Porvair PLC Grant of LTSP awards (7999O)
03 Febrero 2023 - 1:24AM
UK Regulatory
TIDMPRV
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:
Options
awarded Minimum Total options
under the Grant Vesting holding held, including
Director Position LTSP date date period SAYE options
2 February 2 February 2 years
Ben Stocks CEO 97,475 2023 2025 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 Options over Ordinary Shares of 2 pence
of the under the Porvair plc Long Term Share Plan
Financial instrument,
type GB0006963689
of instrument
Identification
code
------------------------------- --------------------------------------------
b. Nature of the
transaction Grant of options
------------------------------- --------------------------------------------
c. Price(s) and Price(s) Volume(s)
volume(s) GBP0.02 57,070
----------
------------------------------- --------------------------------------------
d. Aggregated information
* Aggregated volume As above
* Price
------------------------------- --------------------------------------------
Date of the
e. transaction 2023-02-02
------------------------------- --------------------------------------------
f. Place of the Outside a trading venue
transaction
------------------------------- --------------------------------------------
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 Options over Ordinary Shares of 2 pence
the under the Porvair plc Long Term Share Plan
Financial instrument,
type GB0006963689
of instrument
Identification
code
------------------------------- --------------------------------------------
b. Nature of the
transaction Grant of options
------------------------------- --------------------------------------------
c. Price(s) and volume(s) Price(s) Volume(s)
GBP0.02 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
------------------------------- --------------------------------------------
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END
DSHUUSBRORUURAR
(END) Dow Jones Newswires
February 02, 2023 12:42 ET (17:42 GMT)
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