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20 Nov 2020 10:30
ELECTROCOMPONENTS PLC
(the "Company")
Notification of transactions by Persons Discharging Managerial Responsibilities
The Company announces that a grant of awards over the Company ordinary shares of 10 pence each in the Company was made on 19 November 2020 under the Electrocomponents Long Term Incentive Scheme 2014 ('LTIP').
As disclosed in the Annual Report and Accounts for the year ending 31 March 2020, given the challenges of COVID-19 the grant of LTIP awards in the current financial year was deferred. These awards have now been granted. The same measures and weightings have been retained and the Adjusted EPS targets have been calibrated in line with our Policy to reflect expectations of what will constitute appropriately challenging performance levels.
Vesting of these awards will be determined in accordance with the following performance targets measured over the three years to 31 March 2023:
Measure | Weight | Threshold (25% vesting) | Maximum (100% vesting) |
Adjusted EPS (cumulative 2021, 2022, 2023)¹ | 50% | 105p | 130p |
TSR (vs Industrial / Electronic peer group) ¹,2 | 50% | Median | Upper Quartile |
ROCE | underpin | Set at 20%. If the underpin is not met, the Remuneration Committee will review the formulaic level of vesting and consider whether it would be appropriate to use its discretion to reduce the level of vesting. | |
1. Straight-line vesting between measurement points.
2. Comprises ABB, Arrow Electronics, Avnet, Bunzl, Datwyler, Essentra, Fastenal, Ferguson, MSC Industrial Supply, Rexel, Rockwell, Schneider, Siemens, TE Connectivity, WESCO International and WW Grainger.
Further description of the awards granted will be included in the Annual Report and Accounts 2021.
The notification below, which has been made in accordance with the requirements of the EU Market Abuse Regulation, provides further detail.
Ian Haslegrave
Company Secretary
20 November 2020
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
The Company makes the following notifications pursuant to the EU Market Abuse Regulation.
1 .
| Details of the person discharging managerial responsibilities / person closely associated
| ||||||
a)
| Name
| Lindsley Ruth | |||||
2.
| Reason for the notification
| ||||||
a)
| Position/status
| Chief Executive Officer | |||||
b)
| Initial notification /Amendment
| Initial notification | |||||
3.
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||||
a)
| Name
| Electrocomponents plc | |||||
b)
| LEI
| 549300KVXDURRKVW7R37 | |||||
4.
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| ||||||
a)
| Description of the financial instrument, type of instrument | 10 pence ordinary shares
| |||||
Identification code | GB0003096442 | ||||||
b)
| Nature of the transaction
| Conditional award of shares made under the Electrocomponents Long Term Incentive Plan 2014 | |||||
c)
| Price(s) and volume(s) | ||||||
Price(s) | Volume(s) | ||||||
Nil | 195,486 | ||||||
d)
| Aggregated information | ||||||
- Aggregated volume | 195,486 | ||||||
- Price | Nil | ||||||
e)
| Date of the transaction
| 2020-11-19 | |||||
f)
| Place of the transaction
| Outside a trading venue | |||||
1 .
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name
| David Egan | |||
2.
| Reason for the notification
| ||||
a)
| Position/status
| Chief Financial Officer | |||
b)
| Initial notification /Amendment
| Initial notification | |||
3.
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
a)
| Name
| Electrocomponents plc | |||
b)
| LEI
| 549300KVXDURRKVW7R37 | |||
4.
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| ||||
a)
| Description of the financial instrument, type of instrument | 10 pence ordinary shares
| |||
Identification code | GB0003096442 | ||||
b)
| Nature of the transaction
| Conditional award of shares made under the Electrocomponents Long Term Incentive Plan 2014 | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
Nil | 127,699 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 127,699 | ||||
- Price | Nil | ||||
e)
| Date of the transaction
| 2020-11-19 | |||
f)
| Place of the transaction
| Outside a trading venue | |||
1 .
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name
| Michael England | |||
2.
| Reason for the notification
| ||||
a)
| Position/status
| Chief Operating Officer | |||
b)
| Initial notification /Amendment
| Initial notification | |||
3.
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
a)
| Name
| Electrocomponents plc | |||
b)
| LEI
| 549300KVXDURRKVW7R37 | |||
4.
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| ||||
a)
| Description of the financial instrument, type of instrument | 10 pence ordinary shares
| |||
Identification code | GB0003096442 | ||||
b)
| Nature of the transaction
| Conditional award of shares made under the Electrocomponents Long Term Incentive Plan 2014 | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
Nil | 61,338 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 61,338 | ||||
- Price | Nil | ||||
e)
| Date of the transaction
| 2020-11-19 | |||
f)
| Place of the transaction
| Outside a trading venue | |||
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