TIDMNCCL
RNS Number : 2529F
Ncondezi Energy Limited
13 November 2020
News Release
Director Share Option Grants - Replacement
The Company's Director Share Option Grants announcement released
at 7am on 13 November 2020 (RNS 1996F) should have shown an
exercise price of 3.0p and not 3.5p, as originally stated in item
4c of the PDMR Disclosure. All other details remain unchanged.
13 November 2020: Ncondezi Energy Limited ("Ncondezi" or the
"Company") (AIM: NCCL) announces that in lieu of salary and to
further align Non-Executive Director, Scott Fletcher, with the
Company's long term ambitions and the wider shareholder base, the
Company's Remuneration Committee has agreed to grant Scott Fletcher
share options which will vest at any time over a three year period
from the date of grant subject to the following conditions being
satisfied:
-- 5,000,000 Shares at an exercise price of 3.0p per share upon
(i) the Average Share Price equalling or exceeding 5.0p or (ii) a
fundraising in one or more tranches of more than GBP250,000.00 in
aggregate has occurred at any time after the Date of Grant whilst
this Option subsists at or above 5.0p per Share and before any
participation in the fundraise by Scott Fletcher or his direct
family either directly, through a majority owned company (taking
into account all direct family holdings) or a family trust;
-- 2,500,000 Shares at an exercise price of 5.0p per share upon
(i) the Average Share Price equalling or exceeding 7.5p or (ii) a
fundraising in one or more tranches of more than GBP250,000.00 in
aggregate has occurred at any time after the Date of Grant whilst
this Option subsists at or above 7.5p per Share and before any
participation in the fundraise by Scott Fletcher or his direct
family either directly, through a majority owned company (taking
into account all direct family holdings) or a family trust; and
-- 2,500,000 Shares at an exercise price of 7.5p per share upon
(i) the Average Share Price equalling or exceeding 10.0p or (ii) a
fundraising in one or more tranches of more than GBP250,000.00 in
aggregate has occurred at any time after the Date of Grant whilst
this Option subsists at or above 10.0p per Share and before any
participation in the fundraise by Scott Fletcher or his direct
family either directly, through a majority owned company (taking
into account all direct family holdings) or a family trust
In addition to the vesting conditions listed above, the options
shall not vest unless on the date of vesting it can be demonstrated
that Scott Fletcher is beneficially interested in at least
65,000,000 shares in the Company (either directly, through a
majority owned company or a family trust) and such holdings have
been properly disclosed as required by the AIM Rules. Scott
Fletcher currently holds 56,913,197 Ordinary Shares in the
Company.
"Average Share Price" is defined as the average mid-market
closing price of the Company's shares for the dealing days in any
four week period following the date of grant as derived from the
Stock Exchange Official List (AIM section) but excluding any
dealing day on which the shares of the Company are suspended.
Ncondezi Non-Executive Chairman, Michael Haworth:
"Scott's option packaged has been designed to reflect his
further commitment to the Company at this critical time in its
development. The Board and I look forward to working with Scott as
we continue to progress our financing strategy as well as
progressing our various workstreams both for Ncondezi Energy and
our C&I subsidiary."
Ncondezi Non-Executive Director Scott Fletcher:
"I am excited to have joined the Board of Ncondezi at a pivotal
time in its development. My remuneration is aligned to a positive
outcome for all shareholders and will be focussing on increasing
shareholder value. I look forward to working with the Board to
address our funding requirements as we look forward to the next few
months."
Enquiries
For further information please visit www.ncondezienergy.com or
contact:
Ncondezi Energy Hanno Pengilly +27 (0) 71 362 3566
Liberum Capital Limited Scott Mathieson, Edward Thomas, +44 (0) 20 3100
NOMAD & Joint Broker Kane Collings 2000
Novum Securities Limited +44 (0) 20 7399
Joint Broker Colin Rowbury 9427
Pimlico Advisory Ltd +44 (0) 777 56 55
Investor Relations Elizabeth Johnson 927
The notification below is made in accordance with the
requirements of the EU Market Abuse Regulation.
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them.
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Scott Fletcher
--------------------- ---------------------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------
a) Position/status Non-Executuve Director
--------------------- ---------------------------------------------------
b) Initial notification Initial notification
/Amendment
--------------------- ---------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------
a) Name Ncondezi Energy Limited
--------------------- ---------------------------------------------------
b) LEI 2138003W75PP9STE9J18
--------------------- ---------------------------------------------------
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 Options over Ordinary Shares
of the financial
instrument,
type of instrument
Identification
code
--------------------- ---------------------------------------------------
b) Nature of Grant of options
the transaction
--------------------- ---------------------------------------------------
c) Price(s) and Price(s) Volume(s)
volume(s) Upon meeting criteria
as set out above:
1. Exercise price
of 3.0p per share
2. Exercise price 1. 5,000,000
of 5.0p per share
3. Exercise price 2. 2,500,000
of 7.5p per share
3. 2,500,000
-------------------
--------------------- ---------------------------------------------------
d) Aggregated N/A
information
- Aggregated
volume
- Price
--------------------- ---------------------------------------------------
e) Date of the 12 November 2020
transaction
--------------------- ---------------------------------------------------
f) Place of the Private transaction
transaction
--------------------- ---------------------------------------------------
Note:
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation ("MAR"). Upon the publication of this
announcement via Regulatory Information Service ("RIS"), this
inside information is now considered to be in the public domain. If
you have any queries on this, then please contact Hanno Pengilly,
Chief Executive Officer of the Company (responsible for arranging
release of this announcement) on +27 (0) 71 362 3566.
About Ncondezi Energy
Ncondezi is an African power development company with an
advanced staged, integrated 300MW thermal coal power plant and mine
project located in the Tete Province, Northern Mozambique.
The Company is focused on providing reliable, affordable and
accessible baseload energy to Mozambique and secure against the
effects of water drought and intermittency of new renewables. This
project supports Mozambique's energy strategy of universal
electricity access by 2030. According to the World Bank, only 30%
of the Mozambican population had access to energy in 2017. The
Ncondezi Project would provide 300MW of reliable and available
power helping to close the infrastructure gap of the region and
serving as a catalyst for economic development.
The power plant will be designed to be equipped with
state-of-the-art emissions controls technologies that will reduce
local air pollutants, minimizing the plant's impact on the
environment and ensuring its compliance with the most stringent
emission standards
In 2019, the Company entered into the Commercial and Industrial
("C&I") renewable and battery storage sector and in October
2019 announced its first investment in an off grid solar battery
project. The Company has also secured the right to fund a US$5.5m
C&I project development pipeline in Mozambique through a
Relationship Agreement with a C&I developer. The move into the
C&I solar and battery storage sector offers a significant
opportunity for the Company to complement the existing large-scale
baseload power project and access near-term low-risk annuity income
streams which have significant growth potential.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DSHUOUWRRNUAARA
(END) Dow Jones Newswires
November 13, 2020 03:40 ET (08:40 GMT)
Solgenics (LSE:SGN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Solgenics (LSE:SGN)
Historical Stock Chart
From Apr 2023 to Apr 2024