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CHURCHILL CHINA PLC
Major Shareholding Notification • Jun 11, 2021
7562_dirs_2021-06-11_bb1382ee-52a8-48bb-80c8-106557376d30.html
Major Shareholding Notification
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National Storage Mechanism | Additional information 
RNS Number : 6719B
Churchill China PLC
11 June 2021
11 June 2021
Churchill China plc (the "Company")
Grant of Options under LTIP
Grant of Share Options
On 11 June 2021, the following options over 10p ordinary shares in the Company ("Ordinary Shares") were granted 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 | 17,586 | 10p | 1627.5p |
| David Taylor | Finance Director | 13,538 | 10p | 1627.5p |
| James Roper | Sales and Marketing Director | 13,641 | 10p | 1627.5p |
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 2023 reaches the following figures for each level of vesting:
| Adjusted EPS for year ending 31 December 2023 | % of Grant that Vests |
| 81.5p | 25% |
| 86.3p | 40% |
| 90.4p | 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 11 June 2024.
The Grant values represent 100 per cent of current base annual salary for each participant.
The target levels of EPS have been set to require growth from the levels of profit before tax achieved in 2019 before the impact of COVID-19 on the Company's performance and also reflect proposed changes in the rate of UK Corporation Tax in 2023.
Resultant Holdings
Following Grant of new options set out above:
David O'Connor is interested in 36,062 Ordinary Shares representing 0.3 per cent. of the total issued share capital of the Company. David O'Connor also holds options over Ordinary Shares as follows:
| Options Held | Option Exercise Price | Expiry Date |
| 17,586 | 10p | 11.06.2030 |
| 13,010 | 10p | 03.05.2029 |
David Taylor is interested in 59,555 Ordinary Shares representing 0.5 per cent. of the total issued share capital of the Company. David Taylor also holds options over Ordinary Shares as follows:
| Options Held | Option Exercise Price | Expiry Date |
| 13,538 | 10p | 11.06.2030 |
| 10,015 | 10p | 03.05.2029 |
James Roper is interested in 1,003,835 Ordinary Shares representing 9.1 per cent. of the total issued share capital of the Company. James Roper also holds options over Ordinary Shares as follows:
| Options Held | Option Exercise Price | Expiry Date |
| 13,641 | 10p | 11.06.2030 |
| 8,879 | 10p | 03.05.2029 |
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 | 17,586 | ||||
| d) | Aggregated information | n/a | |||
| - Aggregated volume | |||||
| - Price | |||||
| e) | Date of the transaction | 11 June 2021 | |||
| 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 | 13,538 | ||||
| d) | Aggregated information | n/a | |||
| - Aggregated volume | |||||
| - Price | |||||
| e) | Date of the transaction | 11 June 2021 | |||
| 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 | 13,641 | ||||
| d) | Aggregated information | n/a | |||
| - Aggregated volume | |||||
| - Price | |||||
| e) | Date of the transaction | 11 June 2021 | |||
| f) | Place of the transaction | Off market |
For further details, please contact:
| Churchill China plc | |
| David Taylor, Finance Director | Tel: 01782 577566 |
| Investec Bank plc | Tel: 020 7597 5970 |
| David Flin / Alex Wright | |
| Buchanan | |
| Mark Court /Sophie Wills / Charlotte Slater | Tel: 020 7466 5000 |
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