8 Apr 2010 15:08
Immediate Release: Thursday 8 April 2010
This announcement replaces the Group's 'Corporate Governance and Additional Listing' announcement released Tuesday 23 March 2010. The announcement stated that Director's had resolved to issue shares in lieu of surrendered options at a board meeting of the Company held on 16 March 2009. The date of the board meeting was in fact the 16 March 2010. The rest of the announcement remains unchanged and appears below.
Zenergy Power plc
('Zenergy Power', the 'Company' or the 'Group')
Corporate Governance and Additional Listing
Zenergy Power (AIM:ZEN.L), the superconductor energy technology company, announces that in line with its commitment to best practice corporate governance, the Non Executive Directors of the Group have today surrendered all options previously granted to them as part of their remuneration.
As resolved by the Group's Directors at the board meeting of the Company held on 16 March 2010, the Company will issue shares in lieu of the surrendered options in tranches every six months on the day after the publication of the Group's annual and interim reports reflecting the original vesting period of the surrendered options. The total value of shares to be granted is in accordance with the calculated share option value, based on the Company's standard option valuation model. It is the Company's intention that options will no longer by used to remunerate Non-Executive Directors.
Details of surrendered options and total fair value of replacement shares to be issued through to December 2012 are set out below:
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| Number of Options Surrendered | Exercise Price (p) | Fair value of Shares to be Issued Every 6 Months (£) | Total Fair Value of Shares to be Issued (£) |
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| Michael Fitzgerald | 130,000 | 100.5 | 7,336 | 58,686 |
| Keith Hodgkinson | 65,000 | 100.5 | 3,668 | 29,343 |
| Christopher Nash | 65,000 | 100.5 | 3,668 | 29,343 |
| Tony O'Reilly | 65,000 | 100.5 | 3,668 | 29,343 |
| John Voltz | 65,000 | 100.5 | 3,668 | 29,343 |
The number of shares issued in each tranche will be equal to the fair value of the shares to be issued divided by the closing share price on the date of the publication of the Group's annual and interim reports.
Issue of Shares, Director Shareholding and Additional Listing
In accordance with the surrendering of options detailed above, the Company announces the issue of shares to the following Non Executive Directors:
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| Fair Value of Shares Issued to December 2009 (£) | Closing Share Price on Date of Publication of 2009 Annual Report (£) | Number of Shares Issued | Total Number of Shares Held following Issue |
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| Michael Fitzgerald | 14,672 | 1.14125 | 12,856 | 12,856 |
| Keith Hodgkinson | 7,336 | 1.14125 | 6,428 | 6,428 |
| Christopher Nash | 7,336 | 1.14125 | 6,428 | 6,428 |
| Tony O'Reilly | 7,336 | 1.14125 | 6,428 | 157,539 |
| John Voltz | 7,336 | 1.14125 | 6,428 | 6,428 |
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The Company therefore announces that an application has been made for the admission of 38,568 ordinary shares of 1 pence to AIM. Dealings are expected to commence on Tuesday 30 March 2010. These additional shares will, on Admission, rank pari passu with the existing ordinary shares of 1 pence each in the capital of the Company.
-Ends-
Further information
| Andrew Tan | Zenergy Power Plc | + 49 2226 9060 668 |
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| Andrew Godber/Adam Pollock | Panmure Gordon & Co | + 44 207 459 3600 |
About Zenergy Power plc
Zenergy Power is a superconductor energy technology company, quoted on the AIM market of the London Stock Exchange and comprising three operating subsidiaries located in Germany, USA and Australia. The Group's commercial focus is the innovation and manufacture of clean energy superconductor solutions that are capable of delivering huge efficiency and cost improvements to the generation, distribution and consumption of electrical energy.
Today, the Group's groundbreaking superconductive solutions are already delivering energy savings to industrial users of electrical energy and providing cutting-edge protection from electrical power surges to the United States electricity grid. Looking to the near future, the Group is currently developing a range of highly energy efficient superconductor components for a new class of electricity generator capable of delivering significant cost savings to the renewable energy industry. These cost savings will enable renewable energy to more effectively compete with traditional thermal power generation; leading to a greater reduction in carbon emissions and a more sustainable economic future.
In 2007, Zenergy Power became the first company in the world to complete a commercial sale of an industrial scale superconductor application and has subsequently developed products capable of addressing several multi-billion dollar global markets. Following this in the first quarter of 2009, the Group's FCL device which reduces the damaging effects of large-scale power surges on electrical grids became the first such superconductor smart grid device to be installed and operated into the United States electricity grid. In line with this leading industry position, Zenergy Power is also manufacturing core components for what is due to be the world's first superconductor electricity generator which is due for installation into E.ON AG's commercial hydro dam in 2010. It is anticipated that the installation of the superconductor generator will increase the electricity output of this generator by 36%.
About superconductivity
Superconductive materials are capable of conducting electricity without any resistance and were first discovered in 1911 in what was to prove to be one of the most significant scientific breakthroughs of the 20th century.
Superconductors enable:
(a) Induction Heaters to be twice as efficient for the metals industry
(b) Fault Current Limiters to protect power grids from blackouts
(c) Direct-drive wind generators to be significantly reduced in size and weight allowing the operation of wind generators in excess of 8 MW
(d) Existing hydro-power sites to increase energy efficiency and electrical power output