REG - Porvair PLC - PDMR Shareholding Grant of Options
RNS Number : 6701CPorvair PLC11 February 2020For 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
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.ENDDSHBUGDDSBBDGGB
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