Last checked at 29 Apr 2014 14:14
29 April 2014
TT Electronics plc
Long Term Incentive Plan
On 28 April 2014 outstanding conditional awards over ordinary shares in the Company of 25p each ("Shares") made on 27 April 2011 under the Company's Long Term Incentive Plan (the "Plan") partially vested .
Although award holders were entitled to receive an allocation of Shares calculated under the vesting arrangements based on EPS and TRS performance conditions (representing 39.62 per cent of the maximum award, as specified in column 3 below), a cash payment was offered to each executive Director/Person Discharging Managerial Responsibility ("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/PDMRs to satisfy the awards, as indicated in column 4 in the table below.
Awards were therefore released on 28 April 2014 to executive Directors and certain other PDMRs as follows:
Name of Director/PDMR | Number of Shares over which the award was made (in 2011) | Number of Shares vested (39.62%) | Number of Shares allotted (post tax/NI) to Director/PDMR | Total holding following vesting of award (and percentage of issued Shares) |
Geraint Anderson | 216,285 | 85,692 | 45,417 | 770,573 (0.48%) |
Shatish Dasani | 148,108 | 58,680 | 31,100 | 560,244 (0.35%) |
Tim Roberts | 108,142 | 42,845 | 22,708 | 197,011 (0.12%) |
John Molloy | 46,284 | 18,337 | 18,337 | 36,347 (0.022%) |
Patrick Murray | 69,426 | 27,506 | 14,578 | 42,086 (0.026%) |
Gareth Mycock | 35,000 | 13,867 | 7,350 | 7,350 (0.0046%) |
John Leighton-Jones | 35,000 | 13,867 | 7,350 | 8,391 (0.0052%) |
No consideration is payable on the vesting of Shares described in the table above.
The Company was informed by the individuals listed above of the transactions described in this notification on 28 April 2014.
This notification is made in accordance with DTR 3.1.4(1)(a).
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