Porvair PLC Grant of LTSP awards (2038W)

TIDMPRV

RNS Number : 2038W

Porvair PLC

21 April 2021

For immediate release 21 April 2021

Grant of LTSP awards

Porvair plc ("Porvair", the "Group" or the "Company"), the specialist filtration, laboratory and environmental technologies group, announces that on 21 April 2021 it granted options under the Group's Long Term Share Plan ("LTSP") to James Mills, Group Finance Director.

Grant of Long Term Share Plan options

Options under the LTSP were granted as follows:

 
                             Options 
                              awarded                            Minimum        Total options 
                             under the              Vesting       holding       held, including 
   Director     Position       LTSP     Grant date    date        period         SAYE options 
                                         21 April   21 April     2 years 
 James Mills       CFO        46,200       2021       2024     after vesting        46,200 
               ----------  -----------  ----------  --------  --------------  ----------------- 
 

These options can only be exercised in full if the Remuneration Committee is satisfied that in the financial year ending 30 November 2023 ('FY2023') the Group has achieved Adjusted EPS of at least 32.9 pence, which is a 15% compound annual growth rate from the Adjusted EPS in the year ended 30 November 2020. 20% of the award will vest if the Group has achieved Adjusted EPS of 24.3 pence in FY2023. A sliding scale will operate if Adjusted EPS are between 24.3 pence and 32.9 pence. No shares vest if the Adjusted EPS in FY2023 are below 24.3 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 21 April 2031. Claw-back and malus provisions apply.

Following this grant the total number of LTSP and SAYE options in issue is 648,457, representing approximately 1.4% of the shares in issue.

For further information, please contact:

 
 Porvair plc                             01553 765 500 
 Ben Stocks, Chief Executive 
 Chris Tyler, Group Finance Director 
 Buchanan Communications                 0207 466 5000 
 Charles Ryland / Steph Watson 
 

Notes to editors

Porvair plc

Porvair is a group of specialist filtration 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)                         n/a         46,200 
                                                    ---------- 
     ------------------------------  -------------------------------------------- 
 d.        Aggregated information 
             *    Aggregated volume     As above 
 
 
             *    Price 
     ------------------------------  -------------------------------------------- 
 e.   Date of the                     2021-04-21 
       transaction 
     ------------------------------  -------------------------------------------- 
 f.   Place of the                    Outside a trading venue 
       transaction 
     ------------------------------  -------------------------------------------- 
 

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April 21, 2021 09:40 ET (13:40 GMT)