Last checked at 27 Aug 2020 11:00
This announcement contains inside information
27 August 2020
Invinity Energy Systems plc
("Invinity" or the "Company")
Grant of Share Options
The Board of Invinity Energy Systems plc (AIM:IES), manufacturer of vanadium flow batteries for the large-scale energy storage requirements of businesses, industry and electricity networks, announces that it has approved the grant of a tranche of share options (the "Options") to subscribe for ordinary shares in the Company (the "Ordinary Shares").
The Options will be awarded under the 2018 Employee Share Option Plan ("Employee Share Option Plan"), which includes a CSOP, EMI, unapproved and US ISO part "the Plan", which was adopted by the Board on 14 May 2018 and amended on 1 April 2020 to establish a US ISO part.
Options over a total of 2,649,000 Ordinary Shares will be granted under the Plan: 878,508 under the CSOP part; 1,728,492 under the Unapproved part and 42,000 under the US ISO part. All Options will have an exercise price of £1.13. The Options will vest annually over three years from the date of grant and are exercisable for a period of ten years from the date of grant.
"Invinity's most significant asset is the combined efforts and expertise of our employees. These share options grants align the interests of our employees and our shareholders to the benefit of both," said Larry Zulch, CEO.
As part of the above Options, 500,000 Options (26,548 under the CSOP part and 473,452 under the Unapproved part) will be granted to Peter Dixon-Clarke and 300,000 Options under the Unapproved part will be granted to Matt Harper, both of whom are Directors of the Company.
587,220 of the CSOP Options above will be issued in parallel to 159,279 existing CSOP Options with exercise prices of £2.925 and £3.525. Under the terms of this grant, the exercise of any Options from one set of parallel CSOP Options will cause the entirety of the parallel CSOP Options to lapse. A condition of the grant of 593,808 of the Unapproved Options mentioned above is that existing EMI options totaling 174,468 must be surrendered. Assuming all the Options above are taken up by employees and excluding parallel CSOP options, there will be outstanding awards of 6,218,411 Ordinary Shares pursuant to the 2018 Employee and Consultant Share Option Plans.
This information is provided in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation No 596/2014.
1 | Details of the person discharging managerial responsibilities | |||||
a) | Name | Matthew Harper | ||||
2 | Reason for the notification | |||||
a) | Position/status | Chief Commercial Officer | ||||
b) | Initial notification/ Amendment | Initial notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Invinity Energy Systems plc | ||||
b) | LEI | 213800N2NKOTYUNRCU14 | ||||
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 | Options over ordinary shares of €0.50 each ("Ordinary Shares") | ||||
b) | Identification code of the Financial Instrument | JE00BLR94N79 | ||||
c) | Nature of the transaction | Award of unapproved options in respect of 300,000 ordinary shares at an exercise price of 113 pence per ordinary share | ||||
d) | Price(s) and volume(s) |
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e) | Aggregated information: volume, Price | Aggregated Volume: 300,000 Aggregated Price: 339,000 | ||||
f) | Date of the transaction | 26 August 2020 | ||||
g) | Place of the transaction | London Stock Exchange (XLON) | ||||
1 | Details of the person discharging managerial responsibilities | |||||||
a) | Name | Peter Dixon-Clarke | ||||||
2 | Reason for the notification | |||||||
a) | Position/status | Chief Financial Officer | ||||||
b) | Initial notification/ Amendment | Initial notification | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Invinity Energy Systems plc | ||||||
b) | LEI | 213800N2NKOTYUNRCU14 | ||||||
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 | Options over ordinary shares of €0.50 each ("Ordinary Shares") | ||||||
b) | Identification code of the Financial Instrument | JE00BLR94N79 | ||||||
c) | Nature of the transaction | Award of 26,548 CSOP and 473,452 unapproved options in respect of a total of 500,000 ordinary shares at an exercise price of 113 pence per ordinary share | ||||||
d) | Price(s) and volume(s) |
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e) | Aggregated information: volume, Price | Aggregated Volume: 500,000 Aggregated Price: 565,000 | ||||||
f) | Date of the transaction | 26 August 2020 | ||||||
g) | Place of the transaction | London Stock Exchange (XLON) | ||||||
Enquiries:
Invinity Energy Systems plc | +44 (0)20 7121 6111 |
Larry Zulch, Chief Executive Officer |
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Peter Dixon-Clarke, Chief Financial Officer Joe Worthington, Head of External Communications |
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Investec Bank plc (Nominated Adviser and Joint Broker) | +44 (0)20 7597 5970 |
Jeremy Ellis / Chris Sim / Will Fenby
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VSA Capital (Financial Adviser and Joint Broker) Andrew Monk / Andrew Raca | +44 (0)20 3005 5000
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Hudson Sandler (Financial PR) Nick Lyon / Nick Moore | +44(0) 207 796 4133 |
Notes to Editors
Invinity Energy Systems plc (AIM:IES) manufactures vanadium flow batteries for the large-scale energy storage requirements of businesses, industry and electricity networks.
Developed specifically for high-utilisation applications, Invinity's highly scalable, factory-built flow battery products make low-carbon renewable generation reliable and can run continually with no degradation, charging and discharging for over 25 years. Energy storage systems based on Invinity's batteries are safe, reliable, and economical, and range in size from less than 250 kilowatt-hours to tens of megawatt-hours.
Invinity was created in April 2020 through the merger of two flow battery industry leaders: redT energy plc and Avalon Battery Corporation. With over 10MWh of systems deployed to date across 40 sites in 14 countries, Invinity is active in all major global energy storage markets and has operations in the UK, Canada, USA, China and South Africa. Invinity Energy Systems plc is listed on the London Stock Exchange.
To find out more, visit invinity.com or call Investor Relations on +44 (0) 207 121 6111.