Porvair PLC Grant of LTSP awards (2038W)
21 April 2021 - 11:40PM
UK Regulatory
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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END
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