10 September 2024
James Cropper
plc
(the
"Company")
Grant of Awards under
Long-Term Incentive Plan
James Cropper (AIM: CRPR), the
Advanced Materials and Paper & Packaging group, announces that
the following awards of options ("Options") were made on 9 September 2024
("Award Date") under the
Company's Long-Term Incentive Plan ("LTIP"), to certain PDMRs over ordinary
shares in the Company of 25p each ("Ordinary Shares"):
|
|
PDMR
|
Position
|
Number of Ordinary Shares*
|
|
1.
|
Steve Adams
|
Chief Executive Officer
|
71,452
|
|
2.
|
Andrew Goody
|
Chief Financial and Operations
Officer
|
36,840
|
|
3.
|
Patrick Willink
|
Chief Innovation Officer
|
34,360**
|
|
4.
|
Andrew Walton
|
Managing Director, Advanced
Materials
|
36,040
|
|
5.
|
Matthew Ratcliffe
|
General Counsel and Company
Secretary
|
16,827
|
|
6.
|
Rachel Armer
|
People and Culture
Director
|
13,235
|
* Determined using a price of 252.5p per Ordinary Share, being
the Company's 20-day average closing price for Ordinary
Shares.
** Conditional cash award: to be satisfied in cash based upon the
market value of vested shares at the date of exercise.
The Options were awarded for
nil-cost subject to the rules of the LTIP and will be exercisable
from the third anniversary of the Award Date to the tenth
anniversary of the Award Date, following which they will
lapse.
Vesting of the Options is subject to
stretching performance targets determined by the Remuneration
Committee relating to a three-year performance period covering the
financial years 2024/25, 2025/26 and 2026/27. Performance targets
have been set against the following measures:
Performance measure
Weighting
Growth in adjusted Profit Before Tax
("PBT")
80%
Reduction in carbon emissions
intensity
ratio
20%
Each performance measure is
structured with a threshold target (resulting in 10% vesting) and a
maximum target (resulting in 100% vesting). Vesting is
adjusted on a straight-line basis between threshold and maximum
targets. Awards will lapse to the extent that performance is
below the threshold target for each performance measure.
The adjusted PBT performance targets
are set from a base adjusted PBT of £4.5m*** and are as
follows:
|
|
Threshold
|
Maximum
|
|
Target
|
Compound annual growth in adjusted
PBT of 5% (from base of £4.5m)
|
Compound annual growth in adjusted
PBT of 25% (from base of £4.5m)
|
|
Vesting
|
10%
|
100%
|
*** Being the average adjusted PBT achieved by the Group during
the previous five financial years (except for the FY2023/24
financial year which has been excluded).
The carbon emissions performance
targets are set from the performance in FY2023/24 (being 27.0
tonnes of CO2 generated per £100k of revenue) and are as
follows:
|
|
Threshold
|
Maximum
|
|
Target
|
Reduction of 10% in carbon intensity
ratio over the three-year performance period
|
Reduction of 25% in carbon intensity
ratio over the three-year performance period
|
|
Vesting
|
10%
|
100%
|
Remuneration Committee
discretion
In accordance with its Remuneration
Policy the Remuneration Committee retains discretion when assessing
the Company's performance against the above measures to avoid
formulaic outcomes and to reduce the above awards as it sees fit to
avoid windfall gains. The Remuneration Committee also retains
discretion to adjust awards in the event of corporate
activity.
Enquiries
James Cropper plc
Matt Ratcliffe, General Counsel and
Company Secretary
Tel: +44 (0) 1539 722 002
Shore Capital - (NOMAD and
Broker)
Daniel Bush, David Coaten, Henry
Willcocks, Lucy Bowden
Tel: +44 (0) 7601 6100
Bursor Buchanan - Financial
PR
Chris Lane, Charles Ryland, Jamie
Hooper, Verity Parker
jamescropper@buchanancomms.co.uk
Tel: +44 (0) 207 466 5000
The following information is
included in accordance with Article 19(3) of the Market Abuse
Regulation (No. 596/2014):
|
1.
|
Details of person discharging managerial
responsibilities/person closely associated
|
|
a)
|
Name
|
1. Steve
Adams
2. Andrew
Goody
3. Patrick
Willink
4. Andrew
Walton
5. Matthew
Ratcliffe
6. Rachel
Armer
|
|
2.
|
Reason for the notification
|
|
a)
|
Position/status
|
1. Chief
Executive Officer
2. Chief
Financial and Operations Officer
3. Chief
Innovation Officer
4. Managing
Director, Advanced Materials
5. General
Counsel and Company Secretary
6. People
and Culture Director
|
|
b)
|
Initial
notification/amendment
|
Initial Notification
|
|
3.
|
Details of the issuer
|
|
a)
|
Name
|
James Cropper plc
|
|
b)
|
Legal Entity Identifier
|
213800XM78VTDYGBRM93
|
|
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
|
Ordinary Shares of 25 pence
each
|
|
b)
|
Identification code of the Financial
Instrument
|
GB0002346053
|
|
c)
|
Nature of the
transaction
|
Award of nil-cost options under the
Company's Long Term Incentive
Plan
|
|
d)
|
Currency
|
GBP
|
|
e)
|
Price(s) and volume(s)
|
|
Price(s)
|
Volume(s)
|
|
1.
Nil-Cost
|
71,452
|
|
2.
Nil-Cost
|
36,840
|
|
3.
Nil-Cost
|
34,360*
|
|
4.
Nil-Cost
|
36,040
|
|
5.
Nil-Cost
|
16,827
|
|
6.
Nil-Cost
|
13,235
|
*Conditional cash award.
|
|
f)
|
Aggregated
information
-
volume
-
Price
-
Total
|
N/A
|
|
g)
|
Date of the transaction
|
9 September 2024
|
|
h)
|
Place of the transaction
|
Outside trading
venue
|