HydroDec Group plc Grant of Options (7620U)
02 April 2019 - 5:01PM
UK Regulatory
TIDMHYR
RNS Number : 7620U
HydroDec Group plc
02 April 2019
2 April 2019
Hydrodec Group plc
("Hydrodec", the "Company" or the "Group")
Grant of options
Hydrodec Group plc (AIM: HYR), the clean-tech industrial oil
re-refining group, announces that it has made the following grants
of options to subscribe for ordinary shares in the Company
("Options") to certain of its directors:
Director Position Number of Options Exercise Vesting conditions
price
Chief Executive
David Dinwoodie Officer 850,000 75p See below
----------------- ------------------ --------- -------------------
Lord Moynihan Chairman 850,000 75p See below
----------------- ------------------ --------- -------------------
In respect of both grants, the Options will vest, and become
exercisable, in accordance with the following schedule which
provides the respective share price hurdles to be achieved by
certain dates:
Number of Options Hurdle price* Hurdle date*
212,500 93.75p 30 June 2019
-------------- -----------------
212,500 117.19p 31 December 2019
-------------- -----------------
212,500 146.48p 30 June 2020
-------------- -----------------
212,500 183.10p 31 December 2020
-------------- -----------------
* if the average mid-market closing price for an ordinary share,
together with the aggregate dividend per share (if any) paid or
payable between the date of grant of the Options and the relevant
hurdle date, exceeds the relevant hurdle price for a period of any
20 consecutive trading days ending on or before the relevant hurdle
date
If any hurdle price is not met by its respective hurdle date,
that tranche of options will remain capable of vesting (and become
exercisable) at a subsequent hurdle date if the relevant higher
price is met for that subsequent hurdle date. In the event that not
all of the Options have vested in accordance with the above terms
by 31 December 2020, those Options shall remain capable of vesting
on the first date after 31 December 2020 on which the hurdle price
of 183.10p has been met (on the above basis), provided that the
holder of the Options remains with the Company on that subsequent
date.
The Options may also vest in certain other prescribed
circumstances as provided for in the terms of the Company's Share
Option Scheme (adopted 9 June 2015).
In the event that the Options vest and become exercisable prior
to 31 December 2021, the holders of the Options shall not sell
prior to that date any ordinary shares that arise on exercise,
except in certain prescribed circumstances.
These Options represent the only interests of this type held by
any member of the Board.
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name David Dinwoodie
--------------------------- ------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------
a) Position/status Chief Executive Officer
--------------------------- ------------------------------------------
b) Initial notification/ Initial notification
Amendment
--------------------------- ------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------
a) Name Hydrodec Group plc
--------------------------- ------------------------------------------
b) LEI 2138001ZQCTBFEEZCT06
--------------------------- ------------------------------------------
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 Options to subscribe for Ordinary Shares
the financial of 50p each ("Options")
instrument, type
of instrument
Identification ISIN: GB00B02FJF09
code
--------------------------- ------------------------------------------
b) Nature of the Grant of Options by the Company under
transaction the Company's Share Option Scheme
--------------------------- ------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
75p 850,000
----------
--------------------------- ------------------------------------------
d) Aggregated information
n/a
* Aggregated volume
* Price
--------------------------- ------------------------------------------
e) Date of the transaction 1 April 2019
--------------------------- ------------------------------------------
f) Place of the transaction Outside a trading venue
--------------------------- ------------------------------------------
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name Colin Moynihan
--------------------------- ------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------
a) Position/status Executive Chairman
--------------------------- ------------------------------------------
b) Initial notification/ Initial notification
Amendment
--------------------------- ------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------
a) Name Hydrodec Group plc
--------------------------- ------------------------------------------
b) LEI 2138001ZQCTBFEEZCT06
--------------------------- ------------------------------------------
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 Options to subscribe for Ordinary Shares
the financial of 50p each ("Options")
instrument, type
of instrument
Identification ISIN: GB00B02FJF09
code
--------------------------- ------------------------------------------
b) Nature of the Grant of Options by the Company under
transaction the Company's Share Option Scheme
--------------------------- ------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
75p 850,000
----------
--------------------------- ------------------------------------------
d) Aggregated information
n/a
* Aggregated volume
* Price
--------------------------- ------------------------------------------
e) Date of the transaction 1 April 2019
--------------------------- ------------------------------------------
f) Place of the transaction Outside a trading venue
--------------------------- ------------------------------------------
Hydrodec Group plc hydrodec@vigocomms.com
Lord Moynihan, Executive Chairman
David Dinwoodie, Chief Executive Officer
Arden Partners plc (Nominated Adviser and Broker) 0207 614 5900
Ciaran Walsh / Steve Douglas/ Alex Penney - Corporate Finance
Simon Johnson - Corporate Broking
Vigo Communications (PR adviser to Hydrodec) 020 7390 0230
Patrick d'Ancona
Chris McMahon
Notes to Editors:
Hydrodec's technology is a proven, highly efficient, oil
re-refining and chemical process initially targeted at the
multi-billion US$ market for transformer oil used by the world's
electricity industry. MarketsandMarkets forecasts that the global
transformer oil market is expected to grow from US$1.98 billion in
2015 to US$2.79 billion by 2020 at a CAGR of 7.14% from 2015 to
2020. Spent oil is currently processed at two commercial plants
with distinct competitive advantage delivered through very high
recoveries (>99%), producing transformer oil that meets or
substantially exceeds applicable international standards at
competitive cost and without environmentally harmful emissions. The
process also eliminates PCBs, a toxic additive banned under
international regulations.
In 2016 Hydrodec received carbon credit approval from the
American Carbon Registry ("ACR"), enabling its product to be sold
with a carbon offset and creating an incremental revenue stream.
The Group is now generating carbon offsets through the re-refining
of used transformer oil, which would otherwise ordinarily be
incinerated or disposed of in an unsustainable manner. This is a
highly distinctive feature for the Group, confirming (as far as the
Board is aware) Hydrodec as the only oil re-refining business in
the world to receive carbon credits for its output. This is a
significant endorsement of the Company's proprietary technology and
standing as a leader in its field.
Hydrodec's current plants are located at Canton, Ohio, US and
Bomen, New South Wales, Australia.
Hydrodec's shares are listed on the AIM Market of the London
Stock Exchange. For further information, please visit
www.hydrodec.com.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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