20 Sep 2013 09:00
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