ECM.L Regulatory News (ECM)

30 Jun 2005 11:46

Electrocomponents PLC30 June 2005 ELECTROCOMPONENTS PLC ("Electrocomponents") Long Term Incentive Plan (the " Plan") - 1999 Awards Electrocomponents announces the following: In July 1999, the Remuneration Committee recommended to the Trustee of theElectrocomponents Employee Trust that conditional awards of Electrocomponents10p ordinary shares ("Shares") be made under the Plan to Mr J. L. Hewitt.(Deputy Chairman and Group Finance Director), and Mr R. B. Butler (Chief ProcessOfficer) On 3 July 2002, the Remuneration Committee confirmed that in accordance with theterms of the Performance Target set for the Awards granted in July 1999, theyhave recommended to the Trustee that: 28,869 of the original Award of 50,916 Electrocomponents Shares should betransferred to Mr. Hewitt 20,208 of the original Award of 35,641Electrocomponents Shares should be transferred to Mr. Butler The transfers to be made for nil consideration and subject to the additionalcondition that the participants may not, in normal circumstances sell the sharesbefore 30 June 2005. On that date, ownership of the shares became no longersubject to forfeiture and a liability for income tax and National Insurance onthe value of the shares was created. The Company has been informed that on 30 June 2005:- Mr Hewitt sold 11,837 Electrocomponents Shares at a price of 240.25p. The netproceeds from the sale will be used to meet his income tax and NationalInsurance liability as detailed above Mr Butler sold 8,286 Electrocomponents Shares at a price of 240.25p. The netproceeds from the sale will be used to meet his income tax and NationalInsurance liability as detailed above Following these transactions, Mr Hewitt has an interest in 63,545 Shares and MrButler has an interest in 30,063 Shares, together representing less than 0.1% ofthe issued share capital of the Company. In addition, as the Trust is a discretionary trust, each of the directors is,together with other employees of the Company and its subsidiaries, a beneficiaryof the Trust and therefore interested in all of the shares in the Trust. As at30 June 2005 there were 308,416 shares in the Trust. CARMELINA CARFORAGROUP COMPANY SECRETARY30 June 2005 This information is provided by RNS The company news service from the London Stock Exchange