For immediate
release
12 February 2025
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 12 February 2025 the Company
granted options under the Group's Long Term Share Plan 2018
("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
|
|
Hooman
Caman Javvi
|
CEO
designate
|
123,280
|
12
February 2025
|
12
February 2028
|
2 years
after vesting
|
123,280
|
|
James
Mills
|
CFO
|
54,130
|
266,786
|
These options, with a 2 pence
exercise price, can only be exercised in full if the Remuneration
Committee is satisfied that in the financial year ending 30
November 2027 ('FY2027') the Group has achieved Adjusted EPS of at
least 58.7 pence, which is a 15% compound annual growth rate from
the Adjusted EPS in the year ended 30 November 2024. 20% of
the award will vest if the Group has achieved Adjusted EPS of 43.4
pence in FY2027. A sliding scale will operate if Adjusted EPS
are between 43.4 pence and 58.7 pence. No shares vest if the
Adjusted EPS in FY2027 are below 43.4 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 12
February 2035. Claw-back and malus
provisions apply.
Exercises of LTSP
The Company was notified on 11
February 2025 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
|
2022
|
2.0p
|
75,450
|
Sale of Ordinary shares
On 11 February 2025, 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
liabilities.
|
Director
|
Transaction
|
Price
|
Number
|
|
Ben Stocks
|
Sale
|
£7.16
|
70,000
|
Following these dealings, Ben
Stocks' holding in the Company increased by 5,450 Ordinary Shares
to 200,458 Ordinary Shares, representing approximately 0.4 per
cent. of the Company's issued share capital.
Following these grants and the
exercises, the total number of LTSP and SAYE options in issue is
766,358, representing approximately 1.6% 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)
|
|
Price(s)
|
Volume(s)
|
|
n/a
|
54,130
|
|
|
d.
|
Aggregated information
· Aggregated
volume
· Price
|
As
above
|
|
e.
|
Date of the transaction
|
2025-02-12
|
|
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
|
Hooman Caman Javvi
|
|
2.
|
Reason for the notification
|
|
a.
|
Position/status
|
CEO designate
|
|
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
|
123,280
|
|
|
d.
|
Aggregated information
· Aggregated
volume
· Price
|
As
above
|
|
e.
|
Date of the transaction
|
2025-02-12
|
|
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
|
75,450
|
|
|
d.
|
Aggregated information
· Aggregated
volume
· Price
|
As
above
|
|
e.
|
Date of the transaction
|
2025-02-11
|
|
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)
|
|
7.16
|
70,000
|
|
|
d.
|
Aggregated information
· Aggregated volume
· Price
|
As above
|
|
e.
|
Date of the transaction
|
2025-02-11
|
|
f.
|
Place of the transaction
|
London Stock Exchange XLON
|
