Grant of LTSP awards

RNS Number : 7712A

Porvair PLC

04 February 2022

 

For immediate release  4 February 2022

Grant of LTSP awards

Porvair plc ("Porvair", the "Group" or the "Company"), the specialist filtration and environmental technologies group, announces that on 2 February 2022, it granted options under the Group's Long Term Share Plan ("LTSP") to the Executive Directors.

Grant of Long Term Share Plan 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	75,450	2 February 2022	2 February 2025	2 years after vesting	229,587
James Mills	CFO	44,150	2 February 2022	2 February 2025	2 years after vesting	90,350

These options can only be exercised in full if the Remuneration Committee is satisfied that in the financial year ending 30 November 2024 ('FY2024') the Group has achieved Adjusted EPS of at least 38.3 pence, which is a 15% compound annual growth rate from the Adjusted EPS in the year ended 30 November 2021. 20% of the award will vest if the Group has achieved Adjusted EPS of 28.3 pence in FY2024. A sliding scale will operate if Adjusted EPS are between 28.3 pence and 38.3 pence. No shares vest if the Adjusted EPS in FY2024 are below 28.3 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 2 February 2032. Claw-back and malus provisions apply.  

Following this grant the total number of LTSP and SAYE options in issue is 775,373, 1.7% of the shares in issue.

For further information, please contact:

Porvair plc		01553 765 500
Chris Tyler, Group Company Secretary
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) £0.02 44,150
d.	Aggregated information · Aggregated volume · Price	As above
e.	Date of the transaction	2022-02-02
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	Grant of options
c.	Price(s) and volume(s)	Price(s) Volume(s) £0.02 75,450
d.	Aggregated information · Aggregated volume · Price	As above
e.	Date of the transaction	2022-02-02
f.	Place of the transaction	Outside a trading venue

 

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