||||||||