Last checked at 10 Jun 2020 07:00
10 June 2020
ITM Power plc
("ITM Power" or the "Company")
Director/PDMR Shareholding
ITM Power (AIM: ITM), the energy storage and clean fuel group announces that it has received notification of the following share transactions by Persons Discharging Managerial Responsibilities ("PDMR" and, collectively, "the Executive Team") and persons closely associated ("PCA").
Dr Graham Cooley, Dr Simon Bourne and Dr Rachel Smith each exercised options and sold the resulting shares. Andy Allen exercised options and sold a portion of the resulting shares. Each of Dr Graham Cooley, Dr Simon Bourne and Dr Rachel Smith have in addition sold existing ordinary shares. In aggregate, the Executive Team have disposed of 4,793,871 Ordinary Shares in the Company representing 1.0124% of the Company's issued share capital.
The transactions have been undertaken for the purposes of wealth diversification. The Executive Team remain committed to retaining a long term equity interest in the Company in excess of 100% of annual basic salary. Following the above transactions, each PDMR retains a combined value of shareholdings and exercisable options approximately at or above this threshold.
PDMR | Position | Options exercised | Weighted average exercise price (£) | Options/ Shares sold | Sale price (£) | Options remaining after exercise | Current shareholding | % ISC |
Graham Cooley | CEO | 1,800,000 | 0.477 | 2,337,726 | 2.8305 | 3,307,500 | 600,000 | 0.825 |
Andy Allen | CFO | 383,333 | 0.332 | 367,559 | 2.8305 | 713,917 | 40,774 | 0.159 |
Simon Bourne | CTO | 1,333,333 | 0.419 | 1,591,034 | 2.8305 | 1,326,417 | 69,129 | 0.295 |
Rachel Smith | Executive Director | 416,666 | 0.300 | 497,552 | 2.8305 | 905,334 | 64,079 | 0.205 |
The options were granted between 2011 and 2018 under the ITM Power plc Share Option Plan 2010 as a key part of the Company's long-term incentive scheme to attract and retain key talent in the business.
The information below, set out in accordance with the requirements of the EU Market Abuse Regulation, provides further detail on shares sold.
1
| Details of the person discharging managerial responsibilities / person closely associated | |||
a) | Name | Graham Cooley | ||
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 | ITM Power plc | ||
b) | LEI | 21380042MB2JKZ6RRP12 | ||
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 | Options over ordinary shares of 5p each and ordinary shares of 5p each | ||
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| |||
Identification code | ISIN: GB00B0130H42 | |||
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| |||
b) | Nature of the transaction | Exercise of options and sale of the resultant shares and sale of shares | ||
c)
| Price(s) and volume(s) |
|
| |
| Exercise Price | Sale Price | Volume(s) | |
| 50p | 283.05p | 250,000 | |
|
| 66.75p | 283.05p | 800,000 |
|
| 26.5p | 283.05p | 750,000 |
|
| - | 283.05p | 537,726 |
d)
| Aggregated information |
| ||
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| |||
- Aggregated volume | 2,337,726 | |||
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| |||
- Price | 283.05p | |||
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| |||
e) | Date of the transaction | 9/6/20 | ||
f) | Place of the transaction | The London Stock Exchange | ||
1
| Details of the person discharging managerial responsibilities / person closely associated | |||
a) | Name | Andy Allen | ||
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 | ITM Power plc | ||
b) | LEI | 21380042MB2JKZ6RRP12 | ||
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 | Options over ordinary shares of 5p each and ordinary shares of 5p each | ||
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| |||
Identification code | ISIN: GB00B0130H42 | |||
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| |||
b) | Nature of the transaction | Exercise of options and sale of the resultant shares | ||
c)
| Price(s) and volume(s) |
|
| |
| Exercise Price | Sale Price | Volume(s) | |
| 30p | 283.05p | 50,000 | |
|
| 54.5p | 283.05p | 317,559 |
d)
| Aggregated information |
| ||
|
| |||
- Aggregated volume | 367,559 | |||
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| |||
- Price | 283.05 | |||
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| |||
e) | Date of the transaction | 9/6/20 | ||
f) | Place of the transaction | The London Stock Exchange | ||
1
| Details of the person discharging managerial responsibilities / person closely associated | |||
a) | Name | Dr Simon Bourne | ||
2 | Reason for the notification | |||
a) | Position/status | Chief Technology Office | ||
b) | Initial notification /Amendment | Initial Notification | ||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||
a) | Name | ITM Power plc | ||
b) | LEI | 21380042MB2JKZ6RRP12 | ||
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 | Options over ordinary shares of 5p each and ordinary shares of 5p each | ||
