TT Electronics PLC Update on 2021 LTIP Award Targets (1331C)
16 Junio 2021 - 7:32AM
UK Regulatory
TIDMTTG
RNS Number : 1331C
TT Electronics PLC
16 June 2021
16 June 2021
TT Electronics plc
Update on 2021 Long Term Incentive Plan Award Targets
On 16 March 2021 TT Electronics plc (the "Company") announced
that conditional awards of ordinary shares of 25p each in the
Company ("Shares") were granted under the Long Term Incentive Plan
2014 to the Executive Directors of the Company.
As supported by the Investment Association's 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 the
date of grant.
The Remuneration Committee has now agreed the following
performance targets :
The performance target attached to 50 per cent of the award is
based on earnings per share ("EPS") growth targets on a constant
currency basis. 25 per cent of the Shares subject to this part of
the award will vest for EPS growth of 10 per cent compound per
annum, increasing on a straight-line basis to 100 per cent vesting
for EPS growth of 18 per cent compound per annum measured over the
three years ending 31 December 2023.
The performance target attached to the other 50 per cent of the
award is based on total shareholder return targets against the
constituents of 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 at the upper quartile of the comparator group,
measured over the three years from grant.
Awards will be subject to clawback provisions.
Full details of the awards granted, and the above performance
targets, will be set out in the Directors' Remuneration Report for
the year ending 31 December 2021.
For further information please contact:
TT Electronics plc
Richard Tyson, Chief Executive Officer: Tel: + 44 (0)1932 825300
Mark Hoad, Chief Financial Officer:
Emma Darke, Head of Investor Relations
MHP Communications
Tim Rowntree / Rachel Mann: Tel: +44 (0)20 3128 8100
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END
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