2 Apr 2019 07:00
2 April 2019
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 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 |
David Dinwoodie | Chief Executive Officer | 850,000 | 75p | See below |
Lord Moynihan | Chairman | 850,000 | 75p | See below |
In respect of both grants, the Options will vest, and become exercisable, in accordance with the following schedule which provides the respective share price hurdles to be achieved by certain dates:
Number of Options | Hurdle price* | Hurdle date* |
212,500 | 93.75p | 30 June 2019 |
212,500 | 117.19p | 31 December 2019 |
212,500 | 146.48p | 30 June 2020 |
212,500 | 183.10p | 31 December 2020 |
* if the average mid-market closing price for an ordinary share, together with the aggregate dividend per share (if any) paid or payable between the date of grant of the Options and the relevant hurdle date, exceeds the relevant hurdle price for a period of any 20 consecutive trading days ending on or before the relevant hurdle date
If any hurdle price is not met by its respective hurdle date, that tranche of options will remain capable of vesting (and become exercisable) at a subsequent hurdle date if the relevant higher price is met for that subsequent hurdle date. In the event that not all of the Options have vested in accordance with the above terms by 31 December 2020, those Options shall remain capable of vesting on the first date after 31 December 2020 on which the hurdle price of 183.10p has been met (on the above basis), provided that the holder of the Options remains with the Company on that subsequent date.
The Options may also vest in certain other prescribed circumstances as provided for in the terms of the Company's Share Option Scheme (adopted 9 June 2015).
In the event that the Options vest and become exercisable prior to 31 December 2021, the holders of the Options shall not sell prior to that date any ordinary shares that arise on exercise, except in certain prescribed circumstances.
These Options represent the only interests of this type held by any member of the Board.
1 | Details of the person discharging managerial responsibilities/person closely associated
| |||||
a) | Name
| David Dinwoodie | ||||
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
| 2138001ZQCTBFEEZCT06
| ||||
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
| Options to subscribe for Ordinary Shares of 50p each ("Options")
ISIN: GB00B02FJF09 | ||||
b) | Nature of the transaction
| Grant of Options by the Company under the Company's Share Option Scheme
| ||||
c) | Price(s) and volume(s)
|
| ||||
d) | Aggregated information
- Aggregated volume
- Price
|
n/a | ||||
e) | Date of the transaction
| 1 April 2019 | ||||
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
| Executive 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
| 2138001ZQCTBFEEZCT06
| ||||
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
| Options to subscribe for Ordinary Shares of 50p each ("Options")
ISIN: GB00B02FJF09 | ||||
b) | Nature of the transaction
| Grant of Options by the Company under the Company's Share Option Scheme
| ||||
c) | Price(s) and volume(s)
|
| ||||
d) | Aggregated information
- Aggregated volume
- Price
|
n/a | ||||
e) | Date of the transaction
| 1 April 2019 | ||||
f) | Place of the transaction
| Outside a trading venue | ||||
Hydrodec Group plc | hydrodec@vigocomms.com | |
Lord Moynihan, Executive Chairman David Dinwoodie, Chief Executive Officer | ||
Arden Partners plc (Nominated Adviser and Broker) | 0207 614 5900 | |
Ciaran Walsh / Steve Douglas/ Alex Penney - Corporate Finance Simon Johnson - Corporate Broking | ||
Vigo Communications (PR adviser to Hydrodec) | 020 7390 0230 | |
Patrick d'Ancona Chris McMahon |
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 (>99%), producing transformer oil that meets or substantially exceeds applicable international standards at competitive cost and without environmentally harmful emissions. The process also 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 current 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.