Last checked at 4 Sep 2018 07:00
4 September 2018
Pressure Technologies plc
(the "Company")
Grant of Share Options
On 3 September 2018, the Board granted awards under the Pressure Technologies plc Long Term Incentive Plan (the "LTIP") to certain members of the Company's senior management, including to Chris Walters, CEO, and Joanna Allen, CFO.
Under the terms of the LTIP, each participant will have the right to receive new ordinary shares of 5 pence each in the Company ("Ordinary Shares") equal to a fixed percentage of the value created for shareholders above a hurdle over the period from the date of grant ending on 13 August 2021 (the "Performance Period").
The awards are subject to certain performance conditions, principally delivering growth in the value of the Company above a share price hurdle of £2.50 (adjusted for value returned to shareholders over the Performance Period). In this way, the Board can incentivise senior employees in a manner that is closely aligned with the interests of the Company's shareholders.
The awards, which can be acquired for nil consideration, are subject to an individual maximum value, as set out in the table below for Chris Walters and Joanna Allen. Awards have also been made to other senior management members based on the same performance targets and vesting periods but subject to lower individual maximum values (which total in aggregate £1.8m). 50% of the awards will vest after the expiry of the Performance Period, 30% on the first anniversary of the expiry of the Performance Period and 20% on the second anniversary of the expiry of the Performance Period in accordance with the rules of the LTIP.
The participants will have no right to any payment of cash, rather they will become shareholders in the Company. In this way, the interests of the participants will be aligned with those of all other shareholders.
Name | Percentage entitlement to growth in shareholder value | Maximum value of award |
Christopher Walters Chief Executive Officer | 3% | £1,800,000 |
Joanna Allen Chief Financial Officer | 2% | £1,200,000 |
For further information, please contact:
Pressure Technologies plc Chris Walters, Chief Executive Joanna Allen, Chief Financial Officer Keeley Clarke, Investor Relations |
Tel: 0114 257 3622 www.pressuretechnologies.com |
Cantor Fitzgerald Europe (Nominated Adviser and Broker) Philip Davies / Will Goode |
Tel: 020 7894 8337 |
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Tavistock |
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Simon Hudson | Tel: 020 7920 3150 |
COMPANY DESCRIPTION
Company description - www.pressuretechnologies.com
With its head office in Sheffield, Pressure Technologies was founded on its leading market position as a designer and manufacturer of high-pressure components and systems serving the global energy, defence and industrial gases markets. Today it continues to serve those markets from a broader engineering base with specialist precision engineering businesses and has a worldwide presence in Alternative Energy as a global leader in biogas upgrading.
Pressure Technologies has three divisions, Precision Machined Components, Cylinders and Alternative Energy, serving four main markets: oil and gas, defence, industrial gases and alternative energy.
Precision Machined Components - www.pt-pmc.com
● Al-Met, Mid Glamorgan, acquired in 2010 www.almet.co.uk
● Roota Engineering, Rotherham, acquired in March 2014 www.roota.co.uk
● Quadscot, Glasgow, acquired in October 2014 www.quadscot.co.uk
● Martract Limited, Barton-on-Humber, acquired in December 2016 www.martract.co.uk
Cylinders
● Chesterfield Special Cylinders, Sheffield, IPO cornerstone in 2007 and includes, CSC Deutschland Gmbh, which is based in Dorsten, Germany and Chesterfield Special Cylinders Inc. which is based in Houston, USA www.chesterfieldcylinders.com
Alternative Energy
● Greenlane Biogas, Vancouver, Canada and Sheffield, UK; acquired in October 2014 www.greenlanebiogas.com
1. Details of the person discharging managerial responsibilities / person closely associated
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a) | Name
| 1. Christopher Walters
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2. Joanna Allen
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2. Reason for the notification
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a) | Position/Status | 1. Chief Executive Officer
2. Chief Financial Officer
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b) | Initial notification /Amendment
| Initial notification | ||||||
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
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a) | Name
| Pressure Technologies Plc | ||||||
b) | LEI
| 213800PTKN1VDP2DIN05 | ||||||
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
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a) | Description of the financial instrument, type of instrument
Identification code
| Ordinary shares of 5 pence each
GB00B1XFKR57 | ||||||
b) | Nature of the transaction
| Grant of options under the Pressure Technologies Long Term Incentive Plan 2018
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c) | Price(s) and volume(s)
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d) | Aggregated information
- Aggregated volume
- Price
| N/A | ||||||
e) | Date of the transaction
| 3 September 2018 | ||||||
f) | Place of the transaction
| Outside a trading venue | ||||||
-Ends-