REG - Porvair PLC - Director/PDMR Shareholding

PorvairAnnouncement

08/02/2024 16:30

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RNS Number : 5472C  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                      Initial notification

           /Amendment
 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                        Options over Ordinary Shares of 2 pence under the Porvair plc Long Term Share

                                         Plan
           Financial instrument, type

           of instrument

                                         GB0006963689
           Identification code
 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                  As above

           ·      Price

 e.        Date of the transaction                   2024-02-07
 f.        Place of the transaction                  Outside a trading venue

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                      Initial notification

     /Amendment
 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                        Options over Ordinary Shares of 2 pence under the Porvair plc Long Term Share

                                         Plan
     Financial instrument, type

     of instrument

                                         GB0006963689
     Identification code
 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                  As above

     ·      Price

 e.  Date of the transaction                   2024-02-05
 f.  Place of the transaction                  Outside a trading venue

 a.  Description of the                        Ordinary Shares of 2 pence

     Financial instrument, type

     of instrument                             GB0006963689

     Identification code
 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                  As above

     ·      Price

 e.  Date of the transaction                   2024-02-06
 f.  Place of the transaction                  London Stock Exchange XLON

 a.  Description of the                        Options over Ordinary Shares of 2 pence under the Porvair plc Long Term Share

                                         Plan
     Financial instrument, type

     of instrument

                                         GB0006963689
     Identification code
 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                  As above

     ·      Price

 e.  Date of the transaction                   2024-02-07
 f.  Place of the transaction                  Outside a trading venue

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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