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RNS Number : 6207Z
Pressure Technologies PLC
04 September 2018
 

4 September 2018

 

Pressure Technologies plc

(the "Company")

 

Grant of Share Options

 

On 3 September 2018, the Board granted awards under the Pressure Technologies plc Long Term Incentive Plan (the "LTIP") to certain members of the Company's senior management, including to Chris Walters, CEO, and Joanna Allen, CFO.

 

Under the terms of the LTIP, each participant will have the right to receive new ordinary shares of 5 pence each in the Company ("Ordinary Shares") equal to a fixed percentage of the value created for shareholders above a hurdle over the period from the date of grant ending on 13 August 2021 (the "Performance Period").

 

The awards are subject to certain performance conditions, principally delivering growth in the value of the Company above a share price hurdle of £2.50 (adjusted for value returned to shareholders over the Performance Period).  In this way, the Board can incentivise senior employees in a manner that is closely aligned with the interests of the Company's shareholders.

 

The awards, which can be acquired for nil consideration, are subject to an individual maximum value, as set out in the table below for Chris Walters and Joanna Allen.  Awards have also been made to other senior management members based on the same performance targets and vesting periods but subject to lower individual maximum values (which total in aggregate £1.8m). 50% of the awards will vest after the expiry of the Performance Period, 30% on the first anniversary of the expiry of the Performance Period and 20% on the second anniversary of the expiry of the Performance Period in accordance with the rules of the LTIP.

 

The participants will have no right to any payment of cash, rather they will become shareholders in the Company.  In this way, the interests of the participants will be aligned with those of all other shareholders.

 

 

Name

Percentage entitlement to growth in shareholder value

Maximum value of award

Christopher Walters

Chief Executive Officer

3%

£1,800,000

Joanna Allen

Chief Financial Officer

2%

£1,200,000

 



 

For further information, please contact:

 

Pressure Technologies plc

Chris Walters, Chief Executive

Joanna Allen, Chief Financial Officer

Keeley Clarke, Investor Relations

 

Tel: 0114 257 3622

www.pressuretechnologies.com

 

Cantor Fitzgerald Europe (Nominated Adviser and Broker)

Philip Davies / Will Goode

 

Tel: 020 7894 8337

 

 

Tavistock

 

Simon Hudson

Tel: 020 7920 3150

 

 

COMPANY DESCRIPTION

 

Company description - www.pressuretechnologies.com

With its head office in Sheffield, Pressure Technologies was founded on its leading market position as a designer and manufacturer of high-pressure components and systems serving the global energy, defence and industrial gases markets. Today it continues to serve those markets from a broader engineering base with specialist precision engineering businesses and has a worldwide presence in Alternative Energy as a global leader in biogas upgrading.

Pressure Technologies has three divisions, Precision Machined Components, Cylinders and Alternative Energy, serving four main markets: oil and gas, defence, industrial gases and alternative energy.

Precision Machined Components - www.pt-pmc.com

●     Al-Met, Mid Glamorgan, acquired in 2010 www.almet.co.uk 

●     Roota Engineering, Rotherham, acquired in March 2014 www.roota.co.uk 

●     Quadscot, Glasgow, acquired in October 2014 www.quadscot.co.uk 

●     Martract Limited, Barton-on-Humber, acquired in December 2016 www.martract.co.uk 

 

Cylinders

●     Chesterfield Special Cylinders, Sheffield, IPO cornerstone in 2007 and includes,  CSC Deutschland Gmbh, which is based in Dorsten, Germany and Chesterfield Special Cylinders Inc. which is based in Houston, USA www.chesterfieldcylinders.com 

 

Alternative Energy

●     Greenlane Biogas, Vancouver, Canada and Sheffield, UK; acquired in October 2014 www.greenlanebiogas.com 



 

1.    Details of the person discharging managerial responsibilities / person closely associated

 

a)  

Name

 

1. Christopher Walters

 

2. Joanna Allen

 

2.    Reason for the notification

 

a)  

Position/Status

1. Chief Executive Officer

 

2. Chief Financial Officer

 

b)  

Initial notification /Amendment

 

Initial notification

3.    Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)  

Name

 

Pressure Technologies Plc

b)  

LEI

 

213800PTKN1VDP2DIN05

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

 

Ordinary shares of 5 pence each

 

 

GB00B1XFKR57

b)  

Nature of the transaction

 

Grant of options under the Pressure Technologies Long Term Incentive Plan 2018

 

c)   

Price(s) and volume(s)

 

 

Price

Volume

1. Nil

1.   Such number of shares as equals 3% of the growth in value above a share price hurdle of £2.50 (adjusted for value returned to shareholders) over the period from the date of grant to 13 August 2021.

 

2. Nil

2.   Such number of shares as equals 2% of the growth in value above a share price hurdle of £2.50 (adjusted for value returned to shareholders) over the period from the date of grant to 13 August 2021.

 

 

 

d)  

Aggregated information

 

- Aggregated volume

 

- Price

 

N/A

e)  

Date of the transaction

 

3 September 2018

f)   

Place of the transaction

 

Outside a trading venue

 

-Ends-


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