REG - Cropper(James) PLC - Director/PDMR Shareholding - LTIP Award

Tue Jul 3, 2012 10:15am EDT

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RNS Number : 8273G
Cropper(James) PLC
03 July 2012
 



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


 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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