AFC Energy Plc Director share options (7706I)
16 December 2020 - 7:00PM
UK Regulatory
TIDMAFC
RNS Number : 7706I
AFC Energy Plc
16 December 2020
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
16 December 2020
AFC Energy PLC
("AFC Energy" or the "Company")
Director Share Options
AFC Energy (AIM: AFC) announces that, in line with its existing
share option agreement with CEO Adam Bond (the "Original Award"),
five tranches of options have vested and conditions on the
remaining four tranches have been adjusted to reflect the
significant increase in share capital and change to business
strategy.
The Original Award (dated July 2015) was in nine tranches.
Tranches 1 to 3 each representing 1,000,000 options were
exercisable subject to various share price targets. Under the terms
of the Original Award these target prices have been adjusted to
42.5p, 64p and 85p (respectively) to take into account the change
in the Company's share capital since July 2015. In addition, the
Remuneration Committee has added a retention clause to these
options such that a specified number of shares should not be sold
between the date of exercise and the first anniversary of these
revisions. This holding requirement is reduced by the number of
shares necessary to meet the tax liability arising from the
exercise of the options ("Retention Requirement").
Tranches 4 to 9 of the Original Award were exercisable dependent
on the achievement of certain operational performance measures. The
Remuneration Committee has determined that, save in respect of the
Tranche 7, these conditions have either been achieved, or a
comparable measure achieved.
In addition, under the terms of the Original Award, the
Remuneration Committee has adjusted the strike price of the
Original Award from 51p to 22p, in line with the increase in
Company's share capital since July 2015.
The 6,000,000 options currently held by Mr Bond represent
approximately 0.88 per cent. of the Company's existing issued share
capital.
For further information, please contact:
AFC Energy plc
Gerry Agnew (Head of Remuneration Committee) +44 (0) 14 8327 6726
WH Ireland - Nominated Adviser and Joint Broker
Mike Coe (Corporate Finance)
Jasper Berry (Corporate Broking) +44 (0) 117 945 3470
M C Peat & Co LLP - Joint Broker
Charlie Peat +44 (0) 20 7104 2334
Zeus Capital Limited - Joint Broker
Daniel Harris (Corporate Finance)
John Goold/Dominic King (Corporate Broking) +44 (0) 203 829 5000
Tuva Partners - Public Relations
Alex Brooks +44 (0) 7900
About AFC Energy
AFC Energy plc is commercialising a scalable alkaline fuel cell
system, to provide clean electricity for on and off grid
applications. The technology, pioneered over the past twelve years
in the UK, is now deployable in electric vehicle chargers, off-grid
decentralised power systems and industrial gas plants as part of a
portfolio approach to the decarbonisation of local electricity
needs.
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END
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