Long Term Incentive Plan

RNS Number : 5855E

TT electronics PLC

13 May 2013

 



13 May 2013

TT electronics plc

Long Term Incentive Plan

This notification is made in accordance with DTR 3.1.4(1)(a).

On 9 May 2013 outstanding awards over ordinary shares in the Company of 25p each ("Shares") made on 4 May 2010 under the Company's Long Term Incentive Plan (the "Plan") vested as follows:

The Earnings Per Share ("EPS") performance condition attaching to 50 per cent of the award has been 88.75 per cent satisfied and accordingly, 44.375 per cent of the Shares attaching to this part of the award have vested.

The Total Shareholder Return ("TSR") performance condition attaching to the other 50 per cent of the award has been satisfied in full and accordingly, 50 per cent of the Shares attaching to this part of the award have vested.

Although award holders were entitled to receive an allocation of Shares calculated under the vesting arrangements described above (representing 94.375 per cent of the maximum award, as specified in column 3 below), a cash payment was offered to each executive Director/PDMR (in lieu of Shares) of an amount equivalent to their respective tax and national insurance liability arising from the vesting of Shares under the Plan. Accordingly, a reduced number of Shares have been issued to certain executive Directors/PDMR's to satisfy the awards, as indicated in column 4 in the table below.

Awards were therefore released on 10 May 2013 to executive Directors and certain other Persons Discharging Managerial Responsibilities ("PDMRs") as follows:

Name of Director/PDMR	Number of Shares over which the award was made (in 2010)	Number of Shares vested (94.375%)	Number of Shares allotted (post tax/NI) to Director/PDMR	Total holding following vesting of award (and percentage of issued Shares)
Geraint Anderson	330,189	311,616	165,156	725,156 (0.46%)
Shatish Dasani	226,415	213,679	113,250	821,250 (0.52%)
Tim Roberts	123,821	116,856	61,934	192,409 (0.12%)
John Molloy**	70,755	66,775	66,775	1,920,677 (1.21%)
Patrick Murray	70,755	66,775	35,391	132,671 (0.08%)

No consideration is payable on the vesting of Shares described in the table above. In addition to these awards, 377,431 Shares were issued on a similar basis to other employees, bringing the total number of new Shares issued to 819,937 to satisfy awards under the Plan.

The Company was informed by the individuals listed above of the transactions described in this notification on 10 May 2013.

** Mr Molloy elected to sell his entire award of 66,775 Shares on the same day as the Shares were released. The total holding of Shares in respect of Mr Molloy, as set out in Column 5 of the table above, reflects the position following the sale of his 66,775 Shares.  No other Directors/PDMR's sold their allotted Shares.

For further information please contact:

TT electronics plc

Geraint Anderson, Group Chief Executive: Tel: [phone]

Hudson Sandler

Andrew Hayes / Wendy Baker / Katie Matthews: Tel: [phone]

 

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