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
/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
|
59,400
|
|
|
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
/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
|
Exercise of options
|
|
c.
|
Price(s) and volume(s)
|
|
Price(s)
|
Volume(s)
|
|
0.02
|
142280
|
|
|
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
|