REG - Invinity Energy Sys - Changes to Option Terms

Invinity Energy SystemsAnnouncement

14/10/2024 15:00

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RNS Number : 1020I  Invinity Energy Systems PLC  14 October 2024

 

14 October 2024

 

Invinity Energy Systems plc

("Invinity" or the "Company")

 

Changes to Option Terms

 

Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF), a leading
global manufacturer of utility-grade energy storage, announces the following
changes to the expiry dates of certain existing share options.

 

Gamesa Electric

As part of the Joint Development and Commercialisation Agreement announced on
11 May 2021, the Company granted Gamesa Electric options over 8,672,273
Ordinary Shares ("Ordinary Shares"), exercisable at a price of £1.75 per
Ordinary Share, with an expiry date of 10 May 2025.

 

The Board of Directors has agreed to extend the expiry date by one year to 10
May 2026. All other terms and conditions pertaining to the share options held
by Siemens Gamesa remain unchanged.

 

Historic Employee Share Options

An aggregate of 1,052,134 options over ordinary shares of €0.01 each in the
Company") are held by certain long-standing employees of the Company (the
"Employee Share Options"). The Employee Share Options, which have an exercise
price of 4.34p, were granted between 2014 and 2016 to retain and incentivise
key members of staff. 774,489 of the Employee Share Options are currently due
to expire on 21 November 2024 and 227,645 of the Employee Share Options are
due to expire on 7 July 2026.

 

The Board of Directors has resolved that the date by which both tranches of
the Employee Share Options must be exercised should be extended to 21 November
2029. The amendment extends the benefit of the Employee Share Options as a
long-term performance incentive and removes the requirement for holders to
exercise options in the near term which would likely have involved the sale of
shares to fund the subscription cost and tax charges.

 

The exercise price of the Employee Share Options, and all other conditions,
remain unchanged.

 

Matt Harper, Chief Commercial Officer of the Company, holds 336,099 of the
Employee Share Options, of which 263,034 were due to expire on 21 November
2024 and 73,065 were due to expire on 7 July 2026. The expiry date of the
336,099 Employee Share Options held by Matt Harper will also be extended to 21
November 2029.

 

All other terms and conditions pertaining to Matt Harper's options remain
unchanged.

 

Stay up to date with news from Invinity. Join the distribution list for the
Company's monthly investor newsletter here
(https://invinity.com/newsletter/?utm_source=iesrns)

 

Enquiries:

 

 Invinity Energy Systems plc                                               +44 (0)20 4551 0361
 Jonathan Marren, Chief Executive Officer

 Joe Worthington, Director of Communications and Investor Relations

 Canaccord Genuity (Nominated Adviser and Joint Broker)                    +44 (0)20 7523 8000
 Henry Fitzgerald-O'Connor / Harry Pardoe / Charlie Hammond

 VSA Capital (AQSE Corporate Advisor, Financial Adviser and Joint Broker)  +44 (0)20 3005 5000
 Andrew Monk / Andrew Raca

 Tavistock (Financial PR Advisor)                                          +44 (0)20 7920 3150
 Simon Hudson / Saskia Sizen / Adam Baynes                                 invinity@tavistock.co.uk (mailto:invinity@tavistock.co.uk)

 

 

 

 Notification of a Transaction pursuant to Article 19(1) of the EU Market Abuse
 Regulation (EU) No. 596/2014 as it forms part of domestic law by virtue of the
 European Union (Withdrawal) Act 2018.
 1     Details of the person discharging managerial responsibilities/person closely
       associated
 a.    Name                                                         Mr Matt Harper
 2     Reason for notification

 a.    Position/Status                                              Chief Commercial Officer
 b.    Initial notification/                                        Initial notification

       Amendment
 3     Details of the issuer, emission allowance market participant, auction
       platform, auctioneer or auction monitor
 a.    Name                                                         Invinity Energy Systems plc
 b.    LEI                                                          213800N2NKOTYUNRCU14
 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  Options over Ordinary Shares of €0.01 each

Identification Code

                                                                    JE00BLR94N79

 b.    Nature of the transaction                                    Amendment to terms of existing share options
  c.   Price(s) and volume(s)

Exercise Price  Volume
                                                                    4.34p           336,099
 d.    Aggregated information                                       N/a

       - Aggregated Volume

       - Price
 e.    Date of the transaction                                      14 October 2024
 f.    Place of the transaction                                     Outside a trading venue

d.

Aggregated information

- Aggregated Volume

- Price

N/a

 

e.

Date of the transaction

14 October 2024

f.

Place of the transaction

Outside a trading venue

 

Notes to Editors

Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF) manufactures
vanadium flow batteries for large-scale, high-throughput energy storage
requirements of business, industry and electrical networks.

 

Invinity's factory-built flow batteries run continually with no degradation
for over 25 years, making them suitable for the most demanding applications in
renewable energy production. Energy storage systems based on Invinity's
batteries are safe, reliable, and economical, and range in size from less than
250 kilowatt-hours to tens of megawatt-hours.

 

Invinity was created in April 2020 through the merger of two flow battery
industry leaders: redT energy plc and Avalon Battery Corporation. With 75 MWh
of systems already deployed or contracted for delivery across 82 sites in 15
countries, Invinity is active in all major global energy storage markets and
has operations in the UK, Canada, USA, China and Australia. Invinity Energy
Systems plc is quoted in the UK on AIM and AQSE and trades in the USA on
OTCQX.

 

To find out more, visit invinity.com (https://invinity.com/?utm_source=rns) ,
sign up to our monthly Investor Newsletter here
(https://invinity.com/newsletter/?utm_source=iesrns) or contact Investor
Relations on +44 (0)20 4551 0361 or ir@invinity.com (mailto:ir@invinity.com)

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