2nd Jul 2009 14:38
Date: Thursday, 2 July 2009
JAMES CROPPER PLC
DIRECTOR SHAREHOLDING
Long Term Incentive Plan Award
On 23 June 2009, under the terms of The James Cropper PLC 2008 Long Term Incentive Plan, the following executive directors were granted awards by James Cropper EBT Limited, trustees of the James Cropper Employee Trust.
|
Name |
Shares under Conditional Award |
Percentage of Issued Share Capital |
|
A. I. Lewis |
25,000 |
0.30% |
|
J.M.Denman |
20,000 |
0.23% |
|
N.A.Read |
20,000 |
0.23% |
|
P.J.Willink |
20,000 |
0.23% |
|
G.T.Quayle |
20,000 |
0.23% |
The number of shares referred to is the maximum available and the conditions on which the awarded shares will vest are as follows:
• if the Company's adjusted earnings per share for the financial period ending 31 March 2012 exceeds its adjusted earnings per share for the financial period ending 31 March 2009 by the increase in the retail prices index over the three year period commencing with the date of grant of the awards plus 2.5% per year (the 'minimum target'), the awards will vest as to 10%;
• if the Company's adjusted earnings per share for the financial period ending 31 March 2012 exceeds its adjusted earnings per share for the financial period ending 31 March 2009 by the increase in the retail prices index over the three year period commencing with the date of grant of the awards plus 10% per year (the 'maximum target'), the awards that will vest in full; and
• if the Company's adjusted earnings per share for the financial period ending 31 March 2012 exceeds its adjusted earnings per share for the financial period ending 31 March 2009 by more than the minimum target but by less than the maximum target, the proportion of the awards that will vest will increase from 10% to 100% on a straight line basis.
The participating directors will, following the end of the performance period, be notified as to the extent to which the performance conditions have been met and their awards have vested. They will then, provided that that they continue to remain directors or employees of the Company, have up to six months following 23 June 2012 (the third anniversary of the date on which the awards were granted) in which to secure the release of the ordinary shares.
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Enquiries: |
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John Denman, Group Finance Director |
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James Cropper PLC |
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Tel: 01539 722002 |
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www.cropper.com |
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Andrew Kitchingman, Corporate Finance |
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Brewin Dolphin Investment Banking |
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Tel: 0845 270 8610 |
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Related Shares:
Cropper (J)