REG - ITM Power PLC - Director/PDMR Shareholding

ITM PowerAnnouncement

10/06/2020 07:00

RNS Number : 4618P
  
ITM Power PLC
  
10 June 2020
  
 

10 June 2020
 
ITM Power plc
("ITM Power" or the "Company")
 
Director/PDMR Shareholding
 
ITM Power (AIM: ITM), the energy storage and clean fuel group announces that it has received notification of the following share transactions by Persons Discharging Managerial Responsibilities ("PDMR" and, collectively, "the Executive Team") and persons closely associated ("PCA").
 
Dr Graham Cooley, Dr Simon Bourne and Dr Rachel Smith each exercised options and sold the resulting shares. Andy Allen exercised options and sold a portion of the resulting shares. Each of Dr Graham Cooley, Dr Simon Bourne and Dr Rachel Smith have in addition sold existing ordinary shares. In aggregate, the Executive Team have disposed of 4,793,871 Ordinary Shares in the Company representing 1.0124% of the Company's issued share capital. 
The transactions have been undertaken for the purposes of wealth diversification. The Executive Team remain committed to retaining a long term equity interest in the Company in excess of 100% of annual basic salary. Following the above transactions, each PDMR retains a combined value of shareholdings and exercisable options approximately at or above this threshold.  
 




PDMR


Position


Options exercised


Weighted average exercise price (£)


Options/ Shares sold


Sale price (£)


Options remaining after exercise


Current shareholding


% ISC




Graham Cooley


CEO


1,800,000


0.477


2,337,726


2.8305


3,307,500


600,000


0.825




Andy Allen


CFO


383,333


0.332


367,559


2.8305


713,917


40,774


0.159




Simon Bourne


CTO


1,333,333


0.419


1,591,034


2.8305


1,326,417


69,129


0.295




Rachel Smith


Executive Director


416,666


0.300


497,552


2.8305


905,334


64,079


0.205




 
The options were granted between 2011 and 2018 under the ITM Power plc Share Option Plan 2010 as a key part of the Company's long-term incentive scheme to attract and retain key talent in the business.  
 
The information below, set out in accordance with the requirements of the EU Market Abuse Regulation, provides further detail on shares sold.
 




1
 


Details of the person discharging managerial responsibilities / person closely associated




a)


Name


Graham Cooley




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


ITM Power plc




b)


LEI


21380042MB2JKZ6RRP12




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 5p each and ordinary shares of 5p each




 


 




Identification code


ISIN: GB00B0130H42




 


 




b)


Nature of the transaction


Exercise of options and sale of the resultant shares and sale of shares




c)
 


Price(s) and volume(s)


 


 




 


Exercise Price


 Sale Price


Volume(s)




 


50p


 283.05p


250,000




 


 


66.75p


 283.05p


800,000




 


 


26.5p


 283.05p


750,000




 


 


-


 283.05p


537,726




d)
 


Aggregated information


 




 


 




- Aggregated volume


2,337,726




 


 




- Price


283.05p




 


 




e)


Date of the transaction


9/6/20




f)


Place of the transaction


The London Stock Exchange




 




1
 


Details of the person discharging managerial responsibilities / person closely associated




a)


Name


Andy Allen




2


Reason for the notification




a)


Position/status


Chief Financial Officer




b)


Initial notification /Amendment


Initial Notification




3
 


Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor




a)


Name


ITM Power plc




b)


LEI


21380042MB2JKZ6RRP12




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 5p each and ordinary shares of 5p each




 


 




Identification code


ISIN: GB00B0130H42




 


 




b)


Nature of the transaction


Exercise of options and sale of the resultant shares




c)
 


Price(s) and volume(s)


 


 




 


Exercise Price


 Sale Price


Volume(s)




 


30p


 283.05p


50,000




 


 


54.5p


 283.05p


317,559




d)
 


Aggregated information


 




 


 




- Aggregated volume


367,559




 


 




- Price


283.05




 


 




e)


Date of the transaction


9/6/20




f)


Place of the transaction


The London Stock Exchange




 




1
 


Details of the person discharging managerial responsibilities / person closely associated




a)


Name


Dr Simon Bourne




2


Reason for the notification




a)


Position/status


Chief Technology Office




b)


Initial notification /Amendment


Initial Notification




3
 


Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor




a)


Name


ITM Power plc




b)


