TIDMAFC
RNS Number : 9025K
AFC Energy Plc
07 September 2021
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
7 September 2021
AFC Energy PLC
("AFC Energy" or the "Company")
Grant of Share Options
AFC Energy (AIM: AFC) announces that its Remuneration Committee
is putting in place a new long term performance shares plan ("PSP
Scheme") for the AFC Energy executive directors and senior
management. It will initially be applied to the board level
executives and then in turn to other senior management in March
2022. Grants will normally be made each year in March at or
following the release of annual results.
The Scheme will be based on annual grants of nil cost options
scaled according to salary which then vest conditionally three
years later based on achievement of performance targets set at
grant. Maximum award level will be 120% salary for the CEO with the
other board level executives having maximum award 70% salary. Non
board level executives will not have an automatic entitlement to
the scheme but those that do will have a maximum award equal to or
less than board level executives.
For the first year's grant, performance testing will be based on
Compound Annual Growth Rate (CAGR) of Total Shareholder Return
(TSR), which at this stage will be entirely share price based but
accommodating future dividends when these become possible.
At the vesting date, the CAGR of TSR will be calculated for the
three year period and tested versus a lower threshold set for this
year's award at 5%. Below this level of CAGR the award will be
forfeited. At the threshold, 25% of the maximum award will vest and
this will increase linearly with CAGR up to full release of the
award at an upper limit of 20% CAGR. CAGR levels beyond this limit
will not result in the release of any more options, however the
holder is rewarded through the increased value the awarded options
will have at the higher share price.
Initial awards under the PSP Scheme are being made over 620,970,
271,968 and 206,320 shares to executive directors Adam Bond, Jim
Gibson and Graeme Lewis respectively in each case at a benchmark
price of 59.7 pence, representing a 15 day average from
yesterday.
In addition, the Remuneration Committee has approved a
transitional award (the "Transitional Award") to Adam Bond and Jim
Gibson in recognition, inter alia, that no new option awards have
been made to them in recent years. The Transitional Award is being
made on the bases that would have prevailed had the award been made
in March 2020. Pursuant to the Transitional Award, Adam Bond and
Jim Gibson are receiving 2,250,000 and 984,375 nil cost options
respectively. These options have a benchmark price of 16 pence.
Below a threshold price of 27.6p no options will vest. At this
threshold price, 25% of the maximum award will vest and this will
increase linearly up to a fully vesting price of 59.7 pence per
share. Providing the thresholds have been achieved, the options
will vest in two equal tranches in March 2022 and March 2023 so
that each executive will now have LTIP incentivisation awards
tested and vesting annually over the next three years.
The Transitional Award is deemed to represent a related party
transaction in accordance with AIM Rule 13. The directors who are
independent of the Transitional Award, being all the directors
other than Adam Bond and Jim Gibson, consider that, having
consulted the Company's nominated adviser, that the terms of the
Transitional Award are fair and reasonable in so far as
shareholders as a whole are concerned.
The information below, set out in accordance with the
requirements of the EU Market Abuse Regulation, provides further
detail.
