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James Cropper plc granted a total of 77,137 nil-cost options over its ordinary shares to six Persons Discharging Managerial Responsibilities (PDMRs) on December 19, 2023, under its Long-Term Incentive Plan. These options were determined using a share price of 646p and are exercisable from the third to the tenth anniversary of the award date, subject to performance targets over the financial years 2023/24, 2024/25, and 2025/26.
| Date | 20 Dec 2023 |
| Time | 07:00:17 |
| Category | Director/PDMR dealings |
| ID | 3585X |
James Cropper plc
("James Cropper", the "Company or the "Group")
Grant of Awards under Long Term Incentive Plan
James Cropper (AIM: CRPR), a global market leader in advanced materials and paper products, announces that the following awards of options ("Options") were made on 19 December 2023 ("Award Date") under the Company's Long-Term Incentive Plan ("LTIP"), to certain PDMRs over ordinary shares in the Company of 25p each ("Ordinary Shares"):
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|
PDMR |
Position |
Number of Ordinary Shares* |
|
1. |
Steve Adams |
Chief Executive Officer |
27,110 |
|
2. |
Andrew Goody |
Chief Financial and Operations Officer |
13,977 |
|
3. |
Patrick Willink |
Chief Innovation Officer |
13,037** |
|
4. |
Richard Bracewell |
Managing Director, Paper products |
11,608 |
|
5. |
Matt Ratcliffe |
General Counsel and Company Secretary |
6,384 |
|
6. |
Rachel Armer |
People and Culture Director |
5,021 |
*Determined using a price of 646p per Ordinary Share, being the Company's 20-day average closing price for Ordinary Shares.
**Conditional cash award: to be satisfied in cash based upon the market value of vested shares at the date of exercise.
The Options were awarded for nil-cost subject to the rules of the LTIP and will be exercisable from the third anniversary of the Award Date to the tenth anniversary of the Award Date.
Vesting of the Options is subject to stretching performance targets determined by the Remuneration Committee relating to a three-year performance period covering the financial years 2023/24, 2024/25 and 2025/26. Performance targets have been set against the following measures:
Performance measure Weighting
Growth in adjusted Earnings Per Share ("EPS") 40%
Cumulative operating cash flow 30%
Reduction in carbon emissions intensity ratio 30%
Each performance measure is structured with a threshold target (resulting in 10% vesting) and a maximum target (resulting in 100% vesting). Vesting is adjusted on a straight-line basis between threshold and maximum targets. Awards will lapse to the extent that performance is below the threshold target for each performance measure.
The adjusted EPS performance targets are set from a base adjusted EPS of 25.1 pence and are as follows:
|
|
Threshold |
Maximum |
|
Target |
Compound annual growth in adjusted EPS of 35% |
Compound annual growth in adjusted EPS of 70% |
|
Vesting |
10% |
100% |
Enquiries
James Cropper plc
Matt Ratcliffe, General Counsel and Company Secretary
Tel: +44 (0) 1539 722 002
Shore Capital - (NOMAD and Broker)
Robert Finlay, Henry Willcocks, Lucy Bowden
Tel: +44 (0) 7601 6100
Buchanan Communications - Financial PR
Chris Lane, Charles Ryland, Jamie Hooper, Verity Parker
Tel: +44 (0) 207 466 5000
The following information is included in accordance with Article 19(3) of the Market Abuse Regulation (No. 596/2014):
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1. |
Details of person discharging managerial responsibilities/person closely associated
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a) |
Name |
1. Steve Adams 2. Andrew Goody 3. Patrick Willink 4. Richard Bracewell 5. Matt Ratcliffe 6. Rachel Armer
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2.
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Reason for the notification |
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a) |
Position/status |
1. Chief Executive Officer 2. Chief Financial and Operations Officer 3. Chief Innovation Officer 4. Managing Director, Paper Products 5. General Counsel and Company Secretary 6. People and Culture Director
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b) |
Initial notification/amendment |
Initial Notification |
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3. |
Details of the issuer
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a) |
Name |
James Cropper plc
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b) |
Legal Entity Identifier |
213800XM78VTDYGBRM93
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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.
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a) |
Description of the financial instrument |
Ordinary Shares of 25 pence each |
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b) |
Identification code of the Financial Instrument |
GB0002346053 |
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c) |
Nature of the transaction |
Award of nil-cost options under the Company's Long Term Incentive Plan |
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d) |
Currency |
GBP
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e) |
Price(s) and volume(s) |
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f) |
Aggregated information - volume - Price - Total
|
N/A |
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g) |
Date of the transaction |
18 December 2023
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h) |
Place of the transaction |
Outside trading venue
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