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Industrials
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Small Cap
Market Cap £246.9m
Enterprise Value £242.9m
Revenue £144.9m
Position in Universe 632nd / 1834

Porvair PLC - PDMR Shareholding Grant of Options

Tue 11th February, 2020 3:15pm
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

 

 


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.
 
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