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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 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)
£0.02 44,150
d. Aggregated information
· Aggregated volume As above
· Price
e. Date of the transaction 2022-02-02
f. Place of the transaction Outside a trading venue
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 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)
£0.02 75,450
d. Aggregated information
· Aggregated volume As above
· Price
e. Date of the transaction 2022-02-02
f. Place of the transaction Outside a trading venue
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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