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Grant of Options

20 Sep 2013 09:00

RNS Number : 4669O
Clean Air Power Limited
20 September 2013
 



20 September 2013

 

Clean Air Power Limited

("Clean Air Power" or the "Company")

 

Grant of Options

 

Clean Air Power (AIM: CAP), the developer and global leader in Dual-Fuel engine management software for heavy duty vehicles, announces it has granted options to subscribe for 5,165,000 new common shares of US$0.001 each in the Company ("Options"). The Options have been granted under the Clean Air Power Employees' Share Option Scheme and vest between 12 and 24 months following the achievement of certain commercial targets. The Options have a weighted average exercise price of 15 pence per share (assuming all the commercial targets are achieved) and will expire on the tenth anniversary of the date of grant.

The Options granted include the following in respect of directors of the Company:

John Pettitt

Chief Executive Officer

2,000,000

Pete Rowse

Group Finance Director

300,000

 

Following the grant of these Options the total number of options is 11,226,619 equivalent to 4.86 per cent. of the Company's existing issued share capital.

 

For further information, please contact:

 

Clean Air Power

John Pettitt, Chief Executive

Peter Rowse, Finance Director

 

Tel: +44 (0)1772 624 499

Citigate Dewe Rogerson

Malcolm Robertson

Chris Gardner

 

Cantor Fitzgerald Europe

David Foreman / Mark Percy (Corporate Finance)

David Banks / Paul Jewell (Corporate Broking)

 

Peat & Co

Charlie Peat

Andy Cuthill

 

 

Tel: +44 (0)20 7282 2867

 

 

 

Tel: +44 (0)20 7894 7000

 

Tel: +44 (0)20 7894 7632

 

 

Tel: +44 (0)20 7104 2334

 

 

 

 

Notes to Editors

About Clean Air Power

Clean Air Power is the developer and provider of Dual-Fuel™ combustion technology for heavy duty diesel engines. Dual-Fuel™ engines substantially cut fuel costs and carbon emissions without sacrificing the original engine's characteristic efficiency or reliability. Clean Air Power is well positioned to assist corporations and governments to deliver on their environmental commitments while at the same time reducing transport operators overheads.

Initially founded in the USA in 1991, around £50m has been invested in developing the technology with the result that 65 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.

Further information on Clean Air Power is available at www.cleanairpower.com

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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