Last checked at 7 Feb 2020 15:20
07 February 2020
Ceres Power Holdings plc (AIM:CWR)
Exercise of Share Options, PDMR Dealing
Ceres Power Holdings plc (the "Company"), a global leader in fuel cell technology and engineering, announces the following share transactions carried out by certain Directors and persons discharging managerial responsibilities (PDMRs) on 7 February 2020.
Members of the executive management team, Phil Caldwell (Chief Executive Officer), Richard Preston (Chief Financial Officer), James Falla (Chief Operating Officer), Tony Cochrane (Chief Commercial Officer) and Mark Selby (Chief Technology Officer), each exercised options and sold the resulting shares. Steve Callaghan, Senior Independent Director, has sold a number of shares.
Options exercised and shares sold | Weighted average exercise price | Sale price | Options remaining after exercise | Current shareholding | |
Phil Caldwell | 359,128 | 85.4p | 401.0p | 1,895,659 | 46,928 |
Richard Preston | 75,000 | 17.9p | 398.9p | 633,794 | 59,641 |
James Falla | 100,000 | 87.0p | 400.5p | 837,132 | 45,098 |
Tony Cochrane | 100,000 | 90.0p | 400.5p | 689,794 | - |
Mark Selby | 100,000 | 34.7p | 400.5p | 488,924 | 39,909 |
Steve Callaghan | 200,000 | n/a | 398.85p | n/a | 339,919 |
The options were granted between January 2013 and August 2015 under the Ceres Power Holdings plc 2004 Employees' Share Option Scheme as a key part of the Company's long-term incentive scheme to attract and retain key talent in the business.
The Board, upon the recommendation of the Remuneration Committee, approved a window to trade thus enabling PDMRs to sell shares. It is intended that PDMRs are able to periodically trade at timely intervals without disrupting the market, such is common market practice.
The Company remuneration policy on PDMR shareholding is that the CEO should hold a minimum of 150% of salary in shares and exercisable share options, and all other Directors and PDMRs a minimum of 100% of salary. This policy helps to ensure that the interests of the investors remain aligned with those of Directors and management. Following the above transactions, each PDMR retains a combined value of shareholdings and exercisable options significantly above these thresholds.
As part of the exercise of some options by Phil Caldwell, he sold 350,000 Employee Shareholder Status (ESS) shares in the Company's subsidiary, Ceres Power Intermediate Holdings Ltd, which were granted as a modification to the unexercised 2004 Employees' Share Scheme options in 2014 and 2015.
The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further detail.
1 | Details of the person discharging managerial responsibilities/person closely associated | ||||||||||
a) | Name | Philip Caldwell | |||||||||
2 | Reason for the notification | ||||||||||
a) | Position/status | Chief Executive Officer, Director | |||||||||
b) | Initial notification/Amendment | Initial Notification | |||||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||||||||
a) | Name | Ceres Power Holdings plc | |||||||||
b) | LEI | 213800N7AAHSXQUOA733 | |||||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||||||||||
a) | Description of the financial instrument, type of instrument Identification code | 10p ordinary shares
ISIN GB00BG5KQW09 | |||||||||
b) | Nature of the transaction | Exercise of Share Options under the Ceres Power 2004 Employees Share Option Scheme and the sale of the resulting shares. As part of the exercise of these options, Phil Caldwell sold 350,000 Employee Shareholder Status (ESS) shares in the Company's subsidiary, Ceres Power Intermediate Holdings Ltd, which were granted as a modification to the unexercised 2004 Employees' Share Scheme options in 2014. | |||||||||
c) | Price(s) and volume(s) |
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d) | Aggregated information |
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e) | Date of the transaction | 7 February 2020 | |||||||||
f) | Place of the transaction | N/A | |||||||||
1 | Details of the person discharging managerial responsibilities/person closely associated | ||||||||||
a) | Name | Richard Preston | |||||||||
2 | Reason for the notification | ||||||||||
a) | Position/status | Chief Financial Officer, Director | |||||||||
b) | Initial notification/Amendment | Initial Notification | |||||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||||||||
a) | Name | Ceres Power Holdings plc | |||||||||
b) | LEI | 213800N7AAHSXQUOA733 | |||||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||||||||||
a) | Description of the financial instrument, type of instrument Identification code | 10p ordinary shares
ISIN GB00BG5KQW09 | |||||||||
b) | Nature of the transaction | Exercise of Share Options under the Ceres Power 2004 Employees Share Option Scheme and the sale of the resulting shares | |||||||||
c) | Price(s) and volume(s) |
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d) | Aggregated information |
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e) | Date of the transaction | 7 February 2020 | |||||||||
f) | Place of the transaction | N/A | |||||||||
1 | Details of the person discharging managerial responsibilities/person closely associated | ||||||||||
