Ceramic Fuel Cells Regulatory News (CFU)

21 Apr 2008 09:33

Ceramic Fuel Cells Limited21 April 2008 21 April 2008 Ceramic Fuel Cells Limited Employee options Ceramic Fuel Cells Limited announces that on 28 March 2008 it granted 2,051,900 options over Ordinary Shares to employees under the CFCL Directors and Employee Benefits Plan ("Plan"). Under the Plan, approved by shareholders in November 2006, the Board offers options to staff as a long-term incentive component of remuneration. This grant of options recognises the recent achievements of the Company, particularly the volume order from Nuon for 50,000 units, based on agreed performance targets, announced on 27 February 2008. Under this offer, options were granted to a total of 84 staff members, including all senior managers. The Exercise Price of each option is A$0.46, which is equal to the average of CFCL's closing price on ASX over the month of February 2008. The options have a one-year waiting period, and can be exercised in the period 28 March 2009 - 27 March 2018 (unless they lapse earlier under the Plan rules). As part of this offer, the Board also proposes to grant options to ManagingDirector Mr Brendan Dow, however this offer is subject to shareholder approval.The Board intends to seek shareholder approval at the next general meeting,likely in November 2008. The terms of the proposed offer to Mr Dow will be fullydescribed in the notice of that meeting. ENDS For further information please contact: Ceramic Fuel CellsAndrew Neilson Tel: +61 419 950 771 Email: investor@cfcl.com.au Nomura Code Securities Tel: +44 (0) 207 776 1200Juliet Thompson / Chris Golden About CFCL Ceramic Fuel Cells Limited is a leader in developing solid oxide fuel cell(SOFC) technology to provide high efficiency and low emission electricity fromwidely available natural gas and renewable fuels. CFCL is developing SOFCproducts for micro combined heat and power (m-CHP) and distributed generationunits that co-generate electricity and heat for homes. CFCL is developingproducts with utility customers and appliance partners in Germany, France,Holland, the United Kingdom and Japan. CFCL is listed on the London StockExchange AIM market and the Australian Securities Exchange (code CFU). www.cfcl.com.au This information is provided by RNS The company news service from the London Stock Exchange