REG - Ceres Power Holdings - Exercise of Share Options, PDMR Dealing
RNS Number : 3895CCeres Power Holdings plc07 February 202007 February 2020
Ceres Power Holdings plc (AIM:CWR)
Exercise of Share Options, PDMR Dealing
Ceres Power Holdings plc (the "Company"), a global leader in fuel cell technology and engineering, announces the following share transactions carried out by certain Directors and persons discharging managerial responsibilities (PDMRs) on 7 February 2020.
Members of the executive management team, Phil Caldwell (Chief Executive Officer), Richard Preston (Chief Financial Officer), James Falla (Chief Operating Officer), Tony Cochrane (Chief Commercial Officer) and Mark Selby (Chief Technology Officer), each exercised options and sold the resulting shares. Steve Callaghan, Senior Independent Director, has sold a number of shares.
Options exercised and shares sold
Weighted average exercise price
Sale price
Options remaining after exercise
Current shareholding
Phil Caldwell
359,128
85.4p
401.0p
1,895,659
46,928
Richard Preston
75,000
17.9p
398.9p
633,794
59,641
James Falla
100,000
87.0p
400.5p
837,132
45,098
Tony Cochrane
100,000
90.0p
400.5p
689,794
-
Mark Selby
100,000
34.7p
400.5p
488,924
39,909
Steve Callaghan
200,000
n/a
398.85p
n/a
339,919
The options were granted between January 2013 and August 2015 under the Ceres Power Holdings plc 2004 Employees' Share Option Scheme as a key part of the Company's long-term incentive scheme to attract and retain key talent in the business.
The Board, upon the recommendation of the Remuneration Committee, approved a window to trade thus enabling PDMRs to sell shares. It is intended that PDMRs are able to periodically trade at timely intervals without disrupting the market, such is common market practice.
The Company remuneration policy on PDMR shareholding is that the CEO should hold a minimum of 150% of salary in shares and exercisable share options, and all other Directors and PDMRs a minimum of 100% of salary. This policy helps to ensure that the interests of the investors remain aligned with those of Directors and management. Following the above transactions, each PDMR retains a combined value of shareholdings and exercisable options significantly above these thresholds.
As part of the exercise of some options by Phil Caldwell, he sold 350,000 Employee Shareholder Status (ESS) shares in the Company's subsidiary, Ceres Power Intermediate Holdings Ltd, which were granted as a modification to the unexercised 2004 Employees' Share Scheme options in 2014 and 2015.
The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further detail.
1
Details of the person discharging managerial responsibilities/person closely associated
a)
Name
Philip Caldwell
2
Reason for the notification
a)
Position/status
Chief Executive Officer, Director
b)
Initial notification/Amendment
Initial Notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Ceres Power Holdings plc
b)
LEI
213800N7AAHSXQUOA733
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
Identification code
10p ordinary shares
ISIN GB00BG5KQW09
b)
Nature of the transaction
Exercise of Share Options under the Ceres Power 2004 Employees Share Option Scheme and the sale of the resulting shares. As part of the exercise of these options, Phil Caldwell sold 350,000 Employee Shareholder Status (ESS) shares in the Company's subsidiary, Ceres Power Intermediate Holdings Ltd, which were granted as a modification to the unexercised 2004 Employees' Share Scheme options in 2014.
c)
Price(s) and volume(s)
Share option exercise price(s)
Volume(s)
Sales Price(s)
85.4 pence
242,497
398.85 pence
85.4 pence
116,631
405.52 pence
d)
Aggregated information
Exercise Price
Volume(s)
Sales Price
85.4 pence
359,128
401.02 pence
e)
Date of the transaction
7 February 2020
f)
Place of the transaction
N/A
1
Details of the person discharging managerial responsibilities/person closely associated
a)
Name
Richard Preston
2
Reason for the notification
a)
Position/status
Chief Financial Officer, Director
b)
Initial notification/Amendment
Initial Notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Ceres Power Holdings plc
b)
LEI
213800N7AAHSXQUOA733
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
Identification code
10p ordinary shares
ISIN GB00BG5KQW09
b)
Nature of the transaction
Exercise of Share Options under the Ceres Power 2004 Employees Share Option Scheme and the sale of the resulting shares
c)
Price(s) and volume(s)
Exercise Price(s)
Volume(s)
Sales Price(s)
10 pence
67,125
398.85 pence
85 pence
7,875
398.85 pence
d)
Aggregated information
Exercise Price
Volume(s)
Sales Price
17.9 pence
75,000
398.85 pence
e)
Date of the transaction
7 February 2020
f)
Place of the transaction
N/A
1
Details of the person discharging managerial responsibilities/person closely associated
a)
Name
James Falla
2
Reason for the notification
a)
Position/status
Chief Operating Officer, PDMR
b)
Initial notification/Amendment
Initial Notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Ceres Power Holdings plc
b)
LEI
213800N7AAHSXQUOA733
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
Identification code
10p ordinary shares
ISIN GB00BG5KQW09
b)
Nature of the transaction
Exercise of Share Options under the Ceres Power 2004 Employees Share Option Scheme and the sale of the resulting shares.
