James Cropper PLC (AIM: CRPR) said on Tuesday it had granted share options to executives under its 2023 Long-Term Incentive Plan, allocating options over 175,305 ordinary shares to four senior managers.
The awards were made to Chief Executive David Stirling (121,181 options), Chief Financial and Operations Officer Andrew Goody (21,900), Managing Director of Paper and Packaging Paul Barber (21,425) and General Counsel Matt Ratcliffe (10,799). All options were priced at 445 pence per share, based on the 10-day average closing price to August 25, 2026, and granted at no cost.
The options become exercisable from August 26, 2029, the third anniversary of the grant date, through August 25, 2036, after which they expire. Vesting is contingent on meeting performance targets over the fiscal years 2026/27, 2027/28 and 2028/29, with awards equally weighted between adjusted EBITDA growth and total shareholder return (TSR).
For adjusted EBITDA, the minimum target is £11.9 million in fiscal 2028/29, representing a 10% compound annual growth rate and a 20% vesting rate. The maximum target is £15.8 million, a 21.1% CAGR, corresponding to full vesting. TSR targets range from a minimum of 77.3% to a maximum of 148.9%.
The Remuneration Committee retains discretion to adjust awards to prevent mechanical outcomes or windfall gains. James Cropper noted the targets are plan-specific and not forecasts, and that dilution from new share issuances under all plans is not expected to exceed 10% over any 10-year period.
