Last checked at 13 May 2013 14:33
13 May 2013
TT electronics plc
Long Term Incentive Plan
This notification is made in accordance with DTR 3.1.4(1)(a).
On 9 May 2013 outstanding awards over ordinary shares in the Company of 25p each ("Shares") made on 4 May 2010 under the Company's Long Term Incentive Plan (the "Plan") vested as follows:
The Earnings Per Share ("EPS") performance condition attaching to 50 per cent of the award has been 88.75 per cent satisfied and accordingly, 44.375 per cent of the Shares attaching to this part of the award have vested.
The Total Shareholder Return ("TSR") performance condition attaching to the other 50 per cent of the award has been satisfied in full and accordingly, 50 per cent of the Shares attaching to this part of the award have vested.
Although award holders were entitled to receive an allocation of Shares calculated under the vesting arrangements described above (representing 94.375 per cent of the maximum award, as specified in column 3 below), a cash payment was offered to each executive Director/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 issued to certain executive Directors/PDMR's to satisfy the awards, as indicated in column 4 in the table below.
Awards were therefore released on 10 May 2013 to executive Directors and certain other Persons Discharging Managerial Responsibilities ("PDMRs") as follows:
Name of Director/PDMR | Number of Shares over which the award was made (in 2010) | Number of Shares vested (94.375%) | Number of Shares allotted (post tax/NI) to Director/PDMR | Total holding following vesting of award (and percentage of issued Shares) |
Geraint Anderson | 330,189 | 311,616 | 165,156 | 725,156 (0.46%) |
Shatish Dasani | 226,415 | 213,679 | 113,250 | 821,250 (0.52%) |
Tim Roberts | 123,821 | 116,856 | 61,934 | 192,409 (0.12%) |
John Molloy** | 70,755 | 66,775 | 66,775 | 1,920,677 (1.21%) |
Patrick Murray | 70,755 | 66,775 | 35,391 | 132,671 (0.08%) |
No consideration is payable on the vesting of Shares described in the table above. In addition to these awards, 377,431 Shares were issued on a similar basis to other employees, bringing the total number of new Shares issued to 819,937 to satisfy awards under the Plan.
The Company was informed by the individuals listed above of the transactions described in this notification on 10 May 2013.
** Mr Molloy elected to sell his entire award of 66,775 Shares on the same day as the Shares were released. The total holding of Shares in respect of Mr Molloy, as set out in Column 5 of the table above, reflects the position following the sale of his 66,775 Shares. No other Directors/PDMR's sold their allotted 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