REG - i(x) Net Zero PLC - Management incentivisation

I (X) Net ZeroAnnouncement

14/02/2024 17:00

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RNS Number : 1792D  i(x) Net Zero PLC  14 February 2024

 

14 February 2024

i(x) Net Zero PLC

 

("i(x) Net Zero" or the "Company")

 

Management incentivisation

 

i(x) Net Zero PLC (AIM: IX.), the investing company which focuses on Energy
Transition and Sustainability in the Built Environment, announces that it has
agreed the following annual bonus arrangements for the executive directors of
the Company.

 

In order to preserve the Company's cash resources and to demonstrate his
commitment to the Company, Mr Lindström has agreed to apply his annual bonus
to subscribe for new ordinary shares in the Company ("Ordinary Shares") at
yesterday's closing price of 21p per Ordinary Share.  As a result, Pär
Lindström will receive 1,550,293 new Ordinary Shares in the Company ("2023
Bonus Shares").   The award of the 2023 Bonus shares is in substitution of
the total annual bonus of $410,000 in respect of the financial year ended 31
December 2023, an amount which equates to 100% of his base salary for the
year.

 

Following issuance of the 2023 Bonus Shares, the Company will have 87,427,722
Ordinary Shares in issue. The 2023 Bonus Shares represent 1.8% of the enlarged
issued share capital.

 

To further preserve cash resources, Jonathan Stearns has agreed to accept a
grant of share options in lieu of a cash bonus. Accordingly, Mr Stearns will
receive an option grant equivalent to 80% of his 2023 salary of $350,000, an
option amount that has been pro-rated for the 8 months he was employed during
2023, equating to 1,058,737 share options. The share options are fully vested
and have an exercise price of 21 pence.

 

Following the new grant of the Options, the Company has a total of 6,592,714
options to subscribe for new Ordinary Shares outstanding, which represents
7.7% of the Company's current issued share capital at the date of this
announcement (and prior to the issue of the shares referred to below).

 

Following the issue of the 2023 Bonus shares, Mr Lindström will hold
11,153,223 Ordinary shares, representing 12.8% of shares in issue following
the issue of the 2023 Bonus Shares.  In addition, Mr Lindström will hold
options over 3,083,216 Ordinary Shares.

 

Application has been made to the London Stock Exchange for the 2023 Bonus
Shares to be admitted to trading on AIM ("Admission"). Admission is expected
to become effective at 8.00 am on or around 20 February 2024.

 

 

- Ends -

 

 

For further information visit https://ixnetzero.com/
(https://url.avanan.click/v2/___https:/ixnetzero.com/___.YXAzOml4bmV0emVybzphOm86MWI5YTUyZmU4NmZiYWI5OGVjZjRmZWM5ZWRkZjg5OTE6NjpjYzE3OjFhMDNjOTMyMzEzNzkxYzkxY2QxYjg4YWRmYmExMjg5Y2FiNWM1YTQxYmExMjVlNDBhYTVjM2Q0YjZjZTI4NGQ6cDpU)
 or contact:

 i(x) Net Zero                               Via Buchanan below
 Pär Lindström - Chief Executive Officer
 Jonathan Stearns - Chief Financial Officer

 Canaccord Genuity Limited                   +44 20 7523 8000

 Nominated Adviser & Broker
 Max Hartley
 Harry Pardoe

 Buchanan
 Helen Tarbet                                +44 7872 604 453
 Simon Compton                               +44 7979 497 324
 Abby Gilchrist                              +44 7557 952 223

 

 

Notes to Editors

 

About i(x) Net Zero PLC

 

i(x) Net Zero PLC is an AIM quoted investing company that provides its
shareholders the opportunity to create long-term capital growth with
positive, scalable, measurable and sustainable impact on the environment and
on the communities it serves.

 

In accordance with its belief that the world's biggest problems are also the
biggest market opportunities, i(x) Net Zero focuses on two critical areas in
which it aims to make a positive impact: (i) Energy Transition and (ii)
Sustainability in the Built Environment. The Company uses a multi-strategy
investment approach, providing the companies in which it invests with the
expertise and catalytic capital to help them grow. To date, i(x) Net Zero has
invested in biofuels, direct air capture (carbon removal), renewable energy,
sustainable workforce housing and net zero construction technology.

 

i(x) Net Zero is a signatory to the UN Principles for Responsible
Investing. The Company has received the London Stock Exchange's Green Economy
Mark.

 

 

 1   Details of the person discharging managerial responsibilities
 a)  Name                                             Par Lindstrom
 2   Reason for the notification
 a)  Position/status                                  Chief Executive Officer
 b)  Initial notification/ Amendment                  Initial Notification
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                             i(x) Net Zero PLC
 b)  LEI                                              213800YUAD1FCXH29638
 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          Ordinary Shares of no par value
 b)  Identification code of the Financial Instrument  JE00BP4DVJ57
 c)  Nature of the transaction                        Award of Ordinary Shares
 d)  Price(s) and volume(s)

Price(s)  Volume(s)
                                                      N/a       1,552,592

 

 e)  Aggregated information:  volume, Price           N/a
 f)  Date of the transaction                          14 February 2024
 g)  Place of the transaction                         Outside of a trading venue

 

 

e)

Aggregated information:  volume, Price

N/a

f)

Date of the transaction

14 February 2024

g)

Place of the transaction

Outside of a trading venue

 

 

 1   Details of the person discharging managerial responsibilities
 a)  Name                                             Jonathan Stearns
 2   Reason for the notification
 a)  Position/status                                  Chief Finance Officer
 b)  Initial notification/ Amendment                  Initial Notification
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                             i(x) Net Zero PLC
 b)  LEI                                              213800YUAD1FCXH29638
 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          Options over Ordinary Shares
 b)  Identification code of the Financial Instrument  JE00BP4DVJ57
 c)  Nature of the transaction                        Award of Share Options
 d)  Price(s) and volume(s)

Price(s)             Volume(s)
                                                      Exercise Price: 21p  1,058,737

 

 e)  Aggregated information:  volume, Price           N/a
 f)  Date of the transaction                          14 February 2024
 g)  Place of the transaction                         Outside of a trading venue

 

 

e)

Aggregated information:  volume, Price

N/a

f)

Date of the transaction

14 February 2024

g)

Place of the transaction

Outside of a trading venue

 

 

 

 

 

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