PORVAIR PLC

Director's Dealing • Feb 2, 2023

National Storage Mechanism | Additional information

RNS Number : 7999O

Porvair PLC

02 February 2023

For immediate release                                                                      2 February 2023

Grant of LTSP awards

Porvair plc ("Porvair", the "Group" or the "Company"), the specialist filtration and environmental technologies group, announces that on 2 February 2023 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 under the LTSP	Grant date	Vesting date	Minimum holding period	Total options held, including SAYE options
Ben Stocks	CEO	97,475	2 February 2023	2 February 2025	2 years after vesting	315,205
James Mills	CFO	57,070	147,420

These options can only be exercised in full if the Remuneration Committee is satisfied that in the financial year ending 30 November 2025 ('FY2025') the Group has achieved Adjusted EPS of at least 50.5 pence, which is a 15% compound annual growth rate from the Adjusted EPS in the year ended 30 November 2022.  20% of the award will vest if the Group has achieved Adjusted EPS of 37.3 pence in FY2025.  A sliding scale will operate if Adjusted EPS are between 37.3 pence and 50.5 pence. No shares vest if the Adjusted EPS in FY2025 are below 37.3 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 2033.  Claw-back and malus provisions apply.  

Following this grant the total number of LTSP and SAYE options in issue is 783,784, representing approximately 1.7% 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)
£0.02	57,070

d.  

Aggregated information

·      Aggregated volume

·      Price

As above

e.  

Date of the transaction

2023-02-02

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)

Price(s)	Volume(s)
£0.02	97,475

d.

Aggregated information

·      Aggregated volume

·      Price

As above

e.

Date of the transaction

2023-02-02

f.

Place of the transaction

Outside a trading venue

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