PRV.L

Porvair Plc
Porvair PLC - Director/PDMR Shareholding
8th February 2024, 16:27
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RNS Number : 5472C
Porvair PLC
08 February 2024
 

For immediate release                                                                      8 February 2024

 

Description: porvair logo

 

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 7 February 2024 the Company granted options under the Group's Long Term Share Plan ("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

Ben Stocks

CEO

92,900

7 February 2024

7 February 2027

2 years after vesting

265,825*

James Mills

CFO

59,400

212,656

*After exercise of options described below

These options can only be exercised in full if the Remuneration Committee is satisfied that in the financial year ending 30 November 2026 ('FY2026') the Group has achieved Adjusted EPS of at least 56.6 pence, which is a 15% compound annual growth rate from the Adjusted EPS in the year ended 30 November 2023.  25% of the award will vest if the Group has achieved Adjusted EPS of 41.8 pence in FY2026.  A sliding scale will operate if Adjusted EPS are between 41.8 pence and 56.6 pence. No shares vest if the Adjusted EPS in FY2026 is below 41.8 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 7 February 2034.  Claw-back and malus provisions apply.  

Following this grant and the exercises described below, the total number of LTSP and SAYE options in issue is 829,035, representing approximately 1.8% of the shares in issue.

Exercises of LTSP

The Company was notified on 7 February 2024 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

2020

2.0p

49,680

Ben Stocks

LTSP

2021

2.0p

92,600

 

 

Sale of Ordinary shares

On 7 February 2024, 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 capital gains tax related liabilities. 

Director

Transaction

Price

Number

Ben Stocks

Sale

£6.50

265,000

 

Following these dealings, Ben Stocks' holding in the Company reduced by 122,720 Ordinary Shares to 409,722 Ordinary Shares, representing approximately 0.9 per cent. of the Company's issued share capital.

 

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

59,400

d.  

Aggregated information

·      Aggregated volume

·      Price

 

 

As above

e.  

Date of the transaction

2024-02-07

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

142280

d.

Aggregated information

·      Aggregated volume

·      Price

 

 

As above

e.

Date of the transaction

2024-02-05

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)

6.50

265000

d.

Aggregated information

·      Aggregated volume

·      Price

 

 

As above

e.

Date of the transaction

2024-02-06

f.

Place of the transaction

London Stock Exchange XLON

 

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

92,900

d.

Aggregated information

·      Aggregated volume

·      Price

 

 

As above

e.

Date of the transaction

2024-02-07

f.

Place of the transaction

Outside a trading venue

 

 

 

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