REG - AFC Energy Plc - Grant of Share Options

AFC EnergyAnnouncement

12/07/2022 07:00

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RNS Number : 0910S  AFC Energy Plc  12 July 2022

 12 July 2022

 

AFC Energy Plc

("AFC Energy" or the "Company")

Grant of Share Options

AFC Energy (AIM: AFC) is pleased to announce that the following Directors and
Persons Discharging Managerial Responsibility ("PDMRs") of the Company have
been granted awards by way of nominal cost options ("Awards") under the
Company's Performance Share Plan:

 Name of PDMR  Title  Maximum number of Shares (Total Award)
 A Bond        CEO    1 697 802
 J Gibson      COO    743 590

 

The Awards entitle the individual to acquire ordinary shares of £0.001 each
in the Company ("Shares") up to the maximum number set out above, subject to
the satisfaction of certain performance conditions and continued employment.
The Awards will vest on 11(th) July 2025, or as soon as practicable after this
date.

The performance testing relating to the Awards will be split equally between
an Absolute Total Shareholder Return ("TSR") performance condition and a
Relative TSR condition.

Under the Absolute TSR condition, at the vesting date the Company's end TSR
value as at the end of the three year performance period will be calculated
and tested against a threshold of 40p per Share. Below this threshold this
portion of the Award will be forfeited. At the threshold, 12.5% of the maximum
Award will vest and this will increase linearly up to 50% vesting at an upper
limit of 75p.

Under the Relative TSR condition, the Company's TSR as at the end of the
Performance Period will be ranked against constituents of the FTSE AIM 100
Index. A ranking below a median threshold will mean this portion of the Award
will be forfeited. At the threshold, 12.5% of the maximum Award will vest and
this will increase linearly up to 50% vesting at upper quartile ranking.

The Remuneration Committee will assess the value of the award at vesting and
will ensure that the final outcome reflects all relevant factors, including
consideration of any windfall gains as a result of material increases in share
price. In making their assessment the Committee will take into account
appropriate advice, also giving due consideration to the impact on
shareholders and to what extent the outcome incorporates any windfall share
price gain, which warrants adjustment to the vesting conditions.

Set out below are the notifications made in accordance with Article 19 of the
UK Market Abuse Regulation.

For further information, please contact:

 AFC Energy plc

 Gerry Agnew (Chairman Remuneration Committee)                  +44 (0) 14 8327 6726

 Ben Bradshaw (Head of Marketing)                               investors@afcenergy.com (mailto:investors@afcenergy.com)

 Peel Hunt LLP - Nominated Adviser and Joint Broker

 Richard Crichton / Tom Ballard / Alexander Allen               +44 (0) 207 418 8900

 M C Peat & Co LLP - Joint Broker

 Charlie Peat

                                                                +44 (0) 20 7104 2334
 Zeus - Joint Broker

 Daniel Harris/ James Hornigold (Investment Banking)            +44 (0) 203 829 5000

 Dominic King (Corporate Broking) / Rupert Woolfenden (Sales)

 FTI Consulting - Financial PR Advisors                         +44 (0) 203 727 1000

 Ben Brewerton / Nick Hennis / Dhruv Soni                       afcenergy@fticonsulting.com (mailto:afcenergy@fticonsulting.com)

 

Notification of Dealing Form:

 

 1    Details of the person discharging managerial responsibilities / person closely

    associate

 a)   Name                                                         Adam Bond

 2    Reason for the notification

 a)   Position/status                                              CEO

 b)   Initial notification /Amendment                              Initial notification

 3    Details of the issuer, emission allowance market participant, auction

    platform, auctioneer or auction monitor

 a)   Name                                                         AFC Energy Plc

 b)   LEI                                                          213800SRJST19GNS9U35

 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 0.1 pence each in the Company ("Shares")

      Identification code                                          ISIN: GB00B18S7B29

 b)   Nature of the transaction                                    Grant of awards over Shares under the AFC Energy Plc Performance Share Plan

 c)   Price(s) and volume(s)

Price per share  Volume
                                                                   £0.001           1 697 802

 
 d)   Aggregated Information                                        n/a single transaction

      Volume

      Price
 e)   Date of transaction                                          11 July 2022
 f)   Place of transaction                                         Outside a trading venue

 

d)

Aggregated Information

 

Volume

 

Price

 n/a single transaction

 

e)

Date of transaction

11 July 2022

f)

Place of transaction

Outside a trading venue

 

 

 1    Details of the person discharging managerial responsibilities / person closely

    associate

 a)   Name                                                         J Gibson

 2    Reason for the notification

 a)   Position/status                                              COO

 b)   Initial notification /Amendment                              Initial notification

 3    Details of the issuer, emission allowance market participant, auction

    platform, auctioneer or auction monitor

 a)   Name                                                         AFC Energy Plc

 b)   LEI                                                          213800SRJST19GNS9U35

 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 0.1 pence each in the Company ("Shares")

      Identification code                                          ISIN: GB00B18S7B29

 b)   Nature of the transaction                                    Grant of awards over Shares under the AFC Energy Plc Performance Share Plan

 c)   Price(s) and volume(s)

Price per share  Volume
                                                                   £0.001           743 590

 
 d)   Aggregated Information                                        n/a single transaction

      Volume

      Price
 e)   Date of transaction                                          11 July 2022
 f)   Place of transaction                                         Outside a trading venue

 

d)

Aggregated Information

 

Volume

 

Price

 n/a single transaction

 

e)

Date of transaction

11 July 2022

f)

Place of transaction

Outside a trading venue

 

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