REG - Porvair PLC - Grant of LTSP awards

PorvairAnnouncement

02/02/2023 17:45

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RNS Number : 7999O  Porvair PLC  02 February 2023

For immediate
release
2 February 2023

 

 

Grant of LTSP awards

 

Porvair plc ("Porvair", the "Group" or the "Company"), the specialist
filtration and environmental technologies group, announces that on 2 February
2023 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       97,475                          2 February 2023  2 February 2025  2 years after vesting   315,205
 James Mills  CFO       57,070                                           147,420

 

These options can only be exercised in full if the Remuneration Committee is
satisfied that in the financial year ending 30 November 2025 ('FY2025') the
Group has achieved Adjusted EPS of at least 50.5 pence, which is a 15%
compound annual growth rate from the Adjusted EPS in the year ended 30
November 2022.  20% of the award will vest if the Group has achieved Adjusted
EPS of 37.3 pence in FY2025.  A sliding scale will operate if Adjusted EPS
are between 37.3 pence and 50.5 pence. No shares vest if the Adjusted EPS in
FY2025 are below 37.3 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 2033.  Claw-back and malus provisions apply.

 

Following this grant the total number of LTSP and SAYE options in issue is
783,784, representing approximately 1.7% of the shares in issue.

 

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)

                                                     £0.02     57,070
 d.        Aggregated information

           ·      Aggregated volume                  As above

           ·      Price

 e.        Date of the transaction                   2023-02-02
 f.        Place of the transaction                  Outside a trading venue

d.

Aggregated information

·      Aggregated volume

·      Price

 

 

As above

e.

Date of the transaction

2023-02-02

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     97,475
 d.  Aggregated information

     ·      Aggregated volume                  As above

     ·      Price

 e.  Date of the transaction                   2023-02-02
 f.  Place of the transaction                  Outside a trading venue

d.

Aggregated information

·      Aggregated volume

·      Price

 

 

As above

e.

Date of the transaction

2023-02-02

f.

Place of the transaction

Outside a trading venue

 

 

 

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