Business
Grant of Share Options
Grant of Share Options.
About this update from Churchill China Plc
[{"type":"text","content":"\n \nRNS Number : 3600Y Churchill China PLC 16 May 2016 \n\n16 May 2016\nChurchill China plc\n \nGrant of Options under LTIP\n \n \nGrant of Share Options\n \nOn 16 May 2016, the following options were granted over 10p ordinary shares in the Company (\"Ordinary Shares\") 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 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\n12,698\n\n\n10p\n\n\n787.5p\n\n\n\n\nDavid Taylor\n\n\nFinance Director\n\n\n10,159\n\n\n10p\n\n\n787.5p\n\n\n\n\nJames Roper\n\n\nSales and Marketing Director\n\n\n8,127\n\n\n10p\n\n\n787.5p\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 2018 reaches the following figures for each level of vesting:\n \n\n\n\n\nAdjusted EPS for year ending 31 December 2018\n\n\n% Increase on 2015\n\n\n% of Grant that Vests\n\n\n\n\n50.6p\n\n\n31%\n\n\n25%\n\n\n\n\n53.3p\n\n\n38%\n\n\n40%\n\n\n\n\n56.0p\n\n\n45%\n\n\n100%\n\n\n\n\n \nBetween these target levels, share options will vest on a straight line basis and will vest, subject to the achievement of these performance conditions, from 16 May 2019.\n \nThe adjusted EPS for the base year 2015 has been calculated as 38.5p excluding the net effect of pension fund interest charges.\n \nThe Grant values represent 40 per cent of current base salary for each participant.\n \nResultant Holdings\n \nFollowing Grant of the new options set out above:\n \nDavid O'Connor will be 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:\n \n\n\n\n\nOptions Held\n\n\nOption Exercise Price\n\n\nExpiry Date\n\n\n\n\n12,698\n\n\n10p\n\n\n16.05.2026\n\n\n\n\n16,804\n\n\n10p\n\n\n07.05.2025\n\n\n\n\n17,571\n\n\n10p\n\n\n01.05.2024\n\...