Last checked at 9 Dec 2014 09:00
9 December 2014
PowerHouse Energy Group plc
("PowerHouse" or the "Company")
Grant of Options
The Board of PowerHouse (AIM:PHE) announces the grant of 11,000,000 options to subscribe for new ordinary shares of 1.0 pence each in the Company ("the Options") to directors on 8 December 2014 (the "Grant Date"), under the PowerHouse Energy Group plc Unapproved Share Option Plan 2011 (the "Share Option Plan").
The Options may be exercised between the Grant Date and the tenth anniversary of the Grant Date and will lapse if unexercised after 10 years from the Grant Date.
The Options have an exercise price of 2.5 pence per share, a 33.3% premium to the closing mid-market price of 1.875 pence per ordinary share on 8 December 2014.
The Options issued to directors are as follows:
Name | Position | Current number of Options held | Number of Options granted | Total number of Options now held | Number of Ordinary Shares held |
Keith Allaun | Executive Chairman | 0 | 5,000,000 | 5,000,000 | 0 |
Brent Fitzpatrick | Non-Executive Director
| 0 | 3,000,000 | 3,000,000 | 103,459 |
James Greenstreet | Non-Executive Director | 0 | 3,000,000 | 3,000,000 | 0 |
Following the grant of the Options, the total number of options outstanding over Ordinary Shares is 11,000,000, which would represent 2.75% of the Company's issued share capital if fully exercised. James Greenstreet has waived his rights to the options over 2,789,265 Ordinary shares announced on 1 August 2011.
Keith Allaun, Executive Chairman commented, "The Board is acutely aware of the value of cash to the business at this point, particularly as we enter the re-engineering of the Eiting facility. The Non-Executive members of the board have completely waived their Director Fees over the past 3 years and have continued to work tirelessly on behalf of the shareholders. These options are a way of trying to maintain the valuable contribution of each director in a way that supports the PowerHouse growth curve and continues to deliver substantive value to the shareholders."
For additional information please contact:
PowerHouse Energy Group plc
Keith Allaun +44 (0) 20 7079 4407
Allenby Capital Limited (Nominated Adviser and Broker)
Nick Harriss/David Hart +44 (0) 20 3328 5656