27 Oct 2017 07:00
27 October 2017
Hydrodec Group plc
("Hydrodec", the "Company" or the "Group")
Grant of options
Hydrodec Group plc (AIM: HYR), the clean-tech industrial oil re-refining group, announces that it has today made the following grants of options to subscribe for ordinary shares in the Company ("Options") to certain of its directors:
Director | Position | Number of Options | Exercise price | Vesting conditions |
Chris Ellis | Chief Executive Officer | 15,000,000 | 1.625 p | See below |
Lord Moynihan | Chairman | 15,000,000 | 1.625 p | See below |
The Options will only vest, and become exercisable, if the average mid-market closing price for an ordinary share exceeds 3p for a period of any 90 consecutive calendar days ending on or before 31 December 2018, or in certain other prescribed circumstances as provided for in the terms of the Company's Share Option Scheme (adopted 9 June 2015).
Both directors have waived any previous entitlement to options or interests in the Company's Long Term Incentive Plan ("LTIP"). As such, these Options represent the only interests of this type held by any member of the Board.
Caroline Brown, the Senior Independent Director of the Company, commented: "The Remuneration Committee (in respect of Chris Ellis), and the independent members of that committee (in respect of Lord Moynihan), have granted these Options in recognition of the efforts to date of the CEO and the Chairman in driving the successful turnaround of the Company and, through the vesting conditions, to ensure that the interests of shareholders are well aligned with these key members of the Board in the coming months."
1 | Details of the person discharging managerial responsibilities/person closely associated
| |||||
a) | Name
| Chris Ellis | ||||
2 | Reason for the notification
| |||||
a) | Position/status
| Chief Executive Officer | ||||
b) | Initial notification/ Amendment
| Initial notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||
a) | Name
| Hydrodec Group plc | ||||
b) | LEI
| Pending | ||||
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
| Ordinary Shares of 0.5p each
ISIN: GB00B02FJF09 | ||||
b) | Nature of the transaction
| Grant of nil cost options by the Company under the Company's Share Option Scheme. Subject to a performance condition that the average mid-market closing price for an ordinary share exceeds 3p for a period of any 90 consecutive calendar days ending on or before 31 December 2018.
| ||||
c) | Price(s) and volume(s)
|
| ||||
d) | Aggregated information
- Aggregated volume
- Price
|
n/a | ||||
e) | Date of the transaction
| 27 October 2017 | ||||
f) | Place of the transaction
| Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated
| |||||
a) | Name
| Colin Moynihan | ||||
2 | Reason for the notification
| |||||
a) | Position/status
| Chairman | ||||
b) | Initial notification/ Amendment
| Initial notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||
a) | Name
| Hydrodec Group plc | ||||
b) | LEI
| Pending | ||||
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
| Ordinary Shares of 0.5p each
ISIN: GB00B02FJF09 | ||||
b) | Nature of the transaction
| Grant of nil cost options by the Company under the Company's Share Option Scheme. Subject to a performance condition that the average mid-market closing price for an ordinary share exceeds 3p for a period of any 90 consecutive calendar days ending on or before 31 December 2018.
| ||||
c) | Price(s) and volume(s)
|
| ||||
d) | Aggregated information
- Aggregated volume
- Price
|
n/a | ||||
e) | Date of the transaction
| 27 October 2017 | ||||
f) | Place of the transaction
| Outside a trading venue | ||||
For further information please contact:
Hydrodec Group plc |
| 01372 824750 |
Chris Ellis, Chief Executive
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Canaccord Genuity (Nominated Adviser and Broker) |
| 020 7523 8000 |
Henry Fitzgerald-O'Connor Richard Andrews
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Vigo Communications (PR adviser to Hydrodec) |
| 020 7830 9700 |
Patrick d'Ancona Chris McMahon |
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Notes to Editors:
Hydrodec's technology is a proven, highly efficient, oil re-refining and chemical process initially targeted at the multi-billion US$ market for transformer oil used by the world's electricity industry. MarketsandMarkets forecasts that the global transformer oil market is expected to grow from US$1.98 billion in 2015 to US$2.79 billion by 2020 at a CAGR of 7.14% from 2015 to 2020. Spent oil is currently processed at two commercial plants with distinct competitive advantage delivered through very high recoveries (near 100%), producing 'as new' high quality oils at competitive cost and without environmentally harmful emissions. The process also completely eliminates PCBs, a toxic additive banned under international regulations.
In 2016 Hydrodec received carbon credit approval from the American Carbon Registry ("ACR"), enabling its product to be sold with a carbon offset and creating an incremental revenue stream. The Group is now generating carbon offsets through the re-refining of used transformer oil, which would otherwise ordinarily be incinerated or disposed of in an unsustainable manner. This is a highly distinctive feature for the Group, confirming (as far as the Board is aware) Hydrodec as the only oil re-refining business in the world to receive carbon credits for its output. This is a significant endorsement of the Company's proprietary technology and standing as a leader in its field.
Hydrodec's plants are located at Canton, Ohio, US and Bomen, New South Wales, Australia.
Hydrodec's shares are listed on the AIM Market of the London Stock Exchange. For further information, please visit www.hydrodec.com.