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C&C Group plc's Remuneration Committee adjusted the performance conditions for 2021 Long Term Incentive Plan (LTIP) awards granted to Executive Directors on 15 June 2021. The Earnings per share (EPS) target for maximum vesting, which has a 45% weighting, was revised from 27 cents to 24.5 cents by the end of FY24. This adjustment was made to account for a 2021 rights issue, while the 22 cents EPS threshold target and other Free Cash Flow and Environmental targets remained unchanged.
| Date | 28 Jul 2022 |
| Time | 11:00:03 |
| Category | Director/PDMR dealings |
| ID | 0888U |
C&C Group plc
('C&C')
2021 Long Term Incentive Plan ('LTIP') Awards
On 15 June 2021, LTIP awards were granted to the Company's Executive Directors. The performance conditions for those awards were announced on 28 July 2021, and reported in the Company's Directors' Remuneration Report for the period ended 28 February 2022.
Following a review of the targets for the EPS element of the performance conditions, the Remuneration Committee has noted that the EPS target for maximum vesting had not been adjusted for the impact of the rights issue undertaken by the Company in 2021. Accordingly, the EPS target for maximum vesting has been subsequently adjusted for the rights issue consistent with International accounting standards (IAS 33) as set out below. The Free Cash Flow and Environmental targets have not been adjusted. No other changes have been made to the awards.
|
Measure |
Weighting |
Targets as originally set |
Adjusted targets |
|
Earnings per share |
45% |
Threshold (25% vesting) - 22 cents
Maximum - 27 cents
By the end of year 3 target range (end of FY24) rather than as a cumulative target. |
Threshold (25% vesting) - 22 cents
Maximum - 24.5 cents
By the end of year 3 target range (end of FY24) rather than as a cumulative target. |
Contacts
C&C Group plc
Patrick McMahon, Chief Financial Officer
Ewan Robertson, Finance and Investor Relations Director
Email: ewan.robertson@candcgroup.com
FTI Consulting
Jonathan Neilan / Paddy Berkery
Tel: +353 86 231 4135 / +353 86 602 5988
Email: CandCGroup@fticonsulting.com
Novella Communications
Tim Robertson
Tel: +44 203 151 7008
Email: TimR@novella-comms.com