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PORVAIR PLC
Transaction in Own Shares • Feb 8, 2024
5280_dirs_2024-02-08_1b77965e-72fe-436e-a9c5-6258fb793da8.html
Transaction in Own Shares
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National Storage Mechanism | Additional information 
RNS Number : 5472C
Porvair PLC
08 February 2024
For immediate release 8 February 2024
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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