12 Nov 2009 07:00
| For Immediate Release | 12 November 2009 |
Clean Air Power Ltd
("Clean Air Power" or "the Company")
Option Grant 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 granted 800,000 share options in the Company to the Executive Directors as set out in the table below.
These options have been granted as part of a new 3 year incentive scheme designed to reduce the emphasis on cash bonuses for the Company's senior management team. The motivation of this initiative is to align the rewards to management with those of the shareholders and to preserve the company's cash.
These grants to directors form part of a total grant of 2,065,000 options to be granted to 14 of the Company's senior management and key employees under the new scheme. The vesting of these options is scheduled to take place over the next three years and will be conditional upon the achievement of performance criteria, mainly based on EBITDA targets.
The scheme was approved by the company's remuneration committee to become effective from 9 October 2009, subject to certain conditions, which have today been fulfilled. The price of 26.3p was determined as the average mid market daily closing price for the 5 business days following the date of remuneration committee approval.
|
| At 1 January 2009 | Granted on 11 Nov 09 | Total no. following grant | Date of grant | Exercise price | Date first exercisable | Expiry date |
| Director | |||||||
| John Pettitt | 1,441,791 | 1,441,791 | 27-Feb-06 | $0.98 | 27-Feb-07 | 27-Feb-17 | |
| John Pettitt | 1,125,000 | 1,125,000 | 14-May-08 | 19p | 14-May-11 | 14-May-18 | |
| John Pettitt | 600,000 | 600,000 | 11-Nov-09 | 26.3p | 01-Apr-12 | 11-Nov-19 | |
| Sub total | 3,166,791 | ||||||
| Peter Rowse | 48,060 | 48,060 | 28-Feb-06 | 100p | 28-Feb-07 | 28-Feb-17 | |
| Peter Rowse | 36,045 | 36,045 | 28-Feb-06 | 100p | 01-Mar-07 | 28-Feb-17 | |
| Peter Rowse | 36,045 | 36,045 | 28-Feb-06 | 100p | 01-Jun-07 | 28-Feb-17 | |
| Peter Rowse | 36,045 | 36,045 | 28-Feb-06 | 100p | 01-Sep-07 | 28-Feb-17 | |
| Peter Rowse | 36,044 | 36,044 | 28-Feb-06 | 100p | 01-Dec-07 | 28-Feb-17 | |
| Peter Rowse | 48,929 | 48,929 | 13-Apr-07 | 28.5p | 13-Mar-10 | 13-Mar-17 | |
| Peter Rowse | 150,000 | 150,000 | 14-May-08 | 19p | 14-May-11 | 14-May-18 | |
| Peter Rowse | 200,000 | 200,000 | 11-Nov-09 | 26.3p | 01-Apr-12 | 11-Nov-19 | |
| Sub total | 591,168 |
In addition to the above options John Pettitt owns 658,653 shares and Peter Rowse owns 104,418 shares. When combined with the total number of options listed above this represents respective overall interests in the enlarged share capital of the company of 6.6% and 1.2%.
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
Charles Stanley Securities (Nominated Adviser) +44 (0)20 7149 6112
Russell Cook
Freddy Crossley
Jen Boorer
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