REG - TT Electronics PLC - Long Term Incentive Plan

TT electronicsAnnouncement

23/04/2025 07:00

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RNS Number : 8267F  TT Electronics PLC  23 April 2025

 

23 April 2025

TT Electronics plc

Long Term Incentive Plan

 

 

TT Electronics plc (the "Company") announces that on 23 April 2025 it granted
a conditional award over ordinary shares of 25p each in the Company ("Shares")
under the TT Electronics plc Long Term Incentive Plan 2024 to the following
PDMR of the Company:

 

PDMR
Number of Shares

 
under Award

 

Eric Lakin - Acting Chief Executive
Officer                        1,092,425*

 

No consideration was payable for the grant of the award.  Subject to the
terms of the award it 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 2027:

 

·   50 per cent of the award is based on performance against compound
annual rate growth rate earnings per share ("EPS") performance targets
calculated on a constant currency basis.  Threshold target performance will
result in 25 per cent of the Shares subject to this part of the award to vest,
increasing on a straight-line basis to 100 per cent vesting of this part for
the achievement of stretch target performance. The threshold and stretch
targets are under consideration and will be set by the Remuneration Committee
of the Board by no later than the date of the Company's 2025 AGM (30 June
2025).

 

·   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.

 

The award is subject to malus and clawback provisions.

 

* The number of shares under Award is based on Eric Lakin retaining the
position of CEO. If he does not retain that position, the number of shares
subject to the award will be reduced to that number that would have been
awarded to him if he had remained as CFO.

 

The following notifications, made in accordance with the requirements of UK
MAR, give further details.

 

 

 1.  Details of PDMR / person closely associated with them ('PCA')
 a)  Name                                                         Eric Lakin
 2.  Reason for the notification
 a)  Position / status                                            Acting Chief Executive Officer
 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 over ordinary shares under the terms of the TT
                                                                  Electronic plc Long Term Incentive Plan 2024
 c)  Price(s) and volume(s)

Price(s)  Volume(s)
                                                                  £0.00     1,092,425
 d)  Aggregated information

     Aggregated volume                                            N/A single transaction

     Price                                                        Nil

 e)  Date of the transaction                                      2024-04-23
 f)  Place of the transaction                                     Outside a trading venue

d)

Aggregated information

Aggregated volume

Price

 

N/A single transaction

Nil

 

e)

Date of the transaction

2024-04-23

f)

Place of the transaction

Outside a trading venue

 

 

 

For further information please contact:

 

TT Electronics plc

Eric Lakin, Acting Chief Executive Officer:
                          Tel:  + 44 (0)1932 825300

Kate Moy, Head of Investor
Relations

 

MHP Communications

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

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