Trifast PLC PDMR - Performance conditions for LTIP award (1394V)
30 November 2023 - 8:00AM
UK Regulatory
TIDMTRI
RNS Number : 1394V
Trifast PLC
30 November 2023
Thursday, 30 November 2023
Trifast plc
(the "Company")
Performance conditions for LTIP award and Notification and
public disclosure of transactions by PDMR
The 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.
PDMR Number of Shares
granted
Iain Percival (CEO) 814,553
-----------------
Darren Hayes-Powell (CFO) 509,095
-----------------
The 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.
The 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.
The 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:
* 75% of the LTIP award will be based on relative Total
Shareholder Return ("TSR") versus the FTSE All Share
Index; and
* 25% of the LTIP award will be based on Underlying
Operating Margin ("UOM") performance in FY26.
Full details of performance targets are set out below.
Relative TSR Target
The 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 2023. The
number of Shares subject to the TSR Target will vest as
follows:
Trifast's TSR growth Vesting % achieved*
Below the FTSE All Share Index Below threshold (Nil)
----------------------
Equal to the FTSE All Share Index Threshold (25%)
----------------------
8% p.a. or above outperformance of the Maximum (100%)
FTSE All Share Index
----------------------
*Vesting between Threshold and Maximum performance is on a
straight-line basis.
The Committee notes that it was the intention at the date of
drafting of the 2023 Annual Report that the FTSE Small Cap index
(excluding Investment Trusts) would be used to assess relative TSR
performance. However, the Committee has since determined that it
would instead use the FTSE All Share index on the basis that this
index provides a more appropriate, broader comparison of companies
facing similar global challenges to Trifast. Additionally, it is
noted that this is consistent with Trifast's Remuneration
Policy.
UOM Target
The number of Shares subject to the UOM Target will vest as
follows based on Trifast's FY26 UOM performance:
FY26 UOM** required Vesting % achieved*
Below 8.2% Below Threshold (Nil)
----------------------
8.2% Threshold (25%)
----------------------
9.1% 50%
----------------------
10.0% 75%
----------------------
11.0% and above Maximum (100%)
----------------------
*Vesting between the various performance levels will be
determined on a straight-line basis.
**UOM is defined as Underlying operating profit as a percentage
of sales.
The notifications below are made in accordance with the
requirements of the EU Market Abuse Regulation.
1. Details of the person discharging managerial responsibilities /
person closely associated
a. Name Iain Percival
--------------------------------- -------------------------------------
2. Reason for the notification
------------------------------------------------------------------------
a. Position/status Chief Executive Officer
--------------------------------- -------------------------------------
b. Initial notification/Amendment Initial notification
--------------------------------- -------------------------------------
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
------------------------------------------------------------------------
a. Name Trifast plc
--------------------------------- -------------------------------------
b. LEI 213800WFIVE6RWK3CR22
--------------------------------- -------------------------------------
4. Details of the transaction(s): section to be repeated for (i) each
type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been conducted
------------------------------------------------------------------------
a. Description of the Financial Ordinary shares of 5 pence each
instrument, type of instrument GB0008883927
Identification code
--------------------------------- -------------------------------------
b. Nature of the transaction Grant of Award under the Trifast plc
Employee Share Plan 2014
--------------------------------- -------------------------------------
c. Price(s) and volume(s) Price(s) Volume(s)
Nil 814,553
----------
--------------------------------- -------------------------------------
d. Aggregated information
--Aggregated volume 814,553
--Price Nil
--------------------------------- -------------------------------------
e. Date of the transaction 28.11.23
--------------------------------- -------------------------------------
f. Place of the transaction Outside a trading venue
--------------------------------- -------------------------------------
1. Details of the person discharging managerial responsibilities /
person closely associated
a. Name Darren Hayes-Powell
--------------------------------- -------------------------------------
2. Reason for the notification
------------------------------------------------------------------------
a. Position/status Chief Financial Officer
--------------------------------- -------------------------------------
b. Initial notification/Amendment Initial notification
--------------------------------- -------------------------------------
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
------------------------------------------------------------------------
a. Name Trifast plc
--------------------------------- -------------------------------------
b. LEI 213800WFIVE6RWK3CR22
--------------------------------- -------------------------------------
4. Details of the transaction(s): section to be repeated for (i) each
type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been conducted
------------------------------------------------------------------------
a. Description of the Financial Ordinary shares of 5 pence each
instrument, type of instrument GB0008883927
Identification code
--------------------------------- -------------------------------------
b. Nature of the transaction Grant of Award under the Trifast plc
Employee Share Plan 2014
--------------------------------- -------------------------------------
c. Price(s) and volume(s) Price(s) Volume(s)
Nil 509,095
----------
--------------------------------- -------------------------------------
d. Aggregated information
--Aggregated volume 509,095
--Price Nil
--------------------------------- -------------------------------------
e. Date of the transaction 28.11.23
--------------------------------- -------------------------------------
f. Place of the transaction Outside a trading venue
--------------------------------- -------------------------------------
Enquiries:
Trifast plc
Christopher Morgan
Company Secretary
Tel: +44 (0) 1825 769696
www.trifast.com
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