LEI


21380042MB2JKZ6RRP12




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 5p each and ordinary shares of 5p each




 


 




Identification code


ISIN: GB00B0130H42




 


 




b)


Nature of the transaction


Exercise of options and sale of the resultant shares and sale of shares




c)
 


Price(s) and volume(s)


 


 




 


Exercise Price


Sale Price


Volume(s)




 


66.75p


 283.05p


123,596




 


 


49.88p


 283.05p


100,000




 


 


26.5p


 283.05p


250,000




 


 


66.75p


 283.05p


276,404




 


 


30p


 283.05p


583,333




 


 


-


 283.05p


257,701




d)
 


Aggregated information


 




 


 




- Aggregated volume


1,591,034




 


 




- Price


283.05




 


 




e)


Date of the transaction


9/6/20




f)


Place of the transaction


The London Stock Exchange




 




1
 


Details of the person discharging managerial responsibilities / person closely associated




a)


Name


Dr Rachel Smith




2


Reason for the notification




a)


Position/status


Executive Director




b)


Initial notification /Amendment


Initial Notification




3
 


Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor




a)


Name


ITM Power plc




b)


LEI


21380042MB2JKZ6RRP12




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 5p each and ordinary shares of 5p each




 


 




Identification code


ISIN: GB00B0130H42




 


 




b)


Nature of the transaction


Exercise of options and sale of the resultant shares and sale of shares




c)
 


Price(s) and volume(s)


 


 




 


Exercise Price


 Sale Price


Volume(s)




 


30p


 283.05p


416,666




 


 


-


 283.05p


80,886




d)
 


Aggregated information


 




 


 




- Aggregated volume


497,552




 


 




- Price


283.05




 


 




e)


Date of the transaction


9/6/20




f)


Place of the transaction


The London Stock Exchange




 




1
 


Details of the person discharging managerial responsibilities / person closely associated




a)


Name


Trevor Smith




2


Reason for the notification




a)


Position/status


Person closely associated with Dr Rachel Smith




b)


Initial notification /Amendment


Initial Notification




3
 


Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor




a)


Name


ITM Power plc




b)


LEI


21380042MB2JKZ6RRP12




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 5p each




 


 




Identification code


ISIN: GB00B0130H42




 


 




b)


Nature of the transaction


Sale of Shares




c)
 


Price(s) and volume(s)


 


 




 


Sale Price


Volume(s)




 


 283.05p


40,046




 


 




d)
 


Aggregated information


 




 


 




- Aggregated volume


40,046




 


 




- Price


283.05




 


 




e)


Date of the transaction


9/6/20




f)


Place of the transaction


The London Stock Exchange




 
This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation (EU) 596/2014. The person responsible for making this announcement on behalf of the Company is Nicola Ham Edmonds, Company Secretary.
 
For further information, please visit www.itm-power.com or contact:
 




ITM Power plc


(0)114 244 5111




Nicola Ham Edmonds, Company Secretary


 




 


 




Investec Bank plc (Nominated Adviser and Broker) 


(0)20 7597 5970




Jeremy Ellis / Chris Sim / Ben Griffiths / Tejas Padalkar


 




 


 




Tavistock (Financial PR and IR)


(0)20 7920 3150




Simon Hudson / Edward Lee / Barney Hayward


 




 
About ITM Power plc:
ITM Power plc manufactures integrated hydrogen energy solutions for grid balancing, energy storage and the production of renewable hydrogen for transport, renewable heat and chemicals. ITM Power plc was admitted to the AIM market of the London Stock Exchange in 2004.  In October 2019, the Company announced the completion of a £58.8 million fundraise, including a subscription by Linde of £38 million, together with the formation of a joint-venture with Linde to focus on delivering renewable hydrogen to large scale industrial projects worldwide.  ITM Power signed a forecourt siting agreement with Shell for hydrogen refuelling stations in September 2015, (which was extended in May 2019 to include buses, trucks, trains and ships) and in January 2018 a deal to deploy a 10MW electrolyser at Shell's Rhineland refinery. ITM Power announced the lease of the world's largest electrolyser factory in Sheffield with a capacity of 1GW (1,000MW) per annum in July 2019. Customers and partners include Sumitomo, Ørsted, National Grid, Cadent, Northern Gas Networks, Gasunie, RWE, Engie, BOC Linde, Toyota, Honda, Hyundai and Anglo American among others.
 
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