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:
| Director | Position | Options awarded under the LTSP | Grant date | Vesting date | Minimum holding period | Total options held, including SAYE options |
| James Mills | CFO | 46,200 | 21 April 2021 | 21 April 2024 | 2 years 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 /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 | 2021-04-21 | ||||
| f. | Place of the transaction | Outside a trading venue
| ||||
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