Source - RNS
RNS Number : 2697L
Cropper(James) PLC
30 September 2016
 

30 September 2016

James Cropper plc

(the "Company")

 

Directors' option interests

 

The Company provides the following update of the interest of the directors in options over ordinary shares of 25p each in the Company ("Options").

 

On 28 September 2016 the trustees of the James Cropper Employee Trust of James Cropper EBT Ltd advised the Company that they have approved grant awards to the following directors under the terms of The James Cropper Plc 2008 Long Term Incentive Plan (the "LTIP" or the "Plan"), as set out below.

 

Grant date

28/09/2016


Award ref price

954.3p


 

 

    LTIP Share Options granted

Total outstanding LTIP Share Options

Director



IM Maddock

6,026

21,768

M Thompson

6,811

21,327

KD Watson

6,811

24,720

PI Wild

14,932

54,326

 

The LTIP Options are subject to the achievement of pre-determined performance conditions and become exercisable at the end of a predetermined 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 director, as set out below: 


Earnings per share conditions


Percentage of Award

P I Wild

100%

I M Maddock

100%

M Thompson

100%

K D Watson

100%

 

 

 

 

Conditions of Award for Directors

(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:


Jim Aldridge, Company Secretary

Robert Finlay, David Coaten

James Cropper PLC (AIM:CRPR)

Stockdale Securities Limited

Tel: +44 (0) 1539 722002

Tel: +44 (0) 207 601 6100

www.cropper.com

www.stockdalesecurities.com

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
DSHVKLFLQKFEBBV

Related Charts

Cropper (James) (CRPR)

+22.50p (+2.05%)
delayed 18:15PM