Last checked at 26 Sep 2013 16:30
26 September 2013
TT electronics plc
Restricted Share Plan
TT electronics plc ("the Company") announces that on 24 September 2013, the awards listed below over ordinary shares of 25p each in the Company ("Shares") granted to Persons Discharging Managerial Responsibility ("PDMR") on 24 September 2010 under the Company's Restricted Share Plan ("Plan") vested.
No consideration was payable for the awards which vest three years from the date of grant, subject to continued employment. Awards have been satisfied by market purchase of Shares.
Although award holders were entitled to receive the allocation of Shares as specified in column 2 below, a cash payment was offered to each 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 transferred to Pat Murray to satisfy the award, as indicated in column 3 in the table below.
Name of PDMR | Number of Shares vested | Number of shares transferred (post tax/NI) to PDMR | Total holding following vesting of award (and percentage of issued Shares) |
Patrick Murray | 51,903 | 27,508 | 27,508 (0.017%) |
John Molloy | 51,903 | 51,903 | 1,320,677 (0.83%) |
Mr Molloy elected to sell his entire award of 51,903 Shares on the same day as the Shares were released, at a price of 196.808p per share. The total holding of Shares in respect of Mr Molloy, as set out in Column 3 of the table above, reflects the position following the sale of his 51,903 Shares.
For further information please contact:
TT electronics plc
Geraint Anderson, Group Chief Executive: Tel: 01932 825300
Hudson Sandler
Andrew Hayes / Wendy Baker / Katie Matthews: Tel: 020 7796 4133