Grant of awards under Value Creation Scheme
Source: RNS
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 £1.40 ("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 / 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 Identification code |
Ordinary shares of 5p each in Pressure Technologies plc.
GB00B1XFKR57 |
||||
|
b) |
Nature of the transaction |
Grant of a conditional right under the VCS to receive a proportion of 5.5% of the market capitalisation of the Company above a share price hurdle of £1.40, 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 volume(s) |
|
||||
|
d) |
Aggregated information - Aggregated volume - Price |
Not applicable |
||||
|
e) |
Date of the transaction |
18 January 2022 |
||||
|
f) |
Place of the transaction |
Outside a trading venue |
||||
|
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 / 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 Identification code |
Ordinary shares of 5p each in Pressure Technologies plc
GB00B1XFKR57 |
||||
|
b) |
Nature of the transaction |
Grant of a conditional right under the VCS to receive a proportion of 5.5% of the market capitalisation of the Company above a share price hurdle of £1.40, 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 volume(s) |
|
||||
|
d) |
Aggregated information - Aggregated volume - Price |
Not applicable |
||||
|
e) |
Date of the transaction |
18 January 2022 |
||||
|
f) |
Place of the transaction |
Outside a trading venue |
||||
For further information please contact:
|
Pressure Technologies plc Chris Walters, Chief Executive James Locking, Chief Financial Officer |
Tel: 0330 015 0710 PressureTechnologies@houston.co.uk |
|
Singer Capital Markets (Nomad and Broker) Mark Taylor / Asha Chotai |
Tel: 0207 496 3000 |
|
Houston (Financial PR and Investor Relations) Kay Larsen / Ben Robinson |
Tel: 0204 529 0549 |
COMPANY DESCRIPTION
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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