TIDMTRI

RNS Number : 9736O

Trifast PLC

12 February 2021

Friday, 12 February 2021

Trifast plc

(the "Company")

PERFORMANCE CONDITIONS FOR LTIP AWARDS GRANTED ON 25 NOVEMBER 2020 UNDER TRIFAST PLC's EMPLOYEE SHARE PLAN

Trifast plc (the Company) granted a Nil-Cost Option over shares (the Awards) under the Employee Share Plan on 25 November 2020 to the CEO and CFO as listed in the table below.

 
 Name           Role    Number of Shares subject 
                         to Award 
 Mark Belton     CEO            380,701 
                -----  ------------------------- 
 Clare Foster    CFO            291,666 
                -----  -------------------------

As disclosed in the FY2020 Directors' Remuneration Report, the Committee felt it was unlikely that it would be able to robustly set three-year EPS targets for the Awards as at their grant date, given the significant uncertainty in the wider economic environment. On this basis, the Committee agreed to determine the EPS targets applicable to the Awards within six months from the Date of Grant, in line with the Investment Association's concession.

The Committee has now conducted a review of the EPS targets taking account of the internal business plan, the outlook for the sector and general macroeconomic conditions. Following careful consideration, the Committee approved the target range set out below with EPS stated as an absolute figure which needs to be achieved in the financial year ending 31 March 2023.

The Committee is cognisant that the threshold level of EPS in FY2023 is broadly flat compared to the Company's FY2020 results. The Committee noted that given the projected outcome for FY2021, threshold performance represents significant growth over the next two financial years and that this growth trajectory will be reflected in the targets for the FY2021 LTIP award. Finally, the Committee was comfortable that threshold performance was in excess of analysts' consensus forecast for FY2023.

The relative TSR performance measure is unchanged from that previously disclosed in the FY2020 Directors' Remuneration Report and will be measured over a three-year performance period ending 31 March 2023.

 
 Measure                                 Threshold        Maximum 
                                          (25% vesting)    (100% vesting) 
 Underlying diluted EPS ('EPS')          10.55p in        13.28p in 
  (70% weighting)                         FY2023           FY2023 
                                        ---------------  ---------------- 
 Total Shareholder Return ('TSR')        Equal to         8% p.a. in 
  relative to FTSE Small Cap excluding    index return     excess of 
  investment trusts (30% weighting)                        index return 
                                        ---------------  ----------------

1. Vesting between threshold and maximum performance is based on a sliding scale

2. TSR growth for Trifast and the FTSE Small Cap Index (excluding investment trusts) will be measured using a three-month average prior to the start and the end of the three-year performance period

In line with the Directors' Remuneration Policy approved at the 2020 AGM, the Committee will have overriding discretion to change the formulaic vesting outcome of this award (both downwards and upwards) if it is out of line with the underlying performance of the Company.

Total voting rights (TVR)

The Company's total issued share capital is 136,012,462 Ordinary Shares with one voting right per share. The Company does not hold any Ordinary Shares in Treasury. Therefore, the total number of voting rights in the company is 136,012,462. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

Enquiries:

Trifast plc

Lyndsey Case

Company Secretary

Tel: +44(0)1825 769696

www.trifast.com

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END

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February 12, 2021 06:41 ET (11:41 GMT)

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