Pressure Technologies PLC Grant of awards under Value Creation Scheme (7373Y)
January 18 2022 - 2:10AM
UK Regulatory
TIDMPRES
RNS Number : 7373Y
Pressure Technologies PLC
18 January 2022
18 January 2022
Pressure Technologies plc
("Pressure Technologies", the "Company" or the "Group")
Grant of awards under Value Creation Scheme
PDMR Transactions
Pressure Technologies (AIM: PRES), the specialist engineering
group, announces that it has established a new executive incentive
arrangement, the Pressure Technologies plc Value Creation Scheme
(the "VCS"), and has granted awards under the VCS ("Awards") to
certain persons discharging managerial responsibilities ("PDMRs")
and other employees of the Company. The VCS has been designed,
following consultation with major shareholders, to provide a strong
motivation to executive management to maximise the performance of
the Group in a manner that is closely aligned with the interests of
the Company's shareholders.
The Awards entitle participants to receive in aggregate up to a
maximum of 5.5% of the market capitalisation of the Company above a
share price hurdle of GBP1.40 ("Share Price Hurdle"). The Share
Price Hurdle has been set at a level that represents an increase of
89% on the share price as at close of business on 17 January 2022.
The performance period for the Awards is three financial years,
commencing from the start of FY22 on 4 October 2021.
At the end of the performance period the Awards will be settled
in ordinary shares in the Company ("Shares") delivered in the form
of nil cost share options ("Options"). A holding period of two
years from the end of the performance period will apply to the
Options and any Shares acquired pursuant to them, subject to the
participant being permitted to sell Shares to cover any tax
liabilities arising on exercise of an Option.
The maximum number of Shares over which Options can be granted
under the VCS is 1,708,694 Shares representing 5.5% of the
Company's issued share capital as at today's date.
Each participant will be awarded a number of performance units
for the purposes of the VCS ("Performance Units"). The number of
Options granted to participants will be determined by dividing the
number of Performance Units subject to their Award by the aggregate
number of Performance Units subject to all Awards (not including
those which were subject to Awards which have lapsed, unless those
Performance Units are reallocated under new Awards). The aggregate
number of Performance Units subject to initial Awards granted under
the VCS is 60, with a further 40 Performance Units available for
future Awards.
Details of the PDMRs participating in the VCS and the numbers of
Performance Units subject to their Awards are set out below:
PDMR Position Performance Units subject
to Award
Christopher Walters Chief Executive 40
------------------------- --------------------------
James Locking Chief Financial Officer 20
------------------------- --------------------------
Details of the full notifications received by the Company are
set out below.
1. Details of PDMR / person closely associated
a) Name Christopher Walters
------------------------------ ----------------------------------------------
2. Reason for the notification
------------------------------------------------------------------------------
a) Position / status PDMR - Chief Executive
------------------------------ ----------------------------------------------
b) Initial notification Initial Notification
/ amendment
------------------------------ ----------------------------------------------
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 Ordinary shares of 5p each in Pressure
of the financial Technologies plc.
instrument
Identification GB00B1XFKR57
code
------------------------------ ----------------------------------------------
b) Nature of the Grant of a conditional right under the
transaction VCS to receive a proportion of 5.5% of
the market capitalisation of the Company
above a share price hurdle of GBP1.40,
such proportion being determined by dividing
40 Performance Units by the aggregate
number of Performance Units issued (the
"Award Value").
The Award Value will be delivered following
the assessment of VCS pool at the end
of the three-year performance period
and will be delivered by the grant of
an Option over Shares.
------------------------------ ----------------------------------------------
c) Price(s) and Price(s) Volume(s)
volume(s) Nil nil
----------
------------------------------ ----------------------------------------------
d) Aggregated information
* Aggregated volume
Not applicable
* Price
------------------------------ ----------------------------------------------
e) Date of the 18 January 2022
transaction
------------------------------ ----------------------------------------------
f) Place of the Outside a trading venue
transaction
------------------------------ ----------------------------------------------
1. Details of PDMR / person closely associated
a) Name James Locking
------------------------------ ----------------------------------------------
2. Reason for the notification
------------------------------------------------------------------------------
a) Position / status PDMR - Chief Financial Officer
------------------------------ ----------------------------------------------
b) Initial notification Initial Notification
/ amendment
------------------------------ ----------------------------------------------
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 Ordinary shares of 5p each in Pressure
of the financial Technologies plc
instrument
Identification GB00B1XFKR57
code
------------------------------ ----------------------------------------------
b) Nature of the Grant of a conditional right under the
transaction VCS to receive a proportion of 5.5% of
the market capitalisation of the Company
above a share price hurdle of GBP1.40,
such proportion being determined by dividing
20 Performance Units by the aggregate
number of Performance Units issued (the
"Award Value").
The Award Value will be delivered following
the assessment of VCS pool at the end
of the three-year performance period
and will be delivered by the grant of
an Option over Shares.
------------------------------ ----------------------------------------------
c) Price(s) and Price(s) Volume(s)
volume(s) nil nil
----------
------------------------------ ----------------------------------------------
d) Aggregated information
* Aggregated volume
Not applicable
* Price
------------------------------ ----------------------------------------------
e) Date of the 18 January 2022
transaction
------------------------------ ----------------------------------------------
f) Place of the Outside a trading venue
transaction
------------------------------ ----------------------------------------------
For further information please contact:
Pressure Technologies plc Tel: 0330 015 0710
Chris Walters, Chief Executive PressureTechnologies@houston.co.uk
James Locking, Chief Financial
Officer
Singer Capital Markets (Nomad Tel: 0207 496 3000
and Broker)
Mark Taylor / Asha Chotai
Houston (Financial PR and Investor Tel: 0204 529 0549
Relations)
Kay Larsen / Ben Robinson
COMPANY DESCRIPTION
www.pressuretechnologies.com
With its head office in Sheffield, the Pressure Technologies
Group was founded on its leading market position as a designer and
manufacturer of high-integrity, safety-critical components and
systems serving global supply chains in oil and gas, defence,
industrial and hydrogen energy markets.
The Group has two divisions, Chesterfield Special Cylinders and
Precision Machined Components.
Chesterfield Special Cylinders (CSC) - www.chesterfieldcylinders.com
-- Chesterfield Special Cylinders, Sheffield, includes CSC Deutschland GmbH
Precision Machined Components (PMC) - www.pt-pmc.com
-- Precision Machined Components includes the Al-Met, Roota
Engineering, Quadscot Precision Engineers and Martract brands
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END
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