13 Mar 2017 15:49
redT energy plc
("redT" or the "Company")
Grant of Options
redT energy plc (AIM: RED), the energy storage technology company, announces the award of options to certain of its employees and directors (the "Options") in respect of a total of 20,225,000 ordinary shares of €0.01 each in the Company (the "Ordinary Shares"). The Options have been awarded under the 2015 redT Employee Share Plan ("2015 Share Plan").
Under the terms of the 2015 Share Plan, the Options will vest between one and five years from the date of grant, are exercisable for a period of three years from the date on which they first vest and, in the case of certain employees, are subject to performance criteria. The Options have an exercise price of 8 pence per Ordinary Share, being the price at which the Company completed the placing and open offer, as announced on 8 December 2016.
The CEO, Scott McGregor, has been granted Options as part of his remuneration and incentivisation arrangements. Of these, 3,500,000 Options comprise a bonus that he has been awarded by the Company's Remuneration Committee in respect of his performance in the financial year ended 31 December 2016. These options are exercisable on or after 31 December 2017. The remaining 6,500,000 Options are exercisable on or after 31 December 2018 and are subject to performance criteria over the Company's current and next financial years. The Options awarded to Mr McGregor also have an exercise price of 8 pence per Ordinary Share.
Following the grant of Options, the interests in Ordinary Shares of executive directors and PDMRs are:
Director/PDMR | Ordinary Shares Held | % of Share Capital | Options Held |
S. McGregor | 11,973,126 | 1.83 | 14,156,358 |
D. Stewart | - | - | 4,000,000 |
S. Laird | - | - | 3,779,661 |
D. Garrity | - | - | 2,779,661 |
G. Colclough | - | - | 1,500,000 |
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Details of the 2015 Share Plan are set out in the Company's annual report for the year ended 31 December 2015. To date, and including the Options above, redT has made awards over 41,489,136 Ordinary Shares pursuant to the 2015 Share Plan.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
1. | Details of the person discharging managerial responsibilities / person closely associated | ||
a) | Name | Scott McGregor | |
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2. | Reason for the Notification | ||
a) | Position/status | Chief Executive Officer of the Company | |
b) | Initial notification/amendment | Initial notification | |
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3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
a) | Name | redT energy plc | |
b) | LEI | 213800N2NKOTYUNRCU14 | |
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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 €0.01 each ("Ordinary Shares") | |
Identification code | GB00B11FB960 | ||
b) | Nature of the Transaction | Award of options in respect of 10,000,000 Ordinary Shares at an exercise price 8.0 pence per Ordinary Share. | |
c) | Price(s) and volume(s) | Price | Volume |
8.0p | 10,000,000 | ||
d) | Aggregated information Aggregated volume Price | N/A (Single transaction) | |
e) | Date of the transaction | 13 March 2017 | |
f) | Place of the transaction | London Stock Exchange, AIM (LON:RED) | |
1. | Details of the person discharging managerial responsibilities / person closely associated | ||
a) | Name | David Stewart | |
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2. | Reason for the Notification | ||
a) | Position/status | Commercial Director of the Company | |
b) | Initial notification/amendment | Initial notification | |
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3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
a) | Name | redT energy plc | |
b) | LEI | 213800N2NKOTYUNRCU14 | |
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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 €0.01 each ("Ordinary Shares") | |
Identification code | GB00B11FB960 | ||
b) | Nature of the Transaction | Award of options in respect of 4,000,000 Ordinary Shares at an exercise price 8.0 pence per Ordinary Share. | |
c) | Price(s) and volume(s) | Price | Volume |
8.0p | 4,000,000 | ||
d) | Aggregated information Aggregated volume Price | N/A (Single transaction) | |
e) | Date of the transaction | 13 March 2017 | |
f) | Place of the transaction | London Stock Exchange, AIM (LON:RED) | |
1. | Details of the person discharging managerial responsibilities / person closely associated | ||
a) | Name | Scott Laird | |
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2. | Reason for the Notification | ||
a) | Position/status | Finance Director of the Company | |
b) | Initial notification/amendment | Initial notification | |
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3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
a) | Name | redT energy plc | |
b) | LEI | 213800N2NKOTYUNRCU14 | |
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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 €0.01 each ("Ordinary Shares") | |
Identification code | GB00B11FB960 | ||
b) | Nature of the Transaction | Award of options in respect of 1,000,000 Ordinary Shares at an exercise price 8.0 pence per Ordinary Share. | |
c) | Price(s) and volume(s) | Price | Volume |
8.0p | 1,000,000 | ||
d) | Aggregated information Aggregated volume Price | N/A (Single transaction) | |
e) | Date of the transaction | 13 March 2017 | |
f) | Place of the transaction | London Stock Exchange, AIM (LON:RED) | |
1. | Details of the person discharging managerial responsibilities / person closely associated | ||
a) | Name | Geraldine Colclough | |
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2. | Reason for the Notification | ||
a) | Position/status | Operations Director of the Company | |
b) | Initial notification/amendment | Initial notification | |
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3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
a) | Name | redT energy plc | |
b) | LEI | 213800N2NKOTYUNRCU14 | |
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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 €0.01 each ("Ordinary Shares") | |
Identification code | GB00B11FB960 | ||
b) | Nature of the Transaction | Award of options in respect of 1,500,000 Ordinary Shares at an exercise price 8.0 pence per Ordinary Share. | |
c) | Price(s) and volume(s) | Price | Volume |
8.0p | 1,500,000 | ||
d) | Aggregated information Aggregated volume Price | N/A (Single transaction) | |
e) | Date of the transaction | 13 March 2017 | |
f) | Place of the transaction | London Stock Exchange, AIM (LON:RED) | |
Enquiries:
redT energy plc | +44 207 061 6233 |
Scott McGregor, Chief Executive Officer |
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Joe Worthington, Investor & Media Relations |
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Cenkos Securities plc |
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Nick Tulloch | +44 131 220 9772 |
Derrick Lee | +44 131 220 9100 |
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Celicourt (Financial PR) Mark Antelme Joanna Boon Jimmy Lea | +44 20 7520 9266 |
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Notes to Editors
About redT energy
redT energy develops and supplies durable and robust energy storage machines based on proprietary vanadium redox flow technology for on and off-grid applications. The liquid storage medium affords an exceptionally long life of up to 25,000 full charge/discharge cycles and a 100 per cent usable depth of discharge. Combined with low maintenance requirements, this delivers industry leading lowest levelised cost of storage (LCOS) and total cost of ownership (TCO) results. The modular approach allows the power and energy components of systems to be independently sized to meet customer requirements.
Until now it has not been possible to directly compare variable renewable energy generation sources with diesel or fossil fuel generation. PV + Storage is now reaching 'grid parity' in many countries, a paradigm shift in energy production, which will ultimately enable a distributed energy network optimising conventional and renewable generation. The redT energy storage machine has applications in remote power, smart grids, power quality, and all aspects of renewable energy management.
To find out more about redT products or to register your interest in purchasing an energy storage machine please go to the below web address:
http://www.redtenergy.com/register-interest
For sales enquiries, please email enquiries@redtenergy.com or call +44 (0) 207 061 6233