Churchill China plc (the "Company")
Grant of Options under LTIP
Grant of Share Options
On 28 June 2022, the following options over 10p ordinary shares in the Company ("Ordinary Shares") were granted to person discharging managerial responsibilities ("PDMRs") under the Churchill China Long Term Incentive Plan ("CCLTIP") (the "Grants"):
| Director | Position | Number of options over Ordinary Shares granted | Exercise Price | Market Price at Date of Grant |
| David O'Connor | Chief Executive Officer | 21,977 | 10p | 1,415p |
| David Taylor | Finance Director | 16,918 | 10p | 1,415p |
| James Roper | Sales and Marketing Director | 17,046 | 10p | 1,415p |
In addition, 28,115 Grants were made to employees who are non-PDMRs.
The Grants are subject to the achievement of performance conditions as specified by the Remuneration Committee and are subject to claw back provisions in certain circumstances. The performance conditions require that the Company's adjusted (pre-exceptional items and adjusted for pension interest charges and credits) earnings per share ("Adjusted EPS") for the financial year ending 31 December 2024 reaches the following figures for each level of vesting:
| Adjusted EPS for year ending 31 December 2024 | % of Grant that Vests |
| 76.1p | 25% |
| 80.1p | 40% |
| 84.0p | 100% |
Between these target levels, share options will vest on a straight line basis and shares will vest, subject to the achievement of these performance conditions, from 28 June 2025.
The Grant values represent 100 per cent of current base annual salary for each of David O'Connor, David Taylor and James Roper.
Resultant Holdings
Following Grant of new options set out above, David O'Connor, David Taylor and James Roper hold options over Ordinary Shares as follows:
| Director/PDMR | Options Held | Option Exercise Price | Expiry Date |
| David O'Connor | 21,977 | 10p | 28.06.2032 |
| David O'Connor | 17,586 | 10p | 11.06.2031 |
| David Taylor | 16,918 | 10p | 28.06.2032 |
| David Taylor | 13,538 | 10p | 11.06.2031 |
| James Roper | 17,046 | 10p | 28.06.2032 |
| James Roper | 13,641 | 10p | 11.06.2031 |
The notification below, made in accordance with the requirements of the EU Market Abuse Regulation (as retained in UK law), provides further detail:
| 1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
| a)
| Name
| David O'Connor | |||
| 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
| Churchill China plc | |||
| b)
| LEI
| 213800GQ51I4LZQ5AR09 | |||
| 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 | Ordinary shares of 10 pence each | |||
| | | ||||
| Identification code | GB0001961035 | ||||
| | | ||||
| b)
| Nature of the transaction
| Grant of options to acquire ordinary shares (exercise price of 10p) | |||
| c)
| Price(s) and volume(s) | | | | |
| | | Price(s) | Volume(s) | | |
| | | 10 pence | 21,977 | | |
| | | | | | |
| d)
| Aggregated information | n/a | |||
| | | ||||
| - Aggregated volume | | ||||
| | | ||||
| - Price | | ||||
| | | ||||
| e)
| Date of the transaction
| 28.06.2022 | |||
| f)
| Place of the transaction
| Off market | |||
| 1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
| a)
| Name
| David Taylor
| |||
| 2
| Reason for the notification
| ||||
| a)
| Position/status
| Finance Director | |||
| b)
| Initial notification /Amendment
| Initial Notification | |||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
| a)
| Name
| Churchill China plc | |||
| b)
| LEI
| 213800GQ51I4LZQ5AR09 | |||
| 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 | Ordinary shares of 10 pence each | |||
| | | ||||
| Identification code | GB0001961035 | ||||
| | | ||||
| b)
| Nature of the transaction
| Grant of options to acquire ordinary shares (exercise price of 10p) | |||
| c)
| Price(s) and volume(s) | | | | |
| | | Price(s) | Volume(s) | | |
| | | 10 pence | 16,918 | | |
| | | | | | |
| d)
| Aggregated information | n/a | |||
| | | ||||
| - Aggregated volume | | ||||
| | | ||||
| - Price | | ||||
| | | ||||
| e)
| Date of the transaction
| 28.06.2022 | |||
| f)
| Place of the transaction
| Off market | |||
| 1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
| a)
| Name
| James Roper
| |||
| 2
| Reason for the notification
| ||||
| a)
| Position/status
| Sales and Marketing Director | |||
| b)
| Initial notification /Amendment
| Initial Notification | |||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
| a)
| Name
| Churchill China plc | |||
| b)
| LEI
| 213800GQ51I4LZQ5AR09 | |||
| 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 | Ordinary shares of 10 pence each | |||
| | | ||||
| Identification code | GB0001961035 | ||||
| | | ||||
| b)
| Nature of the transaction
| Grant of options to acquire ordinary shares (exercise price of 10p) | |||
| c)
| Price(s) and volume(s) | | | | |
| | | Price(s) | Volume(s) | | |
| | | 10 pence | 17,046 | | |
| | | | | | |
| d)
| Aggregated information | n/a | |||
| | | ||||
| - Aggregated volume | | ||||
| | | ||||
| - Price | | ||||
| | | ||||
| e)
| Date of the transaction
| 28.06.2022 | |||
| f)
| Place of the transaction
| Off market | |||
For further details, please contact:
| Churchill China plc | Tel: 01782 577566 |
| David O'Connor / David Taylor / James Roper | |
| | |
| Investec Bank plc | Tel: 020 7597 5970 |
| David Flin / Alex Wright
| |
| Buchanan | Tel: 020 7466 5000 |
| Mark Court / Abigail Gilchrist | |
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