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) |
| ||||
| 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) |
| ||||
| 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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