PDMR Dealing - Grant of Options

 

 

 

 

Churchill China plc (the "Company")

 

PDMR Dealing - Grant of Options under LTIP

 

 

Grant of Share Options

 

On 04 May 2017, the following options over 10p ordinary shares in the Company ("Ordinary Shares") were granted under the Churchill China Long Term Incentive Plan ("CCLTIP") (the "Grants") for nil consideration:

 

Director	Position	Number of options over Ordinary Shares granted	Exercise Price	Market Price at Date of Grant
David O'Connor	Chief Executive Officer	15,179	10p	1,047.5p
David Taylor	Finance Director	11,685	10p	1,047.5p
James Roper	Sales and Marketing Director	9,737	10p	1,047.5p

 

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 items and adjusted for pension interest charges and credits) earnings per share ("Adjusted EPS") for the financial year ending 31 December 2019 reaches the following figures for each level of vesting:

 

Adjusted EPS for year ending 31 December 2019	% Increase on 2016	% of Grant that Vests
61.9p	26%	25%
65.2p	33%	40%
68.5p	40%	100%

 

Between these target levels, share options will vest on a straight line basis and shares will vest, subject to the achievement of these performance conditions, from 4 May 2020.

 

The Adjusted EPS for the base year 2016 has been calculated as 49.0p excluding the net effect of pension fund interest charges.

 

The Grant values represent 60 per cent of current base salary for each participant.

 

Resultant Holdings

 

Following the Grant of new options set out above:

 

David O'Connor is interested in 41,613 Ordinary Shares representing 0.4 per cent. of the total issued share capital of the Company. David O'Connor also holds options over Ordinary Shares as follows:

 

Options Held	Option Exercise Price	Expiry Date
15,179	10p	02.05.2027
12,698	10p	16.05.2026
16,804	10p	07.05.2025
17,571	10p	01.05.2024

 

 

 

David Taylor is interested in 54,489 Ordinary Shares representing 0.5 per cent. of the total issued share capital of the Company. David Taylor also holds options over Ordinary Shares as follows:

 

Options Held	Option Exercise Price	Expiry Date
11,685	10p	02.05.2027
10,159	10p	16.05.2026
14,123	10p	07.05.2025
16,580	10p	01.05.2024

 

James Roper is interested in 1,052,500 Ordinary Shares representing 9.6 per cent. of the total issued share capital of the Company. James Roper also holds options over Ordinary Shares as follows:

 

Options Held	Option Exercise Price	Expiry Date
9,737	10p	02.05.2027
8,127	10p	16.05.2026

 

 

The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further detail:

 

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	David O'Connor
2	Reason for the notification
a)	Position/status	Chief Executive Officer
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Churchill China plc
b)	LEI	213800GQ51I4LZQ5AR09
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
a)	Description of the financial instrument, type of instrument	Ordinary shares of 10 pence each
	Identification code	GB0001961035
b)	Nature of the transaction	Grant of options to acquire ordinary shares (exercise price of 10p)
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			10 pence	15,179
d)	Aggregated information	n/a
	- Aggregated volume
	- Price
e)	Date of the transaction	4 May 2017
f)	Place of the transaction	Off market

 

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	David Taylor
2	Reason for the notification
a)	Position/status	Finance Director
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Churchill China plc
b)	LEI	213800GQ51I4LZQ5AR09
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
a)	Description of the financial instrument, type of instrument	Ordinary shares of 10 pence each
	Identification code	GB0001961035
b)	Nature of the transaction	Grant of options to acquire ordinary shares (exercise price of 10p)
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			10 pence	11,685
d)	Aggregated information	n/a
	- Aggregated volume
	- Price
e)	Date of the transaction	4 May 2017
f)	Place of the transaction	Off market

 

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	James Roper
2	Reason for the notification
a)	Position/status	Sales and Marketing Director
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Churchill China plc
b)	LEI	213800GQ51I4LZQ5AR09
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
a)	Description of the financial instrument, type of instrument	Ordinary shares of 10 pence each
	Identification code	GB0001961035
b)	Nature of the transaction	Grant of options to acquire ordinary shares (exercise price of 10p)
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			10 pence	9,737
d)	Aggregated information	n/a
	- Aggregated volume
	- Price
e)	Date of the transaction	4 May 2017
f)	Place of the transaction	Off market

 

For further details, please contact:

 

Churchill China plc
David Taylor, Finance Director	+44 (0)1782 577566
N+1 Singer (NOMAD & Broker)
Richard Lindley / James White	+44 (0)20 7496 3000
Buchanan
Mark Court /Sophie Cowles /Jane Glover	+44(0)20 7466 5000