Cropper(James) PLC Directors' option interests (2697L)

TIDMCRPR

RNS Number : 2697L

Cropper(James) PLC

30 September 2016

30 September 2016

James Cropper plc

(the "Company")

Directors' option interests

The Company provides the following update of the interest of the directors in options over ordinary shares of 25p each in the Company ("Options").

On 28 September 2016 the trustees of the James Cropper Employee Trust of James Cropper EBT Ltd advised the Company that they have approved grant awards to the following directors under the terms of The James Cropper Plc 2008 Long Term Incentive Plan (the "LTIP" or the "Plan"), as set out below.

 
 Grant date     28/09/2016 
------------  ------------  ------------------ 
 Award ref 
  price             954.3p 
------------  ------------  ------------------ 
                      LTIP   Total outstanding 
                     Share          LTIP Share 
                   Options             Options 
                   granted 
------------  ------------  ------------------ 
 Director 
------------  ------------  ------------------ 
 IM Maddock          6,026              21,768 
------------  ------------  ------------------ 
 M Thompson          6,811              21,327 
------------  ------------  ------------------ 
 KD Watson           6,811              24,720 
------------  ------------  ------------------ 
 PI Wild            14,932              54,326 
------------  ------------  ------------------ 
 

The LTIP Options are subject to the achievement of pre-determined performance conditions and become exercisable at the end of a predetermined holding period from the date of the award. Further details are set out in the appendix below.

Appendix

The number of options that can be awarded to any participant in a financial year under the Plan, determined by reference to Company's 20 day average mid-market share price at the time of the award, is limited to a maximum of 75% of the participant's basic salary.

The LTIP awards are subject to the achievement of certain performance conditions, specific to each director, as set out below:

 
                Earnings per share 
                     conditions 
-------------  -------------------- 
                Percentage of Award 
-------------  -------------------- 
 P I Wild              100% 
-------------  -------------------- 
 I M Maddock           100% 
-------------  -------------------- 
 M Thompson            100% 
-------------  -------------------- 
 K D Watson            100% 
-------------  -------------------- 
 

Conditions of Award for Directors

(i) Earnings per share conditions

- Awards will vest in full on the third anniversary of the Award provided the growth in the Company's earnings per share, adjusted for IFRS pension adjustments, between the preceding financial year end when the award was granted and the preceding financial year end when the grant is vested exceed the increase in retail price index plus 20% per annum;

- Awards will vest at 25% on the third anniversary of the Award if the growth in the Company's earnings per share, adjusted for IFRS pension adjustments, between the preceding financial year end when the award was granted and the preceding financial year end when the grant is vested exceed the increase in retail price index plus 6.0% per annum;

- Awards will vest proportionally between 25% and 100% on the third anniversary of the Award if the growth in the Company's earnings per share, adjusted for IFRS adjustments, between the preceding financial year end when the award was granted and the preceding financial year end when the grant is vested exceed the increase in retail price index by more than 6.0% but less than 20% per annum; and

- Awards will lapse on the third anniversary of the Award if the growth in the Company's earnings per share, adjusted for IFRS pension adjustments, between the preceding financial year end when the award was granted and the preceding financial year end when the grant is vested, does not exceed the increase in retail price plus 6.0% per annum.

 
 Enquiries: 
 Jim Aldridge, Company   Robert Finlay, David Coaten 
  Secretary 
 James Cropper PLC       Stockdale Securities Limited 
  (AIM:CRPR) 
 Tel: [phone]       Tel: [phone] 
  722002 
 www.cropper.com         www.stockdalesecurities.com 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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September 30, 2016 02:02 ET (06:02 GMT)