Grant of Options under LTIP
Churchill China plc announced the grant of options under its Long Term Incentive Plan to persons discharging managerial responsibilities (PDMRs) on May 20, 2026. The Chief Executive Officer received 117,682 options, the Sales and Marketing Director received 91,280 options, the Chief Financial Officer received 75,687 options, and the Chief Operating Officer received 22,581 options, all at an exercise price of 10p per share, with the market price at the time of grant being 310p. These options are subject to performance conditions related to adjusted earnings per share, return on capital employed, and free cash flow, with vesting commencing in May 2029.
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Churchill China plc (AIM: CHH), the manufacturer of innovative performance ceramic products serving hospitality markets worldwide, announces that on 20 May 2026, the following options over 10p Ordinary shares in the Company ("Ordinary Shares") were granted to persons discharging managerial responsibilities ("PDMR's") 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 | 117,682 | 10p | 310p |
| James Roper | Sales and Marketing Director | 91,280 | 10p | 310p |
| Michael Cunningham | Chief Financial Officer | 75,687 | 10p | 310p |
| Mark Revill | Chief Operating Officer | 22,581 | 10p | 310p |
In addition, 116,210 Grants were made to employees who are non-PDMRs.
The Grants for the 3 executive directors, David O'Connor, James Roper and Michael Cunningham are subject to the achievement of performance criteria 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 2028 reaches the threshold with straight line vesting up to the maximum. For this metric 60% of the available options will vest:
| Adjusted EPS for year ending 31 December 2028 | % of Grant that Vests |
|---|---|
| 42.4 | 25% |
| 51.4 | 100% |
A further 20% of the grant will vest on achieving targets on Return on Capital Employed, again these will vest on a straight line basis from threshold to maximum, with no vesting below the threshold level.
| Average ROCE in 2028 | % of Grant that Vests |
|---|---|
| 9.3% | 25% |
| 11.3% | 100% |
Finally 20% of the grant will vest on achieving targets relating to free cash flow (FCF), threshold will be that FCF exceeds Operating profit over the 3 year period whilst the maximum will be achieved if FCF is 5% over operating profit. Again this will vest on a straight line basis.
Shares will vest subject to the achievement of these performance conditions, from 20 May 2029.
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a. | Name | Michael Cunningham | ||||
| 2 | Reason for notification | |||||
| a. | Position/Status | Chief Financial Officer | ||||
| b. | Initial notification/ Amendment | Initial Notification | ||||
| a. | Name | Churchill China plc | ||||
| b. | LEI | 213800GQ51I4LZQ5AR09 | ||||
| a. | Description of the financial instrument, type of instrument Identification Code | Ordinary Shares of 10p each ISIN: GB0001961035 | ||||
| b. | Nature of the transaction | Grant of options | ||||
| c. | Price(s) and volume(s) - Transaction 1 |
| ||||
| d. | Aggregated information | N/a Single Transaction | ||||
| f. | Place of the transaction | Outside of a trading venue |
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a. | Name | David O'Connor | ||||
| 2 | Reason for notification | |||||
| a. | Position/Status | Chief Executive Officer | ||||
| b. | Initial notification/ Amendment | Initial Notification | ||||
| a. | Name | Churchill China plc | ||||
| b. | LEI | 213800GQ51I4LZQ5AR09 | ||||
| a. | Description of the financial instrument, type of instrument Identification Code | Ordinary Shares of 10p each ISIN: GB0001961035 | ||||
| b. | Nature of the transaction | Grant of Options | ||||
| c. | Price(s) and volume(s) - Transaction 1 |
| ||||
| d. | Aggregated information | N/a single Transaction | ||||
| f. | Place of the transaction | Outside of a trading venue |
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a. | Name | James Roper | ||||
| 2 | Reason for notification | |||||
| a. | Position/Status | Sales and Marketing Director | ||||
| b. | Initial notification/ Amendment | Initial Notification | ||||
| a. | Name | Churchill China plc | ||||
| b. | LEI | 213800GQ51I4LZQ5AR09 | ||||
| a. | Description of the financial instrument, type of instrument Identification Code | Ordinary Shares of 10p each ISIN: GB0001961035 | ||||
| b. | Nature of the transaction | Grant of Options | ||||
| c. | Price(s) and volume(s) - Transaction 1 |
| ||||
| d. | Aggregated information | N/a single Transaction | ||||
| f. | Place of the transaction | Outside of a trading venue |
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a. | Name | Mark Revill | ||||
| 2 | Reason for notification | |||||
| a. | Position/Status | Chief Operating Officer | ||||
| b. | Initial notification/ Amendment | Initial Notification | ||||
| a. | Name | Churchill China plc | ||||
| b. | LEI | 213800GQ51I4LZQ5AR09 | ||||
| a. | Description of the financial instrument, type of instrument Identification Code | Ordinary Shares of 10p each ISIN: GB0001961035 | ||||
| b. | Nature of the transaction | Grant of options | ||||
| c. | Price(s) and volume(s) - Transaction 1 |
| ||||
| d. | Aggregated information | N/a Single Transaction | ||||
| f. | Place of the transaction | Outside of a trading venue |
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