Director/PDMR Shareholding

Porvair PLC

08 February 2024

 

For immediate release                                                                      8 February 2024

Porvair plc ("Porvair" or the "Company")

Directors' Shareholdings

Porvair plc ("Porvair", the "Group" or the "Company"), the specialist filtration and environmental technologies group, announces the following transactions by Directors in shares and options in the Company:

Grant of Long Term Share Plan options

On 7 February 2024 the Company granted options under the Group's Long Term Share Plan ("LTSP") to the Executive Directors.  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
Ben Stocks	CEO	92,900	7 February 2024	7 February 2027	2 years after vesting	265,825*
James Mills	CFO	59,400				212,656

*After exercise of options described below

These options can only be exercised in full if the Remuneration Committee is satisfied that in the financial year ending 30 November 2026 ('FY2026') the Group has achieved Adjusted EPS of at least 56.6 pence, which is a 15% compound annual growth rate from the Adjusted EPS in the year ended 30 November 2023.  25% of the award will vest if the Group has achieved Adjusted EPS of 41.8 pence in FY2026.  A sliding scale will operate if Adjusted EPS are between 41.8 pence and 56.6 pence. No shares vest if the Adjusted EPS in FY2026 is below 41.8 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 2034.  Claw-back and malus provisions apply.  

Following this grant and the exercises described below, the total number of LTSP and SAYE options in issue is 829,035, representing approximately 1.8% of the shares in issue.

Exercises of LTSP

The Company was notified on 7 February 2024 of the following exercises of LTSP Share options over ordinary shares of 2 pence each in the Company ("Ordinary Shares").

Director	Scheme	Year of grant	Exercise price	Options exercised
Ben Stocks	LTSP	2020	2.0p	49,680
Ben Stocks	LTSP	2021	2.0p	92,600

Sale of Ordinary shares

On 7 February 2024, the Company was notified that Ben Stocks had sold the following Ordinary Shares to meet: the cost of exercise of options; the personal taxation liabilities arising on the options; and certain other capital gains tax related liabilities. 

Director	Transaction	Price	Number
Ben Stocks	Sale	£6.50	265,000

Following these dealings, Ben Stocks' holding in the Company reduced by 122,720 Ordinary Shares to 409,722 Ordinary Shares, representing approximately 0.9 per cent. of the Company's issued share capital.

For further information, please contact:

Chris Tyler, Group Company Secretary		01553 765 500

Notes to editors

Porvair plc

Porvair is a group of specialist filtration, laboratory 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 59,400
d.	Aggregated information ·      Aggregated volume ·      Price	As above
e.	Date of the transaction	2024-02-07
f.	Place of the transaction	Outside a trading venue

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	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 under the Porvair plc Long Term Share Plan GB0006963689
b.	Nature of the transaction	Exercise of options
c.	Price(s) and volume(s)	Price(s) Volume(s) 0.02 142280
d.	Aggregated information ·      Aggregated volume ·      Price	As above
e.	Date of the transaction	2024-02-05
f.	Place of the transaction	Outside a trading venue
a.	Description of the Financial instrument, type of instrument Identification code	Ordinary Shares of 2 pence GB0006963689
b.	Nature of the transaction	Sale of Shares
c.	Price(s) and volume(s)	Price(s) Volume(s) 6.50 265000
d.	Aggregated information ·      Aggregated volume ·      Price	As above
e.	Date of the transaction	2024-02-06
f.	Place of the transaction	London Stock Exchange XLON
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 92,900
d.	Aggregated information ·      Aggregated volume ·      Price	As above
e.	Date of the transaction	2024-02-07
f.	Place of the transaction	Outside a trading venue

 

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