TIDMCWR
RNS Number : 0022J
Ceres Power Holdings plc
17 December 2020
17 December 2020
Ceres Power Holdings plc (AIM: CWR)
("Ceres Power" or the "Company")
Exercise of options, PDMR dealing
Ceres Power Holdings plc (the "Company"), a global leader in
fuel cell technology and engineering, announces the following share
transactions carried out by certain Directors and persons
discharging managerial responsibilities (PDMRs) on 16 December
2020.
Members of the executive management team, Phil Caldwell (Chief
Executive Officer), Richard Preston (Chief Financial Officer), Tony
Cochrane (Chief Commercial Officer) and Mark Selby (Chief
Technology Officer), each exercised options and sold the resulting
shares.
Options exercised Weighted Sale price Options remaining Current shareholding
and shares average exercise after exercise
sold price
---------------- ----------------- ----------------- ---------- ----------------- --------------------
Phil Caldwell 387,007 85.4p 1,017.1p 1,575,386 60,564
Richard Preston 131,783 95.7p 1,017.1p 546,286 59,641
Tony Cochrane 104,223 90.0p 1,017.1p 715,175 -
Mark Selby 117,125 85.0p 1,017.1p 406,205 39,909
The options were granted between April 2013 and August 2015
under the Ceres Power Holdings plc 2004 Employees' Share Option
Scheme as a key part of the Company's long-term incentive scheme to
attract and retain key talent in the business.
The Board, upon the recommendation of the Remuneration
Committee, approved a window to trade thus enabling PDMRs to sell
shares. It is intended that PDMRs are able to periodically trade at
timely intervals without disrupting the market, such is common
market practice.
The Company remuneration policy on PDMR shareholding is that the
CEO should hold a minimum of 150% of salary in shares and
exercisable share options, and all other Directors and PDMRs a
minimum of 100% of salary. This policy helps to ensure that the
interests of the investors remain aligned with those of Directors
and management. Following the above transactions, each PDMR retains
a combined value of shareholdings and exercisable options
significantly above these thresholds.
As part of the exercise of some options by Phil Caldwell and
Richard Preston, they respectively sold 419,939 and 112,500
Employee Shareholder Status (ESS) shares in the Company's
subsidiary, Ceres Power Intermediate Holdings Ltd, which were
granted as a modification to the unexercised 2004 Employees' Share
Scheme options in 2014 and 2015.
The notification below, made 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 Philip Caldwell
-------------------------------------------------------- -------------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------------------------------------
a) Position/status Chief Executive Officer, Director
-------------------------------------------------------- -------------------------------------------------------
b) Initial notification/Amendment Initial Notification
-------------------------------------------------------- -------------------------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
-----------------------------------------------------------------------------------------------------------------
a) Name Ceres Power Holdings plc
-------------------------------------------------------- -------------------------------------------------------
b) LEI 213800N7AAHSXQUOA733
-------------------------------------------------------- -------------------------------------------------------
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 Nominal value options over 10p ordinary shares
instrument ISIN GB00BG5KQW09
Identification code
-------------------------------------------------------- -------------------------------------------------------
b) Nature of the transaction Exercise of Share Options under the Ceres Power 2004
Employees Share Option Scheme and the
sale of the resulting shares. As part of the exercise
of these options, Phil Caldwell sold
419,939 Employee Shareholder Status (ESS) shares in
the Company's subsidiary, Ceres Power
Intermediate Holdings Ltd, which were granted as a
modification to the unexercised 2004 Employees'
Share Scheme options in 2014.
-------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Exercise Price(s) Volume(s) Sales Price(s)
85.4 pence 387,007 1,017.1p
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information Exercise Price(s) Volume(s) Sales Price(s)
85.4 pence 387,007 1,017.1p
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 16 December 2020
-------------------------------------------------------- -------------------------------------------------------
f) Place of the transaction N/A
-------------------------------------------------------- -------------------------------------------------------
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Richard Preston
-------------------------------------------------------- -------------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------------------------------------
a) Position/status Chief Financial Officer, Director
-------------------------------------------------------- -------------------------------------------------------
b) Initial notification/Amendment Initial Notification
-------------------------------------------------------- -------------------------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
-----------------------------------------------------------------------------------------------------------------
a) Name Ceres Power Holdings plc
-------------------------------------------------------- -------------------------------------------------------
b) LEI 213800N7AAHSXQUOA733
-------------------------------------------------------- -------------------------------------------------------
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 Nominal value options over 10p ordinary shares
instrument ISIN GB00BG5KQW09
Identification code
-------------------------------------------------------- -------------------------------------------------------
b) Nature of the transaction Exercise of Share Options under the Ceres Power 2004
Employees Share Option Scheme and the
sale of the resulting shares. As part of the exercise
of these options, Richard Preston sold
112,500 Employee Shareholder Status (ESS) shares in
the Company's subsidiary, Ceres Power
Intermediate Holdings Ltd, which were granted as a
modification to the unexercised 2004 Employees'
Share Scheme options in 2014.
