Director/PDMR Shareholding

RNS Number : 4637P

Electrocomponents PLC

16 July 2010

 



ELECTROCOMPONENTS PLC (the "Company")

Long Term Incentive Plan (the " Plan") - Vesting of 2007 Awards

Electrocomponents announces the following:

In June 2007, the Remuneration Committee awarded 110,000 ordinary 10 pence shares in the Company ("Shares") to Simon Boddie (Group Finance Director) and 220,000 Shares to Ian Mason (Group Chief Executive), subject normally to their continued employment with the Group and the satisfaction of  a Performance Condition (the 'Award'). 

The Performance Condition was based on the Companies TSR performance compared with the TSR of the FTSE 250 Index, over the three year Performance Period.  In addition, for any award to vest, the Committee had to be satisfied that there had been a sustained improvement in the Company's underlying financial performance over the Period (the 'Performance Underpin')

On 15 July 2010, the Remuneration Committee determined that in accordance with the terms of the Performance Condition, and following consideration of the Performance Underpin, 21.4% of the Award would vest.

Consequently, the Shares have vested as follows:

Simon Boddie                       23,540 Shares

Ian Mason                              47,080 Shares

No consideration is payable for the Shares.

The Company was informed on 15^th July 2010 that Shares were sold on behalf of Simon Boddie and Ian Mason as follows at a price of 229p in order to meet their income tax and National Insurance liabilities (and associated dealing costs) on the vesting of the Awards.

Simon Boddie                       12,049 Shares

Ian Mason                              24,096 Shares

Following these transactions, Simon Boddie has an interest in a total of 111,491 Shares and Ian Mason has an interest in a total of 160,333 Shares, together representing less than 0.1% of the issued share capital of the Company.

This announcement relates to transactions notified in accordance with DTR 3.1.2R.

Ian Haslegrave

Company Secretary

16 July 2010

 

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