19 Dec 2008 15:57
Immediate Release: Friday 19 December 2008
Zenergy Power plc ('Zenergy' or `the Company') Grant of Options, EMI Scheme, PDMR and Notice of EGM
Zenergy Power plc (AIM:ZEN.L) announces that yesterday the Company granted the following options to non-executive directors over ordinary 1p shares in the Company through the Company's unapproved option scheme named the Zenergy Power plc 2006 Discretionary Share Option Plan.
Name Number of Date of Exercise Grant Price Total Number Options Grant Period of Options Granted Held John Voltz 65,000 18th 10 years from 100.5p 65,000 December date of grant 2008 Keith 65,000 18th 10 years from 100.5p 65,000 Hodgkinson December date of grant 2008 Tony 65,000 18th 10 years from 100.5p 65,000 O'Reilly December date of grant 2008 Chris Nash 65,000 18th 10 years from 100.5p 65,000 December date of grant 2008
The options will vest (become exercisable) 25 per cent. on the expiry of 12 months from the date of grant. Thereafter, an equal percentage of the option will vest each month until the expiry of four years from the date of grant when 100 per cent of the option will have vested.
Option Surrender AND EMI Scheme
The Company today also announces that Karen Chandler has surrendered 119,400 of her options, granted 29th September 2006, with an option price of 97p.
119,400 new EMI options with the same vesting period as the original options but higher exercise price of 100.5p have been issued to Karen Chandler.
PDMR
The Company today also announces that certain members of its executive management team ("Management") have acquired 79,200 ordinary shares of 1p each in the capital of the Company ("Ordinary Shares") from Cloverleaf Holdings Limited ("Cloverleaf"). The acquisition of these shares by the Management is pursuant to the exercise of a call option agreement that was entered into in July 2006 pursuant to which Cloverleaf granted to the Management options to acquire up to 848,800 Ordinary Shares held by Cloverleaf. These options were disclosed in the Company's Admission Document dated 16 August 2006.
As a consequence of the exercise of the call option agreement, the number of Ordinary Shares in the Company held by Cloverleaf has decreased by 79,200 to 12,579,790, which represents 28.4% of the Company's issued share capital.
Additionally, the Company has been advised that a major restructuring of Cloverleaf and its assets for inheritance and succession purposes has now been completed, the consequences of which are that the ownership of Cloverleaf has been transferred to a trust, the beneficiaries of which are the family of Zenergy Chairman, Mr Michael Fitzgerald, but not including himself, his wife or his children. As a result, Mr Fitzgerald is no longer deemed to be interested in any Ordinary Shares in Zenergy. Nonetheless, notwithstanding the fact that Cloverleaf is no longer deemed to be controlled by Mr Fitzgerald, in light of the continuing interests of Mr Fitzgerald's wider family, Cloverleaf has confirmed that it will continue to voluntarily comply with Zenergy's share dealing code on an ongoing basis and support Mr Fitzgerald as the Chairman of Zenergy.
NOTICE OF EXTRAORDINARY GENERAL MEETING
The Company also announces that today notice has been sent to shareholders that an Extraordinary General Meeting of Zenergy Power plc will be held at the offices of Sprecher Grier Halberstam LLP, One America Square, Crosswall, London EC3N 2SG at 11 a.m. on Friday 16th January 2009.
The purpose of the meeting is to adopt new articles of association to reflectthe provisions of the Companies Act 2006 and reflect other recent changes inthe law. -Ends- Further informationDr. Jens Mƒ¼ller Zenergy Power Plc + 49 2226 9060 200 Vikki Krause Hansard Group + 44 207 245 1100 Andrew Godber/Katherine Roe Panmure Gordon & Co + 44 207 459 5742 About Zenergy Power plc
Zenergy Power plc is a global specialist manufacturer and developer of commercial applications for superconductive materials. Comprising three operating subsidiaries located in Germany, USA and Australia, Zenergy is highly focussed on the commercialisation of a number of energy efficient applications to be adopted in energy intensive industrial processes, power distribution and renewable power generation. Zenergy achieved the world's first sale of an industrial scale HTS induction heater which is now in operation.
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 upgrade to energy efficient Hydro-generators
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