Electrocomponents PLC
30 June 2005
ELECTROCOMPONENTS PLC ('Electrocomponents')
Long Term Incentive Plan (the ' Plan') - 1999 Awards
Electrocomponents announces the following:
In July 1999, the Remuneration Committee recommended to the Trustee of the
Electrocomponents Employee Trust that conditional awards of Electrocomponents
10p ordinary shares ('Shares') be made under the Plan to Mr J. L. Hewitt.
(Deputy Chairman and Group Finance Director), and Mr R. B. Butler (Chief Process
Officer)
On 3 July 2002, the Remuneration Committee confirmed that in accordance with the
terms of the Performance Target set for the Awards granted in July 1999, they
have recommended to the Trustee that:
28,869 of the original Award of 50,916 Electrocomponents Shares should be
transferred to Mr. Hewitt 20,208 of the original Award of 35,641
Electrocomponents Shares should be transferred to Mr. Butler
The transfers to be made for nil consideration and subject to the additional
condition that the participants may not, in normal circumstances sell the shares
before 30 June 2005. On that date, ownership of the shares became no longer
subject to forfeiture and a liability for income tax and National Insurance on
the value of the shares was created.
The Company has been informed that on 30 June 2005:-
Mr Hewitt sold 11,837 Electrocomponents Shares at a price of 240.25p. The net
proceeds from the sale will be used to meet his income tax and National
Insurance liability as detailed above
Mr Butler sold 8,286 Electrocomponents Shares at a price of 240.25p. The net
proceeds from the sale will be used to meet his income tax and National
Insurance liability as detailed above
Following these transactions, Mr Hewitt has an interest in 63,545 Shares and Mr
Butler has an interest in 30,063 Shares, together representing less than 0.1% of
the issued share capital of the Company.
In addition, as the Trust is a discretionary trust, each of the directors is,
together with other employees of the Company and its subsidiaries, a beneficiary
of the Trust and therefore interested in all of the shares in the Trust. As at
30 June 2005 there were 308,416 shares in the Trust.
CARMELINA CARFORA
GROUP COMPANY SECRETARY
30 June 2005
This information is provided by RNS
The company news service from the London Stock Exchange
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