RE: RNS out24 Oct 2018 16:55
AFC Energy (AIM: AFC), the industrial fuel cell power company, announces that it has today agreed to grant options over 4,455,000 ordinary shares of 0.1 pence each in the Company ("Ordinary Shares") (the "Options"). Of these, 1,955,000 Options have been granted to participating employees under the rules of the AFC Energy plc Enterprise Management Incentive Share Option Scheme (the "EMI Scheme") and 2,500,000 Options have been granted to Jim Gibson, Chief Operating Officer of the Company. No Options have been granted to other directors at this time.
The Options are exercisable at a price of 8.8 pence per share and will vest on the third anniversary of the date of grant of the Options and are exercisable for seven years thereafter. The purpose of the EMI Scheme is to recognise individuals' performance and to provide further incentivisation.
In the current financial year, 860,000 pre-existing options have lapsed and therefore, following the issue of these Options, there will be options over a total of 13,660,000 Ordinary Shares representing 3.5 per cent. of the current issued share capital of the Company and warrants over 4,643,800 Ordinary Shares representing approximately 1.2 per cent. of the current issued share capital of the Company.