19 Jun 2009 14:58
For Immediate Release | 19 June 2009 |
Clean Air Power Ltd
("Clean Air Power" or "the Company")
Issue of Shares to Directors
Clean Air Power Limited (AIM: CAP), the developer of Dual-FuelTM combustion technology that enables heavy-duty diesel engines to run on a combination of both diesel and natural gas, announces that it has today issued common shares of US$0.001 in the Company to the Executive Directors as follows:
Number of shares issued | Total Number of shares held following issue | ||||
John Pettitt | 288,725 | 738,654 | |||
Peter Rowse | 86,275 | 108,418 |
In each case the shares have been issued to the Directors in lieu of cash bonuses that had been earned under the Company's Senior Management 2008 bonus scheme. The Directors, along with other senior managers in the scheme, have agreed to hold the shares for a minimum of twelve months.
The motivation of this initiative is to align the rewards to management with those of the shareholders and to preserve the company's cash. The net cash saving to the company, after making cash payments to cover both Directors' and managers' benefit in kind tax charges, is around £45,000.
The total number of shares issued to the Directors and senior management relating to the 2008 scheme is 566,066. Application has been made for admission to trading of 566,066 Common Shares on the AIM market of the London Stock Exchange. Admission is expected to occur on or around 25 June 2009.
The Company further announces that it plans to establish an employee benefit trust to facilitate the issue of shares under the Company's senior management bonus scheme for the next three years. Such shares will only be issued to Executive Directors and other senior managers upon achievement of performance targets set by the Company's Remuneration Committee and will also be subject to a tie-in period of twelve months.
For further information please contact:
Clean Air Power +44 (0)1494 527110 |
John Pettitt, Chief Executive |
Peter Rowse, Finance Director |
Buchanan Communications +44 (0)20 7466 5000 |
Charles Ryland |
Ben Willey |
Ben Romney |
Canaccord Adams Ltd +44 (0)20 7050 6500 |
Robert Finlay |
Bhavesh Patel |
Guy Blakeney |
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 £40m has been invested in developing the technology with the result that 63 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