24 May 2016 16:59
Plutus PowerGen Plc / Ticker: PPG / Index: AIM
24 May 2016
Plutus PowerGen plc ('PPG' or 'the Company')
Directors' Dealings
Plutus PowerGen plc, the AIM listed power company focused on the development, construction and operation of flexible stand-by electricity generation in the UK, reports that Philip Stephens and Paul Lazarevic, both Directors of the Company, each exercised call options over 10,000,000 existing ordinary shares of PPG at an exercise price of 0.75p per share on 20 May 2016. The call options were originally granted to Mr Stephens and Mr Lazarevic by Paternoster Resources plc ("Paternoster"), a shareholder of PPG, on 5 August 2014 and the exercise period of the call options was extended to 22 May 2016 by Paternoster on 19 February 2016
Mr Stephens and Mr Lazarevic both sold 6,250,000 existing ordinary shares of the Company at 0.75p per share on 22 May 2016, to enable them to fully exercise the call options. The effect of the share option exercises and share sale referred to above has increased both Mr Stephens' and Mr. Lazarevic's shareholding in the Company by a net 3,750,000 ordinary shares of PPG. The beneficial interest of Mr Stephens and Mr Lazarevic in the share capital of the Company is now as follows:
Director |
Existing interest in ordinary shares of PPG | New of existing ordinary shares acquired from call option exercise
|
Number of existing ordinary shares sold |
Interest in the ordinary shares of PPG following transactions |
% interest in ordinary share capital of PPG following transactions |
Phil Stephens | 88,012,823 | 10,000,000 | 6,250,000 | 91,762,823 | 13.27 |
Paul Lazarevic | 82,203,379 | 10,000,000 | 6,250,000 | 85,953,379 | 12.43 |
Director | Total Number of Shares Post Transaction | Total % Holding |
Phil Stephens | 91,561,474 | 13.1 |
Paul Lazarevic | 85,338,614 | 12.2 |
**ENDS**
For further information, please visit www.plutuspowergen.com, or contact:
Charles Tatnall | Plutus PowerGen Plc | Tel: +44 (0) 20 3705 8350 |
Phil Stephens | Plutus PowerGen Plc | Tel: +44 (0) 20 3705 8352 |
Ewan Leggat | SP Angel Corporate Finance LLP | Tel: +44 (0) 20 3470 0470 |
Laura Harrison | SP Angel Corporate Finance LLP | Tel: +44 (0) 20 3470 0470 |
Elisabeth Cowell | St Brides Partners Ltd | Tel: +44 (0) 20 7236 1177 |
Isabel de Salis | St Brides Partners Ltd | Tel: +44 (0) 20 7236 1177 |
Notes to Editors
Plutus PowerGen plc is an AIM listed company focused on the development, construction and operation of flexible stand-by power generation sites in the UK. At present, the market dynamics for flexible power generation are positive as a result of the continued downward pressure on capacity available to National Grid to balance supply and demand, leading to their announcements about possible power shortages over the next few years.
Flexible Power generators such as PPG offer a viable and timely solution to the power capacity shortfall in the UK. To this end, PPG is initially focusing on delivering 200MW of capacity by the end of 2017 and currently has a project pipeline of potential development sites with 700MW of power generation capacity.
PPG has a straightforward multi-revenue stream model with large and stable counter-parties and is using project/EIS funding through SPVs to finance construction of the generation assets. This structure has the benefit of limiting dilution to plc shareholders as the assets are financed and built.