Business
PDMR - Performance conditions for LTIP award
PDMR - Performance conditions for LTIP award.
About this update from Trifast Plc
[{"type":"text","content":"\n\n\n \n \nThursday, 30 November 2023\n \nTrifast plc\n(the \"Company\")\n \nPerformance conditions for LTIP award and Notification and public disclosure of transactions by PDMR\n \nThe Company announces that, further to the terms set out in the Company's Directors' Remuneration Policy (\"Policy\") which was approved at the AGM on 15 September 2023, the Remuneration Committee (\"Committee\") has determined to grant an LTIP award to Iain Percival and Darren Hayes-Powell over the number of ordinary shares of 5p each in the Company (\"Ordinary Shares\") set out in the table below under the terms of the Trifast plc Employee Share Plan. The LTIP award was granted on 28 November 2023 and no consideration was paid for the grant which is structured as a nil-cost option.\n \n\n\n\n\nPDMR\n\n\nNumber of Shares granted\n\n\n\n\nIain Percival (CEO)\n\n\n814,553\n\n\n\n\nDarren Hayes-Powell (CFO)\n\n\n509,095\n\n\n\n\n \nThe number of Ordinary Shares granted under the LTIP award has been calculated using an Ordinary Share price of 73.66 pence per share, being the average share price of the five days immediately before the date of grant.\n \nThe normal vesting date of the LTIP award will be 26 November 2026, being the third anniversary of the grant date. The LTIP award is subject to a two-year holding period commencing on vesting.\n \nThe number of Ordinary Shares under the LTIP Award will normally vest after three years based on the satisfaction of performance conditions which are measured over three financial years ending 31 March 2026. As set out in the Company's Directors' Remuneration Report, the Committee determined the performance conditions attached to the award prior to the date of grant to be as follows:\n \n\n\n\n\n· 75% of the LTIP award will be based on relative Total Shareholder Return (\"TSR\") versus the FTSE All Share Index; and\n\n\n\n\n· 25% of the LTIP award will be based on Underlying Operating Margin (\"UOM\") performance in FY26.\n\n\n\n\n \nFull details of performance targets are set out below.\n \nRelative TSR Target\nThe TSR growth for Trifast and the FTSE All Share index will be measured using a three-month average prior to the start and the end of the three-year performance period, starting on 1 April ...