REG - SIMEC AtlantisEnergy - Grant of options CSOP and LTIP

SIMEC Atlantis EnergyAnnouncement

11/04/2023 17:15

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RNS Number : 8747V  SIMEC Atlantis Energy Limited  11 April 2023

11 April 2023

 

SIMEC Atlantis Energy Limited

("SAE Renewables", "SAE", the "Company" and, together with its subsidiaries,
the "Group")

 

 

Grant of options CSOP and LTIP

 

Related Party Transaction

 

Following a review by the Board of Directors (the "Board") of SAE's existing
Company Share Option Scheme ("CSOP"), a tax efficient scheme open to all
employees, and in line with the Board's view that it is essential for the
Company's executive directors and key senior managers to be incentivised to
drive the business forwards, and provide an alignment of interest with those
of shareholders, the Company has agreed the surrender of existing CSOP
options, which have exercise prices ranging from 9p to 70p per ordinary share
("Ordinary Share"), allowing headroom for the re-issue of CSOP options to all
employees at values reflective of the current market. In addition, options
have been granted to executive directors and senior employees under the
Company's long-term incentive plan ("LTIP").

 

Grant of CSOP Options

 

On 6 April 2023, following surrender of previous CSOP options, under the terms
of the Company's CSOP, the Board approved the award and grant of, in
aggregate, 25,073,984 options over Ordinary Shares in the Company ("CSOP
Options"), including to the following executive directors and a PDMR:

 

 Name          Position         CSOP Options awarded
 Graham Reid   CEO              3,913,043
 Simon Hirst   CFO              3,913,043
 David Taaffe  COO (non-Board)  3,913,043

 

The CSOP Options vest on the third anniversary of grant and are exercisable at
1.15p per Ordinary Share, being the closing price of the share for the last
dealing day immediately prior to the date of grant. In addition, a further
award and grant of an equal number of CSOP Options will be made in January
2024 to employees, with an exercise price referenced to the Ordinary Share
price at that time.

 

The surrender and re-issue of CSOP Options to executive directors constitutes
a related party transaction for the purposes of the AIM Rules. The directors
independent of the transaction, being Duncan Black and John Woodley, having
consulted with the Company's Nominated Adviser, Strand Hanson Limited,
consider that the terms of the surrender and re-issue of CSOP Options are fair
and reasonable insofar as shareholders are concerned.

 

Grant of LTIP Options

 

On 6 April 2023, under the terms of the Company's LTIP, the Board approved the
award and grant of, in aggregate, 10,608,696 options over Ordinary Shares in
the Company ("LTIP Options") to executive directors and a PDMR, as follows:

 

 Name          Position         LTIP Options awarded
 Graham Reid   CEO              3,913,043
 Simon Hirst   CFO              5,260,870
 David Taaffe  COO (non-Board)  1,434,783

 

The LTIP Options have been granted subject to continued employment and will
vest in three equal annual instalments commencing on the first anniversary of
the date of grant. There are no further performance conditions. The options
have an exercise price of 1.15p based on the closing price of the share for
the last dealing day immediately prior to the date of grant, and will be
exercisable for a maximum period of 10 years. In relation to Mr Hirst,
5,000,000 of the LTIP Options awarded were included in the terms of his
appointment to the position of Chief Financial Officer on 25 April 2022.

 

Following the grant of the above Options, the total number of Ordinary Shares
outstanding under the Company's CSOP and LTIP is 55,258,160, representing
7.64% of the Company's issued share capital.

 

For further information, please contact:

 

 SAE Renewables                                           +44 (0)7739 832 446

 Sean Parsons, Director of External Affairs

 Strand Hanson Limited (Nominated and Financial Adviser)  +44 (0)20 7409 3494

 Richard Johnson

 Rory Murphy

 David Asquith

 Zeus Capital Limited (Broker)                            +44 (0)20 3829 5000

 Louisa Waddell

 Simon Johnson

 

Notes to Editors

SAE Renewables is a global developer, owner and operator of sustainable energy
projects with a diverse portfolio in various stages of development.

https://www.saerenewables.com/ (https://www.saerenewables.com/)

 

 

 1.  Details of the person discharging managerial responsibilities / person closely
     associated
 a)  Name                                                         1.     Graham Reid

                                                                  2.     Simon Hirst

                                                                  3.     David Taaffe
 2.  Reason for the Notification
 a)  Position/status                                              1.     Director

                                                                  2.     Director

                                                                  3.     PDMR (non-Board) COO
 b)  Initial notification/amendment                               Initial notification
 3.  Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                         SIMEC Atlantis Energy Limited
 b)  LEI                                                          21380056V967FGHNU187
 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
     Identification code (ISIN)                                   SG9999011118
 b)  Nature of the Transaction                                    Grant of CSOP options
 c)  Price(s) and volume(s)                                       Price(s)                Volume(s)
                                                                  1.15p (exercise price)  1.     3,913,043

                                                                              2.     3,913,043

                                                                              3.     3,913,043

 d)  Aggregated information                                       N/A (Single transaction)

     Aggregated volume Price
 e)  Date of the transaction                                      6 April 2023
 f)  Place of the transaction                                     Off-exchange

d)

Aggregated information

Aggregated volume Price

N/A (Single transaction)

e)

Date of the transaction

6 April 2023

f)

Place of the transaction

Off-exchange

 

 

 

 1.  Details of the person discharging managerial responsibilities / person closely
     associated
 a)  Name                                                         1.     Graham Reid

                                                                  2.     Simon Hirst

                                                                  3.     David Taaffe
 2.  Reason for the Notification
 a)  Position/status                                              1.     Director

                                                                  2.     Director

                                                                  3.     PDMR (non-Board) COO
 b)  Initial notification/amendment                               Initial notification
 3.  Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                         SIMEC Atlantis Energy Limited
 b)  LEI                                                          21380056V967FGHNU187
 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
     Identification code (ISIN)                                   SG9999011118
 b)  Nature of the Transaction                                    Grant of LTIP options
 c)  Price(s) and volume(s)                                       Price(s)                Volume(s)
                                                                  1.15p (exercise price)  1.     3,913,043

                                                                              2.     5,260,870

                                                                              3.     1,434,783

 d)  Aggregated information                                       N/A (Single transaction)

     Aggregated volume Price
 e)  Date of the transaction                                      6 April 2023
 f)  Place of the transaction                                     Off-exchange

d)

Aggregated information

Aggregated volume Price

N/A (Single transaction)

e)

Date of the transaction

6 April 2023

f)

Place of the transaction

Off-exchange

 

 

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