REG - Porvair PLC - Grant of LTSP awards
RNS Number : 6297NPorvair PLC02 February 20212 February 2021
Grant of LTSP awards
Porvair plc ("Porvair", the "Group" or the "Company"), the specialist filtration and environmental technologies group, announces that on 2 February 2021 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 under the LTSP
Grant date
Vesting date
Minimum holding period
Total options held, including SAYE options
Ben Stocks
CEO
92,600
2 February 2021
2 February 2024
2 years after vesting
220,737
Chris Tyler
CFO
65,000
153,568
These options can only be exercised in full if the Remuneration Committee is satisfied that in the financial year ending 30 November 2023 ('FY2023') the Group has achieved Adjusted EPS of at least 32.9 pence, which is a 15% compound annual growth rate from the Adjusted EPS in the year ended 30 November 2020. 20% of the award will vest if the Group has achieved Adjusted EPS of 24.3 pence in FY2023. A sliding scale will operate if Adjusted EPS are between 24.3 pence and 32.9 pence. No shares vest if the Adjusted EPS in FY2023 are below 24.3 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 2031. Claw-back and malus provisions apply.
Following this grant the total number of LTSP and SAYE options in issue is 615,732, representing approximately 1.3% 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 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
65,000
d.
Aggregated information
· Aggregated volume
· Price
As above
e.
Date of the transaction
2021-02-02
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)
n/a
92,600
d.
Aggregated information
· Aggregated volume
· Price
As above
e.
Date of the transaction
2021-02-02
f.
Place of the transaction
Outside a trading venue
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