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| |||
Identification code | ISIN: GB00B0130H42 | |||
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| |||
b) | Nature of the transaction | Exercise of options and sale of the resultant shares and sale of shares | ||
c)
| Price(s) and volume(s) |
|
| |
| Exercise Price | Sale Price | Volume(s) | |
| 66.75p | 283.05p | 123,596 | |
|
| 49.88p | 283.05p | 100,000 |
|
| 26.5p | 283.05p | 250,000 |
|
| 66.75p | 283.05p | 276,404 |
|
| 30p | 283.05p | 583,333 |
|
| - | 283.05p | 257,701 |
d)
| Aggregated information |
| ||
|
| |||
- Aggregated volume | 1,591,034 | |||
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| |||
- Price | 283.05 | |||
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| |||
e) | Date of the transaction | 9/6/20 | ||
f) | Place of the transaction | The London Stock Exchange | ||
1
| Details of the person discharging managerial responsibilities / person closely associated | |||
a) | Name | Dr Rachel Smith | ||
2 | Reason for the notification | |||
a) | Position/status | Executive Director | ||
b) | Initial notification /Amendment | Initial Notification | ||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||
a) | Name | ITM Power plc | ||
b) | LEI | 21380042MB2JKZ6RRP12 | ||
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 | Options over ordinary shares of 5p each and ordinary shares of 5p each | ||
|
| |||
Identification code | ISIN: GB00B0130H42 | |||
|
| |||
b) | Nature of the transaction | Exercise of options and sale of the resultant shares and sale of shares | ||
c)
| Price(s) and volume(s) |
|
| |
| Exercise Price | Sale Price | Volume(s) | |
| 30p | 283.05p | 416,666 | |
|
| - | 283.05p | 80,886 |
d)
| Aggregated information |
| ||
|
| |||
- Aggregated volume | 497,552 | |||
|
| |||
- Price | 283.05 | |||
|
| |||
e) | Date of the transaction | 9/6/20 | ||
f) | Place of the transaction | The London Stock Exchange | ||
1
| Details of the person discharging managerial responsibilities / person closely associated | ||
a) | Name | Trevor Smith | |
2 | Reason for the notification | ||
a) | Position/status | Person closely associated with Dr Rachel Smith | |
b) | Initial notification /Amendment | Initial Notification | |
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
a) | Name | ITM Power plc | |
b) | LEI | 21380042MB2JKZ6RRP12 | |
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 | Ordinary shares of 5p each | |
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| ||
Identification code | ISIN: GB00B0130H42 | ||
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| ||
b) | Nature of the transaction | Sale of Shares | |
c)
| Price(s) and volume(s) |
|
|
| Sale Price | Volume(s) | |
| 283.05p | 40,046 | |
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| ||
d)
| Aggregated information |
| |
|
| ||
- Aggregated volume | 40,046 | ||
|
| ||
- Price | 283.05 | ||
|
| ||
e) | Date of the transaction | 9/6/20 | |
f) | Place of the transaction | The London Stock Exchange | |
This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation (EU) 596/2014. The person responsible for making this announcement on behalf of the Company is Nicola Ham Edmonds, Company Secretary.
For further information, please visit www.itm-power.com or contact:
ITM Power plc | (0)114 244 5111 |
Nicola Ham Edmonds, Company Secretary |
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Investec Bank plc (Nominated Adviser and Broker) | (0)20 7597 5970 |
Jeremy Ellis / Chris Sim / Ben Griffiths / Tejas Padalkar |
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Tavistock (Financial PR and IR) | (0)20 7920 3150 |
Simon Hudson / Edward Lee / Barney Hayward |
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About ITM Power plc:
ITM Power plc manufactures integrated hydrogen energy solutions for grid balancing, energy storage and the production of renewable hydrogen for transport, renewable heat and chemicals. ITM Power plc was admitted to the AIM market of the London Stock Exchange in 2004. In October 2019, the Company announced the completion of a £58.8 million fundraise, including a subscription by Linde of £38 million, together with the formation of a joint-venture with Linde to focus on delivering renewable hydrogen to large scale industrial projects worldwide. ITM Power signed a forecourt siting agreement with Shell for hydrogen refuelling stations in September 2015, (which was extended in May 2019 to include buses, trucks, trains and ships) and in January 2018 a deal to deploy a 10MW electrolyser at Shell's Rhineland refinery. ITM Power announced the lease of the world's largest electrolyser factory in Sheffield with a capacity of 1GW (1,000MW) per annum in July 2019. Customers and partners include Sumitomo, Ørsted, National Grid, Cadent, Northern Gas Networks, Gasunie, RWE, Engie, BOC Linde, Toyota, Honda, Hyundai and Anglo American among others.
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