Business
Grant of Options
Grant of Options.
About this update from Churchill China Plc
[{"type":"text","content":"\n \nRNS Number : 5781Y Churchill China PLC 09 May 2019 \n\n9 May 2019\n \nChurchill China plc (the \"Company\")\n \nGrant of Options under LTIP\n \n \nGrant of Share Options\n \nOn 9 May 2019, 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\"): \n \n\n\n\n\nDirector\n\n\nPosition\n\n\nNumber of options over Ordinary Shares granted\n\n\nExercise Price\n\n\nMarket Price at Date of Grant\n\n\n\n\nDavid O'Connor\n\n\nChief Executive Officer\n\n\n13,010\n\n\n10p\n\n\n1,605p\n\n\n\n\nDavid Taylor\n\n\nFinance Director\n\n\n10,015\n\n\n10p\n\n\n1,605p\n\n\n\n\nJames Roper\n\n\nSales and Marketing Director\n\n\n8,879\n\n\n10p\n\n\n1,605p\n\n\n\n\n \nThe 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 2021 reaches the following figures for each level of vesting:\n \n\n\n\n\nAdjusted EPS for year ending 31 December 2021\n\n\n% Increase on 2018\n\n\n% of Grant that Vests\n\n\n\n\n89.5p\n\n\n27%\n\n\n25%\n\n\n\n\n94.2p\n\n\n33%\n\n\n40%\n\n\n\n\n98.9p\n\n\n40%\n\n\n100%\n\n\n\n\n \nBetween 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 9 May 2022.\n \nThe Adjusted EPS for the base year 2018 has been calculated as 70.7p excluding the net effect of pension fund interest charges and exceptional items.\n \nThe Grant values represent 75 per cent of current base salary for each participant.\n \nResultant Holdings\n \nFollowing Grant of new options set out above:\n \nDavid O'Connor is interested in 49,020 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:\n \n\n\n\n\nOptions Held\n\n\nOption Exercise Price\n\n\nExpiry Date\n\n\n\n\n13,010\n\n\n10p\n\n\n03.05.2029\n\n\n\n\n14,57...