London: Monday, 19 October 2015: Hutchison China MediTech Limited (“Chi-Med”) (AIM: HCM) announces that the Remuneration Committee of Chi-Med today granted conditional awards (the “LTIP Awards”) under the Long Term Incentive Plan (the “LTIP”) of Chi-Med adopted at its Annual General Meeting on 24 April 2015.
The LTIP Awards grant participating directors or employees a conditional right to receive ordinary shares in Chi-Med (the “Ordinary Shares”), to be purchased on-market by an independent third party trustee (the “Trustee”) up to a maximum cash amount depending upon the achievement of annual performance targets (which will be aligned with the strategic objectives of Chi-Med as determined by the Remuneration Committee) for each financial year of Chi-Med stipulated in the LTIP Awards.
The Ordinary Shares, to be purchased by the Trustee following determination of the cash amount based on actual achievement of each annual performance target, will then be held by the Trustee until they are vested. Vesting will occur one business day after the publication date of the annual report of Chi-Med for the financial year falling two years after the financial year to which the LTIP Award relates. Vesting will also depend upon the continued employment of the award holder with the Chi-Med group and will otherwise be at the discretion of the Board of Directors of Chi-Med. The initial LTIP Awards will cover a three-year period from 2014 to 2016 (the “LTIP Period”).
Chi-Med has granted the following LTIP Awards to the Executive Directors:
|Award Holder||Maximum US$ amount per annum for the LTIP Period stipulated in the LTIP Awards|
|Mr Christian Hogg (Chief Executive Officer)||329,385|
|Mr Johnny Cheng (Chief Financial Officer)||101,619|
An additional 41 senior managers and executives employed by Chi-Med and its subsidiaries have simultaneously been granted LTIP Awards for the LTIP Period.
Further announcements will be made in due course at the time the LTIP Awards are vested, when the number of the Ordinary Shares to which each Executive Director is entitled will be known.
Christian Hogg, CEO
|Telephone: +852 2121 8200
|Panmure Gordon (UK) Limited
|Telephone: +44 20 7886 2500
|Citigate Dewe Rogerson
|Telephone: +44 20 7638 9571
Mobile: +44 7973 611 888
Mobile: +44 7967 566 919
Chi-Med is a China-based globally-focused healthcare group which researches, develops, manufactures and sells pharmaceuticals and health-related consumer products. Its Innovation Platform focuses on discovering and developing innovative therapeutics in oncology and autoimmune diseases for the global market. Its Commercial Platform manufactures, markets and distributes prescription drugs and consumer health products in China.
Chi-Med is majority owned by the multinational conglomerate CK Hutchison Holdings Limited (SEHK: 0001). For more information, please visit: www.chi-med.com.