22 Jun 2012 16:13
22 June 2012
Churchill China plc
Grant of Options under LTIP
Churchill China plc (the "Company") announces that on 21 June 2012 the following options over 10p ordinary shares ("Ordinary Shares") have been granted under the Churchill China Long Term Incentive Plan ("CCLTIP") (the "Grants"):
Director | Position | Number of Ordinary Shares granted | Exercise Price | Market Price at Date of Grant |
David O'Connor | Chief Operating Officer | 49,524 | 10p | 315p |
David Taylor | Finance Director | 46,730 | 10p | 315p |
The Grants are subject to the achievement of performance conditions as specified by the Remuneration Committee and are subject to claw back provisions in certain circumstances. The performance conditions require that the Company's adjusted (pre-exceptional) earnings per shares ("EPS") for the financial year ending 31 December 2014 reaches the following figures for each level of vesting:
EPS for year ending 31 December 2014 | % Increase on 2011 | % of Grant that Vests |
24.6p | 28% | 25% |
25.9p | 35% | 40% |
27.2p | 42% | 100% |
Between these target levels, share options will vest on a pro-rata basis and shares will vest, subject to the achievement of performance conditions, from 21 June 2014.
The Grants represent 80 per cent. of current base salary for each participant.
Following the Grants:
David O'Connor will be interested in 5,599 Ordinary Shares representing 0.05 per cent. of the total issued share capital of the Company. David O'Connor also holds 95,524 options over Ordinary Shares as follows:
Options Held | Option Exercise Price | Expiry Date |
49,524 | 10p | 20.06.2022 |
6,000 | 208p | 30.04.2014 |
30,000 | 300p | 19.12.2012 |
10,000 | 284p | 12.05.2013 |
David Taylor will be interested in 18,500 Ordinary Shares representing 0.17 per cent. of the total issued share capital of the Company. David Taylor also holds 96,730 options over Ordinary Shares as follows:
Options Held | Option Exercise Price | Expiry Date |
46,730 | 10p | 20.06.2022 |
10,000 | 208p | 30.04.2014 |
30,000 | 300p | 19.12.2012 |
10,000 | 284p | 12.05.2013 |
For further details, please contact:
Churchill China plc | |
David Taylor, Finance Director | +44 (0)1782 577566 |
N+1 Brewin (NOMAD & Broker) | |
Robert Beenstock | +44 (0)20 3201 3526 |
Richard Lindley | +44 (0)113 241 0181 |
Buchanan | |
Tim Anderson | +44(0)20 7466 5000 |
Churchill China (CHH)