a) | Name | James Falla | |||||||||
2 | Reason for the notification | ||||||||||
a) | Position/status | Chief Operating Officer, PDMR | |||||||||
b) | Initial notification/Amendment | Initial Notification | |||||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||||||||
a) | Name | Ceres Power Holdings plc | |||||||||
b) | LEI | 213800N7AAHSXQUOA733 | |||||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||||||||||
a) | Description of the financial instrument, type of instrument Identification code | 10p ordinary shares
ISIN GB00BG5KQW09 | |||||||||
b) | Nature of the transaction | Exercise of Share Options under the Ceres Power 2004 Employees Share Option Scheme and the sale of the resulting shares. | |||||||||
c) | Price(s) and volume(s) |
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d) | Aggregated information |
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e) | Date of the transaction | 7 February 2020 | |||||||||
f) | Place of the transaction | N/A | |||||||||
1 | Details of the person discharging managerial responsibilities/person closely associated | ||||||||||
a) | Name | Anthony Cochrane | |||||||||
2 | Reason for the notification | ||||||||||
a) | Position/status | Chief Commercial Officer, PDMR | |||||||||
b) | Initial notification/Amendment | Initial Notification | |||||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||||||||
a) | Name | Ceres Power Holdings plc | |||||||||
b) | LEI | 213800N7AAHSXQUOA733 | |||||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||||||||||
a) | Description of the financial instrument, type of instrument Identification code | 10p ordinary shares
ISIN GB00BG5KQW09 | |||||||||
b) | Nature of the transaction | Exercise of Share Options under the Ceres Power 2004 Employees Share Option Scheme and the sale of the resulting shares | |||||||||
c) | Price(s) and volume(s) |
| |||||||||
d) | Aggregated information |
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e) | Date of the transaction | 7 February 2020 | |||||||||
f) | Place of the transaction | N/A | |||||||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||||||||
a) | Name | Mark Selby | ||||||||||||
2 | Reason for the notification | |||||||||||||
a) | Position/status | Chief Technology Officer, PDMR | ||||||||||||
b) | Initial notification/Amendment | Initial Notification | ||||||||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||||||
a) | Name | Ceres Power Holdings plc | ||||||||||||
b) | LEI | 213800N7AAHSXQUOA733 | ||||||||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||||||||
a) | Description of the financial instrument, type of instrument Identification code | 10p ordinary shares
ISIN GB00BG5KQW09 | ||||||||||||
b) | Nature of the transaction | Exercise of Share Options under the Ceres Power 2004 Employees Share Option Scheme and the sale of the resulting shares | ||||||||||||
c) | Price(s) and volume(s) |
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d) | Aggregated information |
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e) | Date of the transaction | 7 February 2020 | ||||||||||||
f) | Place of the transaction | N/A | ||||||||||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Stephen Callaghan | ||||
2 | Reason for the notification | |||||
a) | Position/status | Non-Executive Director, Senior Independent Director | ||||
b) | Initial notification/Amendment | Initial Notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Ceres Power Holdings plc | ||||
b) | LEI | 213800N7AAHSXQUOA733 | ||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument Identification code | 10p ordinary shares
ISIN GB00BG5KQW09 | ||||
b) | Nature of the transaction | Sale of shares | ||||
c) | Price(s) and volume(s) |
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d) | Aggregated information |
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e) | Date of the transaction | 7 February 2020 | ||||
f) | Place of the transaction | N/A | ||||
- Ends -
For further information, please contact:
Ceres Power Holdings plc Elizabeth Skerritt | Tel: +44 (0)1403 273 463 | |
Investec Bank PLC (NOMAD & Joint Broker) Jeremy Ellis / Patrick Robb |
Tel: +44 (0)207 597 4000 | |
Berenberg (Joint Broker) Ben Wright / Mark Whitmore |
Tel: +44 (0) 203 207 7800 | |
Powerscourt Peter Ogden / James White |
Tel: +44 (0) 20 7250 1446 |
About Ceres Power
Ceres Power (http://www.cerespower.com/) is a world leader in low cost, next generation fuel cell technology for use in distributed power products that reduce operating costs, lower CO2, SOx and NOx emissions, increase efficiency and improve energy security. The Ceres Power unique patented SteelCell® technology generates power from widely available fuels such as natural gas and future fuels such as hydrogen enabling a transition from low to zero carbon power generation at high efficiency. The SteelCell® is manufactured using standard processing equipment and conventional materials such as steel, meaning that it can be mass produced at an affordable price. Ceres Power offers its partners the opportunity to develop power systems and products using its unique technology and know-how, as well as the opportunity to manufacture the SteelCell® in volume.