REG - TT Electronics PLC - Long Term Incentive Plan

TT electronicsAnnouncement

12/03/2024 09:00

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RNS Number : 5011G  TT Electronics PLC  12 March 2024

 

12 March 2024

TT Electronics plc

Long Term Incentive Plan

 

 

TT Electronics plc (the "Company") announces that conditional awards of
ordinary shares of 25p each in the Company ("Shares") were granted on 11 March
2024 under the Long Term Incentive Plan 2014 to the following Executive
Directors of the Company:

 

Executive
Director
Maximum Number

 
of Shares

 

Peter
France
543,478

Mark
Hoad
398,845

 

No consideration is payable for the grant of awards.  The awards will
normally vest three years from the date of grant, subject to achievement of
the following performance conditions which will be measured over the three
years ending 31 December 2026:

 

·   50 per cent of the award is based on earnings per share ("EPS")
performance targets calculated on a constant currency basis.  25 per cent of
the Shares subject to this part of the award will vest for EPS growth of 4 per
cent compound per annum, increasing on a straight-line basis to 100 per cent
vesting of this part for EPS growth of 12 per cent compound per annum.

 

·   25 per cent of the award is based on total shareholder return
performance targets against the FTSE SmallCap (excluding Investment Trusts).
25 per cent of the Shares subject to this part of the award will vest at
median performance, increasing on a straight-line basis to 100 per cent
vesting of this part at the upper quartile of the comparator group.

 

·   25 per cent of the award is based on average operating cash conversion
("cash conversion") performance targets. 25 per cent of the Shares subject to
this part of the award will vest for cash conversion of 80 per cent,
increasing on a straight-line basis to 100 per cent vesting of this part for
cash conversion of 95 per cent.

 

Awards are subject to malus and clawback provisions.

 

The Company was informed of the above transactions on 11 March 2024. The
following notifications, made in accordance with the requirements of the EU
Market Abuse Regulation, give further details.

 

 

 1.  Details of PDMR / person closely associated with them ('PCA')
 a)  Name                                                         Peter France
 2.  Reason for the notification
 a)  Position / status                                            CEO
 b)  Initial notification /                                       Initial notification

     Amendment
 3.  Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                         TT Electronics plc
 b)  LEI                                                          213800TJGBW5VFHQEV54
 4.  Details of the transaction(s)
 a)  Description of the financial instrument, type of instrument  Ordinary shares of 25p each

     Identification Code

                                                                  GB0008711763
 b)  Nature of the transaction                                    Grant of conditional award of ordinary shares under the terms of the Long Term
                                                                  Incentive Plan 2014
 c)  Price(s) and volume(s)

Price(s)  Volume(s)
                                                                  £0.00     543,478
 d)  Aggregated information

     Aggregated volume                                            See 4c above

     Price                                                        See 4c above

 e)  Date of the transaction                                      2024-03-11
 f)  Place of the transaction                                     Outside a trading venue

d)

Aggregated information

Aggregated volume

Price

 

See 4c above

See 4c above

 

e)

Date of the transaction

2024-03-11

f)

Place of the transaction

Outside a trading venue

 

 

 1.  Details of PDMR / person closely associated with them ('PCA')
 a)  Name                                                         Mark Hoad

 2.  Reason for the notification
 a)  Position / status                                            CFO
 b)  Initial notification /                                       Initial notification

     Amendment
 3.  Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                         TT Electronics plc
 b)  LEI                                                          213800TJGBW5VFHQEV54
 4.  Details of the transaction(s)
 a)  Description of the financial instrument, type of instrument  Ordinary shares of 25p each

     Identification Code

                                                                  GB0008711763
 b)  Nature of the transaction                                    Grant of conditional award of ordinary shares under the terms of the Long Term
                                                                  Incentive Plan 2014
 c)  Price(s) and volume(s)

Price(s)  Volume(s)
                                                                  £0.00     398,845
 d)  Aggregated information

     Aggregated volume                                            See 4c above

     Price                                                        See 4c above

 e)  Date of the transaction                                      2024-03-11
 f)  Place of the transaction                                     Outside a trading venue

d)

Aggregated information

Aggregated volume

Price

 

See 4c above

See 4c above

 

e)

Date of the transaction

2024-03-11

f)

Place of the transaction

Outside a trading venue

 

 

For further information please contact:

 

TT Electronics plc

Peter France, Chief Executive Officer:
                                 Tel:  + 44
(0)1932 825300

Mark Hoad, Chief Financial Officer:

Kate Moy, Head of Investor
Relations

 

MHP Communications

Tim Rowntree / Ollie
Hoare:
Tel:  +44 (0)20 3128 8100

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