22 Apr 2015 07:00
22 April 2014
Clean Air Power Limited
("Clean Air Power", the "Company" or the "Group")
Director Share Options
Clean Air Power (AIM: CAP), the developer and global leader in compression-ignited natural gas engine management systems for heavy-duty engines, announces that Mr Robert S. Tyrer and Dr. Ulrich Wöhr have today been granted of options to subscribe for a combined total of 587,500 new common shares of US$0.001 each in the Company under the 2006 Share Option Plan.
Mr Tyrer's share options have been issued in accordance with his pre-agreed Terms of Office and will be exercisable on 17 April 2018 at an exercise price of 4.00p, representing a premium of 68 per cent. over the closing share price of 2.38p on Tuesday, 21 April 2015.
The award of share options to Dr. Wöhr is in connection with the Directors' Fee Salary Sacrifice scheme, which was announced on 19 December 2014. Dr. Wöhr has been awarded 87,500 share options and the number of shares is based upon the amount of fee sacrificed converted to share options at price of 4.00p. The share options will be exercisable on 1 January 2016 at an exercise price of US$0.001 being the par value of the shares. These are the same terms as the options that were granted on 19 December 2014.
There are no performance conditions attached to these share options.
Following the grant of these options, Mr Tyrer holds options over a total of 583,333 common shares and Dr. Wöhr holds options over a total of 87,500 common shares. The total number of common shares over which options are held is 11,575,652, which is equivalent to 4.5 per cent. of the Company's existing issued share capital.
Enquiries:
Clean Air Power | Tel: +44 (0)1772 624 499 | |
John Pettitt, Chief Executive Officer | ||
Neill Skinner, Chief Financial Officer | ||
Citigate Dewe Rogerson | Tel: +44 (0)20 7282 2867 | |
Malcolm Robertson | ||
Chris Gardner | ||
Panmure Gordon | Tel: +44 (0)20 7886 2500 | |
Corporate Finance | ||
Freddy Crossley / Atholl Tweedie | ||
Corporate Broking | ||
Tom Salvesen | ||
Peat & Co | Tel: +44 (0)20 3540 1721 | |
Charlie Peat | ||
About Clean Air Power
Clean Air Power designs, develops and delivers compression-ignited natural gas engines for heavy duty transport applications and manufactures innovative hydraulic valves, injectors and filters for natural gas engines sold to truck manufacturers around the world. Clean Air Power's patented Dual-Fuel™ and second-generation MicroPilot technology enables engines to run on natural gas mixed with diesel (or any suitable combustion fuel) providing the "spark" that ignites the gas. Substituting natural gas for diesel cuts fuel costs, emissions of carbon, nitrous oxide and particulates whilst retaining the original engine's power, efficiency and reliability characteristics. Clean Air Power operates, directly or through distributor partnerships, in the US, Europe, Russia and Australia.
Initially founded in the USA in 1991, over $90m has been invested in developing the technology with the result that 62 patents are currently held or pending. The holding company of the Group is based in Bermuda with operational subsidiaries in the UK, the USA and Australia. The Group was admitted to the AIM market of the London Stock Exchange in February 2006.