Grant of Awards under Long-Term Incentive Plan
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
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
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a) | Name | 1. Steve Adams 2. Andrew Goody 3. Patrick Willink 4. Andrew Walton 5. Matthew Ratcliffe 6. Rachel Armer
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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
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b) | Initial notification/amendment | Initial Notification | ||||||||||||||
3. | Details of the issuer
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a) | Name | James Cropper plc
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b) | Legal Entity Identifier | 213800XM78VTDYGBRM93
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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.
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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
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e) | Price(s) and volume(s) |
*Conditional cash award.
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f) | Aggregated information - volume - Price - Total
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N/A | ||||||||||||||
g) | Date of the transaction | 9 September 2024 | ||||||||||||||
h) | Place of the transaction | Outside trading venue
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