REG - Ceres Power Holdings - Exercise of options, PDMR dealing

Ceres Power HoldingsAnnouncement

17/12/2020 10:00

RNS Number : 0022J
  
Ceres Power Holdings plc
  
17 December 2020
  
 

17 December 2020
Ceres Power Holdings plc (AIM: CWR)
("Ceres Power" or the "Company")
 
Exercise of 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 16 December 2020.
Members of the executive management team, Phil Caldwell (Chief Executive Officer), Richard Preston (Chief Financial Officer), Tony Cochrane (Chief Commercial Officer) and Mark Selby (Chief Technology Officer), each exercised options and sold the resulting shares. 
 



 


Options exercised and shares sold


Weighted average exercise price


Sale price


Options remaining after exercise


Current shareholding




Phil Caldwell


387,007


85.4p


1,017.1p


1,575,386


60,564




Richard Preston


131,783


95.7p


1,017.1p


546,286


59,641




Tony Cochrane


104,223


90.0p


1,017.1p


715,175


-




Mark Selby


117,125


85.0p


1,017.1p


406,205


39,909




 


 


 


 


 


 



 
The options were granted between April 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 and Richard Preston, they respectively sold 419,939 and 112,500 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


Nominal value options over 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 419,939 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) 





Exercise Price(s)


Volume(s)


Sales Price(s)




85.4 pence


387,007


1,017.1p








d)


Aggregated information 





Exercise Price(s)


Volume(s)


Sales Price(s)




85.4 pence


387,007


1,017.1p








e)


Date of the transaction


16 December 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


Nominal value options over 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, Richard Preston sold 112,500 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) 





Exercise Price(s)


Volume(s)


Sales Price(s)




85.0 pence


29,625


1,017.1p




98.75 pence


102,158


1,017.1p








d)


Aggregated information 





Exercise Price(s)


Volume(s)


Sales Price(s)




95.7 pence


131,783


1,017.1p








e)


Date of the transaction


16 December 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, 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


Nominal value options over 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)




90.0 pence


104,223


1,017.1p








d)


Aggregated information 





Exercise Price(s)


Volume(s)


Sales Price(s)




90.0 pence


104,223


1,017.1p








e)


Date of the transaction


16 December 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, 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


Nominal value options over 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)




85.0 pence


117,125


1,017.1p








d)


Aggregated information 





Exercise Price(s)


Volume(s)


Sales Price(s)




85.0 pence


117,125


1,017.1p








e)


Date of the transaction


16 December 2020




f)


Place of the transaction 


N/A



 
For further information, please contact:
 



Ceres Power Holdings plc
Richard Preston






Tel: +44 (0)1403 273 463




 
Investec Bank PLC (NOMAD & Joint Broker)
Jeremy Ellis / Patrick Robb






 
Tel: +44 (0)207 597 5970




 
Berenberg (Joint Broker)
Ben Wright / Mark Whitmore






 
Tel: +44 (0) 203 207 7800




 
Powerscourt
Peter Ogden / James White






 
Tel: +44 (0) 20 7250 1446



 
Notes to Editors:
 
About Ceres Power
Ceres is a world-leading developer of next generation solid oxide fuel cell (SOFC) and electrochemical technology. Its asset-light, licensing model has seen it establish partnerships with some of the world's largest engineering and technology companies, such as Weichai in China, Bosch in Germany, Miura in Japan, and Doosan in South Korea, to develop systems and products that address climate change and air quality challenges for transportation, industry, data centres and everyday living.  Ceres is listed on the AIM market of the London Stock Exchange ("LSE") (AIM: CWR) and is classified by the LSE Green Economy Mark, which recognises listed companies that derive more than 50% of their activity from the green economy.

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