CT Automotive Group PLC Director/PDMR Shareholding

RNS Number : 3101K

CT Automotive Group PLC

31 October 2024

 

31 October 2024

 

CT Automotive Group PLC

("CT Automotive" or the "Group")

 

Grant of Awards under the Long Term Incentive Plan

 

CT Automotive, a leading designer, developer and supplier of interior components to the global automotive industry, announces that on 30 October 2024, the Company awarded 660,194[1] nominal cost options under the CT Automotive Long Term Incentive Plan 2022 to certain senior executives, including to its Chief Executive Officer and Chief Financial Officer. 

The awards have been granted in relation to ordinary shares of £0.005 ("Ordinary Shares") in the form of options to acquire Ordinary Shares at nominal value ("LTIP Awards") and will all vest on the third anniversary of grant. 

The table below sets out details of the LTIP Awards granted to directors of the Company.

Executive Director	Role	Performance conditions	Number of LTIP Awards granted
Simon Phillips	Chief Executive Officer	Earnings per share performance criteria for 3 year period ending FY2025	213,592
Salman Mohammed	Chief Financial Officer	No performance conditions	38,835

For future awards, the Remuneration Committee intend to grant Salman Mohammed awards which will be subject to performance conditions to reflect the fact that as of 17 October 2024, he is a member of the Executive Board and considered to be one of the senior executives. 

Enquiries:

CT Automotive Simon Phillips, Chief Executive Officer Salman Mohammed, Chief Financial Officer	Via Novella
Singer Capital Markets Advisory LLP (Nominated Adviser and Broker) Steve Pearce, Alex Bond, James Todd	Tel: [phone]
Novella Communications (Financial Public Relations) Tim Robertson, Claire de Groot, Safia Colebrook	Tel : [phone] [e-mail]

 

 

Notes to editors

 

CT Automotive is engaged in the design, development and manufacture of bespoke automotive interior finishes (for example, dashboard panels and fascia finishes) and kinematic assemblies (for example, air registers, arm rests, deployable cup holders and storage systems), as well as their associated tooling, for the world's leading automotive original equipment suppliers ("OEMs") and global Tier One manufacturers.

 

The Group is headquartered in the UK with a low cost manufacturing footprint. Key production facilities are located in Shenzhen and Ganzhou, China complemented by additional manufacturing facilities in Mexico, Türkiye and Czechia.

 

CT Automotive's operating model enables it to pursue a price leadership strategy, supplying high quality parts to customers at a lower overall landed cost than competitors. This has helped the Group build a high-quality portfolio of OEM customers, both directly and via Tier One suppliers including Forvia and Marelli.  End customers include volume manufacturers, such as Nissan, Ford, GM and Volkswagen Audi Group, and premium luxury car brands such as Bentley and Lamborghini.  In addition, the Group supplies all our customer base with a range of products for PHEV and BEV platforms and supplies electric car manufacturers, including Rivian and a US based major EV OEM.

 

The Group currently supplies component part types to over 57 different models for 22 OEMs. Since its formation, the Group has been one of the very few new entrants to the market, which is characterised by high barriers to entry.

 

The information set out below is provided in accordance with the requirements of Regulation 19(3) of the EU Market Abuse Regulation No 596/2014: 

1	Details of the person discharging managerial responsibilities/person closely associated
(a)	Name	Simon Phillips
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	CT Automotive Group plc
(b)	LEI	213800RP7B4UJ1DDKY67
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 Identification code	Options over Ordinary shares of £0.005 pence each ISIN GB00BMHYGR77
(b)	Nature of the transaction	Award of options pursuant to CT Automotive Group plc 2022 Long Term Incentive Plan
(c)	Price(s) and volume(s)	Price(s) Volume(s)     NIL 213,592
(d)	Aggregated information -         Aggregated volume -         Price	N/A
(e)	Date of the transaction	30 October 2024
(f)	Place of the transaction	Outside a trading venue

 

 

1	Details of the person discharging managerial responsibilities/person closely associated
(a)	Name	Salman Mohammed
2	Reason for the notification
(a)	Position/status	Chief Financial Officer
(b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
(a)	Name	CT Automotive Group plc
(b)	LEI	213800RP7B4UJ1DDKY67
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 Identification code	Options over Ordinary shares of £0.005 pence each ISIN GB00BMHYGR77
(b)	Nature of the transaction	Award of options pursuant to CT Automotive Group plc 2022 Long Term Incentive Plan
(c)	Price(s) and volume(s)	Price(s) Volume(s)     NIL 38,835
(d)	Aggregated information -         Aggregated volume -         Price	N/A
(e)	Date of the transaction	30 October 2024
(f)	Place of the transaction	Outside a trading venue

 

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[1] 427,184 LTIP Awards which carry earnings per share performance criteria for 3 year period ending FY2026 and 233,010 LTIP awards which carry no additional performance conditions.

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