Grant of LTSP awards

RNS Number : 2038W

Porvair PLC

21 April 2021

 

For immediate release  21 April 2021

Grant of LTSP awards

Porvair plc ("Porvair", the "Group" or the "Company"), the specialist filtration, laboratory and environmental technologies group, announces that on 21 April 2021 it granted options under the Group's Long Term Share Plan ("LTSP") to James Mills, Group Finance Director.

 Grant of Long Term Share Plan options

Options under the LTSP were granted as follows:

Director	Position	Options awarded under the LTSP	Grant date	Vesting date	Minimum holding period	Total options held, including SAYE options
James Mills	CFO	46,200	21 April 2021	21 April 2024	2 years after vesting	46,200

These options can only be exercised in full if the Remuneration Committee is satisfied that in the financial year ending 30 November 2023 ('FY2023') the Group has achieved Adjusted EPS of at least 32.9 pence, which is a 15% compound annual growth rate from the Adjusted EPS in the year ended 30 November 2020. 20% of the award will vest if the Group has achieved Adjusted EPS of 24.3 pence in FY2023. A sliding scale will operate if Adjusted EPS are between 24.3 pence and 32.9 pence. No shares vest if the Adjusted EPS in FY2023 are below 24.3 pence. After the vesting period, before the end of the two year holding period, the option holder may exercise the option but may only sell sufficient shares to settle the option price and the income tax payable.  The options may be exercised after the vesting period up until 21 April 2031. Claw-back and malus provisions apply.  

Following this grant the total number of LTSP and SAYE options in issue is 648,457, representing approximately 1.4% of the shares in issue.

For further information, please contact:

Porvair plc		01553 765 500
Ben Stocks, Chief Executive
Chris Tyler, Group Finance Director
Buchanan Communications		0207 466 5000
Charles Ryland / Steph Watson

Notes to editors

Porvair plc

Porvair is a group of specialist filtration and environmental technology businesses.  Its businesses design and manufacture a range of bespoke consumable filtration products that are used in a range of niche filtration markets.  It operates in three divisions: Aerospace & Industrial; Laboratory; and Metal Melt Quality.

Notification and public disclosure of transactions by persons discharging

managerial responsibilities and persons closely associated with them

1.	Details of the person discharging managerial responsibilities / person closely associated
a.	Name	James Mills
2.	Reason for the notification
a.	Position/status	CFO
b.	Initial notification /Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a.	Name	Porvair plc
b.	LEI	213800ECKHS8LAQO3C45
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 instrument, type of instrument Identification code	Options over Ordinary Shares of 2 pence under the Porvair plc Long Term Share Plan GB0006963689
b.	Nature of the transaction	Grant of options
c.	Price(s) and volume(s)	Price(s) Volume(s) n/a 46,200
d.	Aggregated information · Aggregated volume · Price	As above
e.	Date of the transaction	2021-04-21
f.	Place of the transaction	Outside a trading venue

 

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