Pressure Technologies PLC Director/PDMR Shareholding (6207Z)
September 04 2018 - 2:01AM
UK Regulatory
TIDMPRES
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 GBP2.50 (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 GBP1.8m). 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 Maximum value of award
to growth in shareholder
value
Christopher Walters 3% GBP1,800,000
Chief Executive Officer
-------------------------- -----------------------
Joanna Allen 2% GBP1,200,000
Chief Financial Officer
-------------------------- -----------------------
For further information, please contact:
Pressure Technologies plc Tel: 0114 257 3622
Chris Walters, Chief Executive www.pressuretechnologies.com
Joanna Allen, Chief Financial Officer
Keeley Clarke, Investor Relations
Cantor Fitzgerald Europe (Nominated Tel: 020 7894 8337
Adviser and Broker)
Philip Davies / Will Goode
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, Ordinary shares of 5 pence
type of instrument each
Identification code
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. 1. Such number of shares
Nil as equals 3% of the
growth in value above
a share price hurdle
of GBP2.50 (adjusted
for value returned
to shareholders) over
the period from the
date of grant to 13
August 2021.
-----------------------------
2. 2. Such number of shares
Nil as equals 2% of the
growth in value above
a share price hurdle
of GBP2.50 (adjusted
for value returned
to shareholders) over
the period from the
date of grant to 13
August 2021.
-----------------------------
----------------------------------------- ----------------------------------------
d) Aggregated information N/A
- Aggregated volume
- Price
----------------------------------------- ----------------------------------------
e) Date of the transaction 3 September 2018
----------------------------------------- ----------------------------------------
f) Place of the transaction Outside a trading venue
----------------------------------------- ----------------------------------------
-Ends-
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END
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