-------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Exercise Price(s) Volume(s) Sales Price(s)
85.0 pence 29,625 1,017.1p
98.75 pence 102,158 1,017.1p
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information Exercise Price(s) Volume(s) Sales Price(s)
95.7 pence 131,783 1,017.1p
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 16 December 2020
-------------------------------------------------------- -------------------------------------------------------
f) Place of the transaction N/A
-------------------------------------------------------- -------------------------------------------------------
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Anthony Cochrane
-------------------------------------------------------- -------------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------------------------------------
a) Position/status Chief Commercial Officer, Director
-------------------------------------------------------- -------------------------------------------------------
b) Initial notification/Amendment Initial Notification
-------------------------------------------------------- -------------------------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
-----------------------------------------------------------------------------------------------------------------
a) Name Ceres Power Holdings plc
-------------------------------------------------------- -------------------------------------------------------
b) LEI 213800N7AAHSXQUOA733
-------------------------------------------------------- -------------------------------------------------------
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 Nominal value options over 10p ordinary shares
instrument ISIN GB00BG5KQW09
Identification code
-------------------------------------------------------- -------------------------------------------------------
b) Nature of the transaction Exercise of Share Options under the Ceres Power 2004
Employees Share Option Scheme and the
sale of the resulting shares
-------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Exercise Price(s) Volume(s) Sales Price(s)
90.0 pence 104,223 1,017.1p
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information Exercise Price(s) Volume(s) Sales Price(s)
90.0 pence 104,223 1,017.1p
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 16 December 2020
-------------------------------------------------------- -------------------------------------------------------
f) Place of the transaction N/A
-------------------------------------------------------- -------------------------------------------------------
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Mark Selby
-------------------------------------------------------- -------------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------------------------------------
a) Position/status Chief Technology Officer, Director
-------------------------------------------------------- -------------------------------------------------------
b) Initial notification/Amendment Initial Notification
-------------------------------------------------------- -------------------------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
-----------------------------------------------------------------------------------------------------------------
a) Name Ceres Power Holdings plc
-------------------------------------------------------- -------------------------------------------------------
b) LEI 213800N7AAHSXQUOA733
-------------------------------------------------------- -------------------------------------------------------
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 Nominal value options over 10p ordinary shares
instrument ISIN GB00BG5KQW09
Identification code
-------------------------------------------------------- -------------------------------------------------------
b) Nature of the transaction Exercise of Share Options under the Ceres Power 2004
Employees Share Option Scheme and the
sale of the resulting shares
-------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Exercise Price(s) Volume(s) Sales Price(s)
85.0 pence 117,125 1,017.1p
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information Exercise Price(s) Volume(s) Sales Price(s)
85.0 pence 117,125 1,017.1p
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 16 December 2020
-------------------------------------------------------- -------------------------------------------------------
f) Place of the transaction N/A
-------------------------------------------------------- -------------------------------------------------------
For further information, please contact:
Ceres Power Holdings plc Tel: +44 (0)1403 273
Richard Preston 463
Investec Bank PLC (NOMAD & Joint Tel: +44 (0)207 597
Broker) 5970
Jeremy Ellis / Patrick Robb
Berenberg (Joint Broker) Tel: +44 (0) 203 207
Ben Wright / Mark Whitmore 7800
Powerscourt Tel: +44 (0) 20 7250
Peter Ogden / James White 1446
Notes to Editors:
About Ceres Power
Ceres is a world-leading developer of next generation solid
oxide fuel cell (SOFC) and electrochemical technology. Its
asset-light, licensing model has seen it establish partnerships
with some of the world's largest engineering and technology
companies, such as Weichai in China, Bosch in Germany, Miura in
Japan, and Doosan in South Korea, to develop systems and products
that address climate change and air quality challenges for
transportation, industry, data centres and everyday living. Ceres
is listed on the AIM market of the London Stock Exchange ("LSE")
(AIM: CWR) and is classified by the LSE Green Economy Mark, which
recognises listed companies that derive more than 50% of their
activity from the green economy.
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END
DSHFFDSUWESSEIE
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