c)
Price(s) and volume(s)
Exercise Price(s)
Volume(s)
Sales Price(s)
87 pence
75,000
398.85 pence
87 pence
25,000
405.52 pence
d)
Aggregated information
Exercise Price
Volume(s)
Sales Price
87 pence
100,000
400.53 pence
e)
Date of the transaction
7 February 2020
f)
Place of the transaction
N/A
1
Details of the person discharging managerial responsibilities/person closely associated
a)
Name
Anthony Cochrane
2
Reason for the notification
a)
Position/status
Chief Commercial Officer, PDMR
b)
Initial notification/Amendment
Initial Notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Ceres Power Holdings plc
b)
LEI
213800N7AAHSXQUOA733
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
Identification code
10p ordinary shares
ISIN GB00BG5KQW09
b)
Nature of the transaction
Exercise of Share Options under the Ceres Power 2004 Employees Share Option Scheme and the sale of the resulting shares
c)
Price(s) and volume(s)
Exercise Price(s)
Volume(s)
Sales Price(s)
90 pence
75,000
398.85 pence
90 pence
25,000
405.52 pence
d)
Aggregated information
Exercise Price
Volume(s)
Sales Price
90 pence
100,000
400.52 pence
e)
Date of the transaction
7 February 2020
f)
Place of the transaction
N/A
1
Details of the person discharging managerial responsibilities/person closely associated
a)
Name
Mark Selby
2
Reason for the notification
a)
Position/status
Chief Technology Officer, PDMR
b)
Initial notification/Amendment
Initial Notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Ceres Power Holdings plc
b)
LEI
213800N7AAHSXQUOA733
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
Identification code
10p ordinary shares
ISIN GB00BG5KQW09
b)
Nature of the transaction
Exercise of Share Options under the Ceres Power 2004 Employees Share Option Scheme and the sale of the resulting shares
c)
Price(s) and volume(s)
Exercise Price(s)
Volume(s)
Sales Price(s)
10 pence
67,125
398.85 pence
85 pence
7,875
398.85 pence
85 pence
25,000
405.52 pence
d)
Aggregated information
Exercise Price
Volume(s)
Sales Price
34.7 pence
100,000
400.52 pence
e)
Date of the transaction
7 February 2020
f)
Place of the transaction
N/A
1
Details of the person discharging managerial responsibilities/person closely associated
a)
Name
Stephen Callaghan
2
Reason for the notification
a)
Position/status
Non-Executive Director, Senior Independent Director
b)
Initial notification/Amendment
Initial Notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Ceres Power Holdings plc
b)
LEI
213800N7AAHSXQUOA733
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
Identification code
10p ordinary shares
ISIN GB00BG5KQW09
b)
Nature of the transaction
Sale of shares
c)
Price(s) and volume(s)
Sales price
Volume
398.85 pence
200,000
d)
Aggregated information
Sales price
Volume
398.85 pence
200,000
e)
Date of the transaction
7 February 2020
f)
Place of the transaction
N/A
- Ends -
For further information, please contact:
Ceres Power Holdings plc
Elizabeth Skerritt
Tel: +44 (0)1403 273 463
Investec Bank PLC (NOMAD & Joint Broker)
Jeremy Ellis / Patrick Robb
Tel: +44 (0)207 597 4000
Berenberg (Joint Broker)
Ben Wright / Mark Whitmore
Tel: +44 (0) 203 207 7800
Powerscourt
Peter Ogden / James White
Tel: +44 (0) 20 7250 1446
About Ceres Power
Ceres Power (http://www.cerespower.com/) is a world leader in low cost, next generation fuel cell technology for use in distributed power products that reduce operating costs, lower CO2, SOx and NOx emissions, increase efficiency and improve energy security. The Ceres Power unique patented SteelCell® technology generates power from widely available fuels such as natural gas and future fuels such as hydrogen enabling a transition from low to zero carbon power generation at high efficiency. The SteelCell® is manufactured using standard processing equipment and conventional materials such as steel, meaning that it can be mass produced at an affordable price. Ceres Power offers its partners the opportunity to develop power systems and products using its unique technology and know-how, as well as the opportunity to manufacture the SteelCell® in volume.
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