Last checked at 2 Feb 2023 17:42
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 /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) |
| ||||
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 /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) |
| ||||
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
| ||||