PDMR Shareholding Grant of Options

RNS Number : 6701C

Porvair PLC

11 February 2020

 

For immediate release                                                                     11 February 2020

PDMR Shareholding

Grant of Options

Porvair plc ("Porvair", the "Group" or the "Company"), the specialist filtration and environmental technologies group, announces that on 7 February 2020 it granted options under the Group's Long Term Share Plan ("LTSP") to the Executive Directors.

Grant of LTSP options:

Options under the LTSP were granted as follows:

Director	Position	Options awarded at 2 pence each	Grant date	Vesting date	Minimum holding period	Total options held, including SAYE options
Ben Stocks	CEO	54,000	7 February 2020	7 February 2023	2 years after vesting	268,637
Chris Tyler	CFO	38,000				193,580

These options can only be exercised in full if the Remuneration Committee is satisfied that in the financial year ending 30 November 2022 ('FY2022') the Group has achieved Adjusted EPS of at least 33.7 pence. 30% of the award will vest if the Group has achieved Adjusted EPS of 29.2 pence in FY2022. A sliding scale will operate if Adjusted EPS are between 29.2 pence and 33.7 pence. No shares vest if the Adjusted EPS in FY2022 are below 29.2 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 7 February 2030. Claw-back and malus provisions apply.

Following this grant the total number of LTSP and SAYE options in issue is 818,965 representing approximately 1.8% 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	Christopher Tyler
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 each under the Porvair plc LTSP ISIN: GB0006963689
b.	Nature of the transaction	Purchase of ordinary shares
c.	Price(s) and volume(s)	Price(s) Volume(s) n/a 38,000
d.	Aggregated information ·      Aggregated volume ·      Price	n/a
e.	Date of the transaction	7 February 2020
f.	Place of the transaction	Outside a trading venue

1.	Details of the person discharging managerial responsibilities / person closely associated
a.	Name	Ben Stocks
2.	Reason for the notification
a.	Position/status	CEO
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 each under the Porvair plc LTSP ISIN: GB0006963689
b.	Nature of the transaction	Purchase of ordinary shares
c.	Price(s) and volume(s)	Price(s) Volume(s) n/a 54,000
d.	Aggregated information ·      Aggregated volume ·      Price	n/a
e.	Date of the transaction	7 February 2020
f.	Place of the transaction	Outside a trading venue

 

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