Sign In
23 Jun 2011 09:23
ELECTROCOMPONENTS PLC (the "Company")
Long Term Incentive Plan (the "Plan") - Vesting of 2008 Awards
Electrocomponents announces the following:
In July 2008, the Remuneration Committee awarded 220,000 ordinary 10 pence shares in the Company ("Shares") to Ian Mason (Group Chief Executive) and 110,000 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 22 June 2011, the Committee determined that in accordance with the terms of the Performance Condition, and following consideration of the Performance Underpin, 50% of the Award would vest.
Consequently, the Shares have vested as follows:
Ian Mason 110,000 Shares
Simon Boddie 55,000 Shares
No consideration is payable for the Shares.
The Company was informed on 22 June 2011 that Shares were sold on behalf of Ian Mason and Simon Boddie as follows at a price of 265.93p in order to meet their income tax and National Insurance liabilities (and associated dealing costs) on the vesting of the Awards.
Ian Mason 57,344 Shares
Simon Boddie 28,701 Shares
Following these transactions, Ian Mason has an interest in a total of 212,989 Shares and Simon Boddie has an interest in a total of 139,358 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
23 June 2011
Follow the stocks
