Director/PDMR Shareholding

RNS Number : 8269E

Electrocomponents PLC

06 June 2012

 



ELECTROCOMPONENTS PLC (the "Company")

Long Term Incentive Plan (the "Plan") - Vesting of 2009 Awards

Electrocomponents announces the following:

In June 2009, the Remuneration Committee awarded 386,165 ordinary 10 pence shares in the Company ("Shares") to Ian Mason (Group Chief Executive) and 193,082 Shares to Simon Boddie (Group Finance Director), subject normally to their continued employment with the Group and the satisfaction of a Performance Condition (the 'Award'). 

The vesting of 50% of the Award was dependent on the Company's TSR performance compared with the TSR of the FTSE 250 Index over the three year Performance Period.  The vesting of the other 50% of the Award was dependent on the level of growth in the Company's EPS over the 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 1 June 2012, the Committee determined that in accordance with the terms of the Performance Condition, and following consideration of the Performance Underpin, 20.5% of the Award would vest.

Consequently, the Shares have vested as follows:

Ian Mason                             79,163 Shares

Simon Boddie                       39,581 Shares

No consideration is payable for the Shares.

The Company was informed on 1 June 2012 that Shares were sold on behalf of Ian Mason and Simon Boddie as follows at a price of 196.21p in order to meet their income tax and National Insurance liabilities (and associated dealing costs) on the vesting of the Awards.

Ian Mason                              42,571 Shares

Simon Boddie                       21,286 Shares

Following these transactions, Ian Mason has an interest in a total of 249,581 Shares and Simon Boddie has an interest in a total of 157,653 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

6 June 2012

 

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