16 March 2021
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 16 March 2021 under the Long Term Incentive Plan 2014 to the following Executive Directors of the Company:
Executive Director Maximum Number
of Shares
Richard Tyson 349,621
Mark Hoad 262,265
No consideration is payable for the grant of the awards.
As supported by the Investment Association's recent addendum to its guidance on shareholder expectations during the Covid-19 pandemic, the Company's Remuneration Committee resolved to set the performance targets attached to the awards within six months of their grant date. The targets, which will be based on Earnings Per Share and relative Total Shareholder Return, will be published as soon as possible after they have been agreed via an RNS. The awards will normally vest three years from the date of grant, subject to achievement of their performance conditions and the grantee's continued service.
Awards are subject to clawback provisions.
The Company was informed of the above transactions on 16 March 2021. 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 | Richard Tyson
| ||||
| 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 | 2021-03-16 | ||||
| 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 | 2021-03-16 | ||||
| f) | Place of the transaction | Outside a trading venue | ||||
For further information please contact:
TT Electronics plc
Richard Tyson, Chief Executive Officer: Tel: + 44 (0)1932 825300
Mark Hoad, Chief Financial Officer:
Julian Wais, Head of Investor Relations
MHP Communications
Tim Rowntree / Rachel Mann: Tel: +44 (0)20 3128 8100
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