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18 Oct 2011 12:00
18 October 2011
Renewable Energy Generation Ltd
Grant of options
Renewable Energy Generation Limited (AIM: WIND), the UK renewable energy developer and operator, announces that 1,501,750 share options have today been awarded by the Remuneration and Nomination Committee under the Employee Share Option Plan.
Included within this are the following grants in respect of Directors:
Director | Options granted | Exercise price (pence) | Date from which exercisable | Expiry date |
Andrew Whalley | 450,000 | 45.25 | 17 October 2014 | 17 October 2021 |
David Crockford | 300,000 | 45.25 | 17 October 2014 | 17 October 2021 |
The options can only be exercised if certain performance conditions are satisfied. Performance conditions for the Directors are principally linked to the value delivered to shareholders by reference to a comparator group of companies. The performance conditions are measured once only at the end of the performance period, which commences on the date of grant of the options and ends on the third anniversary of that date. If the Company's ranking is below the median of the comparator group then the options shall not vest and shall lapse at the end of the performance period. If the Company's ranking places it above the median of the comparator group then, depending on its exact placing in the comparator group, a percentage above 50% and up to 100% of the options shall vest
Enquiries:
Renewable Energy Generation Limited Andrew Whalley, Chief Executive Officer David Crockford, Finance Director Ian Lawrence, Communications Manager
| +44 (0)1483 901 790 |
Smith & Williamson Corporate Finance Limited (Nominated Adviser) Nick Reeve / Martyn Fraser
| +44 (0)117 376 2213 |
Evolution Securities (Corporate Broker) Garry Levin / Tim Redfern / Stuart Andrews
| +44 (0)20 7071 4300 |
City Profile Simon Courtenay / Sheena Khan | +44 (0)20 7448 3244 |
Notes to Editors
Renewable Energy Generation Ltd (REG) is a UK orientated renewable energy group. The Group's main business is the development, construction and operation of wind farms in the UK and generating power from refined waste cooking oil in the UK.
·; | REG Windpower: based in Cornwall and Bath, UK, it currently operates ten wind projects in Cambridgeshire, Cornwall, County Durham, Yorkshire, Cumbria and Gwynedd, with a total capacity of 41.15MW and has a development pipeline of around 1,000MW. |
·; | REG Bio-Power UK Ltd: based in Nottingham, UK: it operates electricity generation plant fuelled by waste vegetable oil. |
Headquartered in Jersey, REG was admitted to trading on AIM, a market operated by the London Stock Exchange, in May 2005 (AIM: WIND).
www.renewableenergygeneration.co.uk
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