Active Energy Group PLC Cancellation of Director's Options (7535J)
14 September 2016 - 4:01PM
UK Regulatory
TIDMAEG
RNS Number : 7535J
Active Energy Group PLC
14 September 2016
Active Energy Group Plc / EPIC: AEG / Sector: Alternative
Energy
14 September 2016
Active Energy Group Plc ('Active Energy' or 'the Group')
Cancellation of Director's Options
Active Energy, the AIM quoted international timber processing,
forestry management and renewable energy business, announces an
update regarding the Company's CEO, Richard Spinks' Remuneration
Package.
On 9 April 2015 the Company announced that Richard Spinks had
been granted an option, exercisable at nil cost over a maximum of 4
per cent. of the Company's issued share capital as enlarged by
exercise of his option. The vesting of this option was subject to
certain conditions precedent being satisfied.
Following recent discussions between Richard Spinks and the
Company's Remuneration Committee, the Company's board have agreed
to cancel this nil-cost option with immediate effect in order to
simplify Richard Spinks' current Remuneration Package.
The Company's board believe that good progress is currently
being made across the three divisions of the AEG business, being
AEG WoodFibre, AEG TimberLands and AEG CoalSwitch and the Company
will now look to award Richard Spinks an alternative Remuneration
Package as part of an on-going review being conducted by the
Remuneration Committee. Further announcements regarding the new
Remuneration Package will be provided in the near future.
Richard Spinks is fully committed to delivering on the Group's
growth strategy and remains beneficially interested in 10,162,000
of the Company's ordinary shares of 1p each ("Ordinary Shares"),
which represents 1.54% of the Company's issued share capital with
voting rights. Richard also still holds options over 40,000,000
Ordinary Shares at an exercise price of 1.3p and a current exercise
date of 9(th) July 2017.
The Remuneration Package for Matteo Girlanda and Brian
Evans-Jones, which were also announced on 9 April 2015, remain
unchanged.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
**ENDS**
Enquiries & Further Information:
Website LinkedIn Twitter
---------------------- -------------------------------------- -----------------------
www.active-energy.com www.linkedin.com/company/activeenergy www.twitter.com/aegplc
(@aegplc)
---------------------- -------------------------------------- -----------------------
Enquiries
------------------------------------------------------------------------------------
Active Energy Richard Spinks richard.spinks@active-energy.com
Group Plc Chief Executive Officer Int: +380 503
942 702
------------------- ------------------------- ------------------------------------
Brian Evans-Jones brian.evans-jones@active-energy.com
Chief Financial Officer UK: +44 (0)7500
861 696
Ukraine: +380
955 227 745
------------------- ------------------------- ------------------------------------
Northland Capital Patrick Claridge/David Office: +44 (0)20
Partners Limited Hignell/Gerry Beaney 3861 6625
Nominated Adviser (Corporate Finance)
& Broker John Howes/Rob Rees
(Sales and Broking)
------------------- ------------------------- ------------------------------------
St Brides Partners Susie Geliher/Megan info@stbridespartners.co.uk
Financial PR Dennison Office: +44 (0)
Adviser 20 7236 1177
------------------- ------------------------- ------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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