REG - Velocys PLC - Director/PDMR Shareholding

VelocysAnnouncement

16/12/2019 07:05

RNS Number : 8847W
Velocys PLC
16 December 2019
 


News release
Velocys plc
("Velocys" or "the Company")
16 December 2019
 
Grant of Share Options to Directors
Velocys plc (VLS.L), the sustainable fuels technology company announces that it has been notified on 13 December 2019 by Henrik Wareborn, Chief Executive Officer and a director of the Company, and Andrew Morris, Chief Financial Officer and a director of the Company, that they were granted options ("Option Grants") on 13 December 2019 under the Velocys 2012 Share Option Scheme (as amended) over the Company's Ordinary shares of £0.01 each ("Ordinary Shares"). The Option Grants, which have been made under the Rules of the Velocys 2012 Share Option Scheme and follow discussions with major shareholders, were as follows:
 
 



Name of Director


Type of share option


Number of share options granted
 


Exercise price


Vesting/
Exercise
(See notes below)


Total number of share options as % of present issued share capital




 Henrik Wareborn


Commencement Award
Performance Award
Annual Award 2019


2,000,000
2,000,000
6,250,000


£0.10
£0.15
£0.03
 


Note 1
Note 2
Note 3


0.31%
0.31%
0.97%




Andrew Morris


Commencement Award
Performance Award
Annual Award 2019


2,000,000
2,000,000
5,625,000


£0.10
£0.15
£0.03
 


Note 1
Note 2
Note 3


0.31%
0.31%
0.87%



 
Following these notifications:
 
(i)         Henrik Wareborn is interested in 1,666,666 Ordinary Shares and Options over 10,250,000 Ordinary Shares of the Company, together representing 1.85% of the present issued share capital of the Company.
 
(ii)         Andrew Morris is interested in 433,333 Ordinary Shares and Options over 9,625,000 Ordinary Shares of the Company, together representing 1.56% of the present issued share capital of the Company.
 
The Option Grants are in addition to one-off Special Awards of share options over 16,700,000 Ordinary Shares (representing 2.59% of the present issued share capital) to Velocys' other key staff to compensate for an absence of share awards in recent years, and of share options over 15,250,146 Ordinary Shares (representing 2.37% of the present issued share capital) to Velocys' other key staff in respect of share awards for the 2019 financial year.
 
The above options are subject to terms for Malus and Clawback and may not in any event be exercised later than the day immediately preceding the tenth anniversary of the date of grant.
 
Note 1:   Commencement awards vest as to two-thirds on the date of grant and as to the balance on 4 December 2020.
 
Note 2:   Performance Awards are only exercisable subject to the weighted average share price of an Ordinary Share being equal to or more than £0.15 measured during specified periods within the performance period which expires on 31 December 2022.
 
Note 3:   Annual awards vest as to:
 
(i)         50% on the third anniversary of the date of grant and
(ii)         50% on the third anniversary of the date of grant subject to the weighted average share price of an Ordinary Share being equal to or more than £0.045 during the month preceding the third anniversary of the date of grant.
 
 
- Ends -
 
For further information, please contact:



Velocys
Henrik Wareborn, CEO
Andrew Morris, CFO
 


+44 1865 800821




Numis Securities (Nomad and joint broker)
Stuart Skinner
Tom Ballard
 


+44 20 7260 1000




Canaccord Genuity (Joint broker)
Henry Fitzgerald-O'Connor
James Asensio


+44 20 7523 8000  














Radnor Capital (Investor relations)
Joshua Cryer
Iain Daly
 


+44 20 3897 1830
 




Field Consulting (PR)
Robert Jeffery


 +44 20 7096 7730



 




This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
DSHDMMMZKFZGLZM