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 /
Amendment
|
Initial notification
|
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
Identification Code
|
Ordinary shares of 25p
each
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
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 /
Amendment
|
Initial notification
|
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
Identification Code
|
Ordinary shares of 25p
each
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
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