3rd Jul 2012 15:15
3 July 2012
JAMES CROPPER PLC ('THE COMPANY')
Directors' Shareholdings
Long-Term Incentive Plan Award
The Company announces that on 3 July 2012, under the terms of The James Cropper PLC 2008 Long Term Incentive Plan (the "Plan"), an aggregate of 120,000 ordinary shares of 25 pence each ("Ordinary Shares") in the Company were awarded of which 105,000 Ordinary Shares were awarded to executive directors of the Company. The table below provides a breakdown of the Ordinary Shares awarded to the Company's executive directors:
Director | No. of Ordinary Shares Awarded |
A. I. Lewis | 25,000 |
J.M. Denman | 20,000 |
N.A. Read | 20,000 |
P.J. Willink | 20,000 |
G.T. Quayle | 20,000 |
The share awards were the maximum award available under the Plan. The performance targets satisfied were based on the increase in the Company's adjusted earnings per share between the financial period ended 28 March 2009 and the financial period ended 31 March 2012. The performance target was satisfied as the Company's adjusted earnings per share figure increased at more than RPI plus 2.5% over the three year period.
The 120,000 Ordinary Shares were awarded by James Cropper EBT Ltd and in order to satisfy the award James Cropper EBT Ltd purchased in an arm's length transaction 6,000 Ordinary Shares at the prevailing mid-market price of £1.695 per Ordinary Share from James Cropper Employee Share Trust.
In order to settle the income tax and national insurance liabilities on the award, each of the recipients of the awarded Ordinary Shares have sold 50% of the Ordinary Shares awarded to them to James Cropper EBT Ltd, trustees of the James Cropper Employee Trust at a price of £1.695 per Ordinary Share.
The Ordinary Shares purchased by James Cropper EBT Ltd will be used to satisfy future releases under the James Cropper Plc 2008 Long Term Incentive Plan. As a result of the above transactions James Cropper EBT Ltd is now interested in 60,000 Ordinary Shares representing 0.71% of the issued share capital of the Company.
As a result of these movements the beneficial and non-beneficial interests of the executive directors of the Company and the other directors of the Company who are also directors of James Cropper EBT Ltd are as follows:
Director | Net increase/ (decrease) in number of Ordinary Shares held | Holding (No. of Ordinary Shares) | Percentage of Company's issued share capital | |
A. I. Lewis | -Beneficial | 12,500 | 80,261 | 0.95 |
J.M. Denman | -Beneficial | 10,000 | 21,716 | 0.26 |
N.A. Read | -Beneficial | 10,000 | 29,289 | 0.35 |
P.J. Willink | -Beneficial | 10,000 | 46,306 | 0.55 |
-Non beneficial | - | 1,132,408 | 13.36 | |
G.T. Quayle | -Beneficial | 10,000 | 30,327 | 0.36 |
-Non beneficial | - | 28,084 | 0.33 | |
M.A.J. Cropper | -Beneficial | - | 1,206,540 | 14.24 |
-Non beneficial | (54,000) | 60,000 | 0.71 | |
J.A Cropper | -Beneficial | - | 568,337 | 6.71 |
-Non beneficial | (54,000) | 400,418 | 4.72 | |
D. Mitchell | -Beneficial | - | 1,000 | 0.01 |
-Non beneficial | (54,000) | 60,000 | 0.71 | |
J.E. Sharp | -Beneficial | - | 7,950 | 0.09 |
-Non beneficial | (54,000) | 60,000 | 0.71 | |
D.R. Wilks | -Beneficial | - | 9,112 | 0.11 |
-Non beneficial | (54,000) | 60,000 | 0.71 | |
Enquiries: | |
David Carey, Company Secretary | Richard Baty, Director Corporate Finance |
James Cropper PLC | Westhouse Securities |
Tel: 01539 722002 | Tel: 020 7601 6100 |
www.cropper.com |
Related Shares:
Cropper (J)