13 Mar 2014 15:08
e2v technologies plc
Awards under Share Incentive Plan
This notification is made in accordance with DTR 3.1.4(1)(a).
The following awards of ordinary shares have been made on 13 March 2014 under the Company's Chief Executive Share Incentive Plan ('SIP'), to Steve Blair, a Director of the Company and the Group Chief Executive Officer. These awards have been made at no cost to the Group Chief Executive Officer. Details of the Plan are set out in the Notice of General Meeting of 27 November 2013, and herein:
Joining Award: 72,338 shares
Matching Award: 434,028 shares
In the normal course of events these awards vest on the later of either the date on which the Board determines the Performance Conditions have been satisfied in accordance with the Performance Period or at the third anniversary of the date of employment of the Group Chief Executive Officer.
The vesting of the Joining Award will be dependent upon the Group Chief Executive Officer's continued employment and continued holding of those shares which were required to be purchased by Steve Blair under the SIP.
The Performance Conditions against which vesting of the Matching Award will be assessed are:
1) The Share Price Condition - being the extent to which the average closing share price over the final three months of the Performance Period exceeds a share price of 185p to determine the level of matching award that will vest, and
2) The Total Shareholder Return (TSR) Condition - being the Company's performance measured against the TSR for the constituents of the FTSE Small Cap Index to determine the percentage of the shares vesting under the Share Price Condition that will ultimately vest.
The Performance Period against which the fulfilment of the Performance Conditions for the Matching Award will be determined ends on 22 July 2016.
The total holdings of unvested share awards held by Steve Blair following this grant is 506,366 shares.
The total holdings of ordinary shares in the Company held by Steve Blair at the date of this announcement, excluding unvested share awards, is 72,338 shares.
The Company made the award on 13 March 2014.
Further enquiries:
e2v technologies plc Tel: +44 (0)1245 493493
Charlotte Parmenter
Bell Pottinger Tel: +44 (0)20 7861 3232
Elly Williamson
Charles Goodwin
Notes to editors
About e2v
e2v is a leading global provider of specialist technology for high performance systems and equipment; delivering solutions, sub-systems and components for specialist applications within medical & science, aerospace & defence, and commercial & industrial markets.
e2v has its headquarters in the UK, employs approximately 1500 people, has design and production facilities across Europe, North America and Asia, and has a global network of sales and technical support offices. For the year ended 31 March 2013, e2v reported sales of GBP196.8m and is listed on the London Stock Exchange.
For more information visit e2v.com