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Adam Bond
----------------------------------- --------------------------------------
2 Reason for the notification
---------------------------------------------------------------------------
a) Position/status Chief Executive Officer
----------------------------------- --------------------------------------
b) Initial notification Initial Notification
/Amendment
----------------------------------- --------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
---------------------------------------------------------------------------
a) Name AFC Energy plc
----------------------------------- --------------------------------------
b) LEI 213800SRJST19GNS9U35
----------------------------------- --------------------------------------
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 Ordinary Shares of 0.1p each
financial instrument,
type of instrument
Identification code GB00B18S7B29
b) Nature of the transaction Grant of options
----------------------------------- --------------------------------------
c) Price(s) and volume(s)
Price(s) Volume(s)
Grant of shares options Nil 2,250,000
Nil 620,970
--------------------------------------------- ------------ ------------- ---
d) Aggregated information
- Aggregated volume 2,870,970
- Price Nil
e) Date of the transaction 7 September 2021
----------------------------------- --------------------------------------
f) Place of the transaction London Stock Exchange, AIM
----------------------------------- --------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Jim Gibson
----------------------------------- --------------------------------------
2 Reason for the notification
---------------------------------------------------------------------------
a) Position/status Chief Operating Officer
----------------------------------- --------------------------------------
b) Initial notification Initial Notification
/Amendment
----------------------------------- --------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
---------------------------------------------------------------------------
a) Name AFC Energy plc
----------------------------------- --------------------------------------
b) LEI 213800SRJST19GNS9U35
----------------------------------- --------------------------------------
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 Ordinary Shares of 0.1p each
financial instrument,
type of instrument
Identification code GB00B18S7B29
b) Nature of the transaction Grant of options
----------------------------------- --------------------------------------
c) Price(s) and volume(s)
Price(s) Volume(s)
Grant of shares options Nil 984,375
Nil 271,968
--------------------------------------------- ------------ ------------- ---
d) Aggregated information
- Aggregated volume 1,256,343
- Price Nil
e) Date of the transaction 7 September 2021
----------------------------------- --------------------------------------
f) Place of the transaction London Stock Exchange, AIM
----------------------------------- --------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Graeme Lewis
--------------------------------------- ----------------------------------
2 Reason for the notification
---------------------------------------------------------------------------
a) Position/status Chief Financial Officer
--------------------------------------- ----------------------------------
b) Initial notification Initial Notification
/Amendment
--------------------------------------- ----------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
---------------------------------------------------------------------------
a) Name AFC Energy plc
--------------------------------------- ----------------------------------
b) LEI 213800SRJST19GNS9U35
--------------------------------------- ----------------------------------
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 Ordinary Shares of 0.1p each
financial instrument,
type of instrument
Identification code GB00B18S7B29
b) Nature of the transaction Grant of options
--------------------------------------- ----------------------------------
c) Price(s) and volume(s)
Price(s) Volume(s)
Grant of shares options Nil 206,320
---------------------------------------- --- -------------- ---------------
d) Aggregated information
- Aggregated volume 206,320
- Price Nil
e) Date of the transaction 7 September 2021
--------------------------------------- ----------------------------------
f) Place of the transaction London Stock Exchange, AIM
--------------------------------------- ----------------------------------
ENDS-
For further information, please contact:
AFC ENERGY AND ADVISORS
AFC Energy plc
G erry Agnew ( Head of Remuneration Committee +44 (0) 14 8327 6726
) investors@afcenergy.com
Graeme Lewis (Chief Financial Officer)
Iain Thomson (Head of Communications and
Stakeholder Management)
WH Ireland - Nominated Adviser and Joint
Broker
M ike Coe , Sarah Mather (Corporate Finance)
Jasper Berry (Corporate Broking) +44 (0) 117 945 3470
-----------------------------
M C Peat & Co LLP - Joint Broker
Charlie Peat +44 (0) 20 7104 2334
-----------------------------
Zeus Capital Limited - Joint Broker
Daniel Harris (Corporate Finance)
Dominic King (Corporate Broking) +44 (0) 203 829 5000
-----------------------------
FTI Consulting - PR Advisors +44 (0) 203 727 1000
Sara Powell / Ben Brewerton afcenergy@fticonsulting.com
-----------------------------
About AFC Energy plc
AFC Energy plc is a leading provider of hydrogen fuel cell power
systems to generate clean energy in support of the global energy
transition.
Based in the UK, the Company's scalable systems provide
off-grid, zero emission power that are already being deployed for
rapid electric vehicle charging and the replacement of diesel
generators for temporary power applications.
AFC Energy is also working with global partners in the
deployment of products for the Maritime, Ports, Data Centres and
Rail industries, emphasising the central role of its technology in
the decarbonisation of global industry.
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END
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