For immediate release 4 February 2022
Grant of LTSP awards
Porvair plc ("Porvair", the "Group" or the "Company"), the specialist filtration and environmental technologies group, announces that on 2 February 2022, 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 at 2 pence each | Grant date | Vesting date | Minimum holding period | Total options held, including SAYE options |
| Ben Stocks | CEO | 75,450 | 2 February 2022 | 2 February 2025 | 2 years after vesting | 229,587 |
| James Mills | CFO | 44,150 | 2 February 2022 | 2 February 2025 | 2 years after vesting | 90,350 |
These options can only be exercised in full if the Remuneration Committee is satisfied that in the financial year ending 30 November 2024 ('FY2024') the Group has achieved Adjusted EPS of at least 38.3 pence, which is a 15% compound annual growth rate from the Adjusted EPS in the year ended 30 November 2021. 20% of the award will vest if the Group has achieved Adjusted EPS of 28.3 pence in FY2024. A sliding scale will operate if Adjusted EPS are between 28.3 pence and 38.3 pence. No shares vest if the Adjusted EPS in FY2024 are below 28.3 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 2032. Claw-back and malus provisions apply.
Following this grant the total number of LTSP and SAYE options in issue is 775,373, 1.7% of the shares in issue.
For further information, please contact:
| Porvair plc | | 01553 765 500 |
| Chris Tyler, Group Company Secretary | | |
| 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 | 2022-02-02 | ||||
| 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 | 2022-02-02 | ||||
| f. | Place of the transaction | Outside a trading venue
| ||||
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