Last checked at 5 Jul 2022 15:02
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 | 48,250 |
Mark Bottomley | 31,900 |
Jim Brisby | 31,900 |
Chris Aldersley | 31,900 |
The LTIP nil-cost options were granted on 1 July 2022 in accordance with the Scheme and are based on a share price of 3124 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 320 Ordinary Shares at an exercise price of 3124 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 | 211.1 pence per ordinary share |
Maximum | 237.5 pence per ordinary share | |
Relative TSR | Threshold | Median |
Maximum | Upper decile | |
Emissions(tonnes Co2e) | Threshold | 14.8% reduction |
Maximum | 19.7% reduction | |
Water Intensity(m3/sales tonnes) | Threshold | 10.7% reduction |
Maximum | 14.3% reduction | |
Energy Intensity(kWh/sales tonnes) | Threshold | 13.8% reduction |
Maximum | 18.4% 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
The comparison companies for the purposes of TSR are Associated British Foods plc, A.G. Barr plc, Britvic plc, Carrs Group plc, Devro plc, Greencore Group plc, Hilton Food Group plc, Kerry Group plc, McBride plc, Premier Foods plc and Tate and Lyle plc.
Following a review of the EPS target taking into account the Group's financial plans, market conditions and the impact of the increase in the corporate tax rate, the Remuneration Committee determined that it was appropriate to set an absolute EPS target linked to the achievement of Group forecasts rather than continuing to set EPS targets using a three-year average percentage growth rate linked to three-year average RPI. The EPS target will be assessed based on performance in the final financial year of the performance period.
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