Employee Share Participation Plan and Grant of Opt

RNS Number : 2408J

Accsys Technologies PLC

03 August 2012

 



AIM: AXS

NYSE Euronext Amsterdam: AXS

3 August 2012

ACCSYS TECHNOLOGIES PLC

("Accsys" or the "Company")

Accsys Employee Share Participation Plan and Grant of Options

Accsys, the environmental science and wood technology company, previously announced on 1 August 2011 the establishment of an Employee Share Participation Plan (the "Plan") intended to promote the long term growth and profitability of Accsys by providing employees with an opportunity to acquire an ownership interest in new ordinary shares in the Company ("Shares") as an additional benefit of employment. 

Under the terms of the Plan, the Company issues Shares to a trust for the benefit of the subscribing employees with the Shares to be released to employees after one year, together with an additional Share on a 1 for 1 matched basis provided the employee remains in the employment of Accsys at that point in time. The Plan is in line with industry approved employee share plans and is open for subscription by employees twice a year following release of annual and half yearly financial results.

A total of 783,283 Shares were issued in August 2011 to a number of employees under the terms of the Plan. As at the date hereof, all of these employees have remained with Accsys and accordingly and pursuant to the Plan, a further 783,283 Shares will (pending admission of the Shares to AIM and Euronext ("Admission") expected on 8 August 2012)now be issued at nominal value of €0.01 each and released to the employees together with the Shares issued to the trust last year.

Taking into account the Shares issued in August 2011 and the Matching Shares issued pending Admission, a total of 1,566,566 Shares have now vested with employees including 72,726 Shares vesting to Paul Clegg, 45,454 Shares vesting with Hans Pauli and 405,448 Shares vesting with other Persons Discharging Managerial Responsibility.

In addition, following the release of the Company's Preliminary Announcement of Results for the year ended 31 March 2012, Accsys announces that, through the Plan, various employees have subscribed for a total of 415,332 Shares at an acquisition price of €0.15 per Share (being the closing price of shares in the Company on 23 July on Euronext Amsterdam, the closing date for subscriptions of Shares under the Plan, the "July Subscription").

All Shares will be issued pursuant to the July Subscription pending Admission which is expected to take place following receipt of subscription monies, on or shortly after 7 September 2012.

Following the issue of all the above Shares, the Company will have a total of 409,141,923 Shares in issue.

Accsys also announces that on 2 August 2012 it has granted share options to certain key employees over a total of 4,418,173 Shares at an exercise price of €0.15 per Share, being the closing price of a Share on 1 August 2012. This includes an option in respect of 1,000,000 Shares granted to Paul Clegg and an option of 718,173 Shares granted to Hans Pauli pursuant to his service agreement.

All options have been granted in accordance with the Company's 2008 Unapproved Share Option Scheme and will vest on certain performance criteria being met.

Ends

For further information, please contact:

Accsys Technologies PLC	Paul Clegg, CEO Hans Pauli, CFO	via Citigate Dewe Rogerson
Numis Securities	Nominated Adviser: Oliver Cardigan Corporate Broking:  Christopher Wilkinson                               Ben Stoop	[phone]
Citigate Dewe Rogerson	Ginny Pulbrook Malcolm Robertson Suzanne Bakker	[phone] [phone] [phone]

Notes to Editors:

Accsys Technologies PLC(www.accsysplc.com) is an environmental science and technology company whose primary focus is on the production of Accoya^® wood and technology licensing via its subsidiary, Titan Wood Limited, which has manufacturing operations in Arnhem, the Netherlands (through its subsidiary Titan Wood B.V.), a European office in Windsor, United Kingdom, and an American office in Dallas, Texas (via its subsidiary Titan Wood, Inc). All group subsidiaries are ultimately 100% owned by Accsys and trade as Accsys Technologies.  Any references in this announcement to agreements with Accsys shall mean agreements with either Accsys or its subsidiary entities unless otherwise specified.  Accsys Technologies PLC is listed on the London Stock Exchange AIM market and on Euronext Amsterdam by NYSE Euronext, under the symbols 'AXS'. Accsys' operations comprise three principal business units: (i) Accoya^® wood production; (ii) technology development, focused on a programme of continuous development of and improvements to the process engineering and operating protocols for the acetylation of solid wood and the development of technology for the acetylation of wood elements; and (iii) the licensing of technology for the production of Accoya^® wood and Tricoya^® wood elements across the globe.

Tricoya^® Wood Elements (www.tricoya.com) are produced using Accsys' proprietary technology for the acetylation of wood chips, and particles for use in the fabrication of wood based composites, including panel products. These composites demonstrate enhanced durability and dimensional stability which allow them to be used in a variety of applications that were once limited to solid wood or man-made products. Tricoya^® Wood Elements is lauded as the first major innovation in the wood composites industry in more than 30 years.

Wood Acetylation is a process which increases the amount of 'acetyl' molecules in wood, thereby changing its physical properties. The process protects wood from rot by making it "inedible" to most micro-organisms and fungi, without - unlike conventional treatments - making it toxic. It also greatly reduces the wood's tendency to swell and shrink, making it less prone to cracking and ensuring that, when painted, it requires dramatically reduced maintenance.

Accoya^® wood (www.accoya.com) is produced using Accsys' proprietary patented acetylation technology, that effectively converts sustainably grown softwoods and non-durable hardwoods into what is best described as a "high technology wood". Distinguished by its durability, dimensional stability and, perhaps most importantly of all, its reliability (in terms of consistency of both supply and quality), Accoya^® wood is particularly suited to exterior applications where performance and appearance are valued. Unlike most tropical and European hardwoods, its colour does not degrade when exposed to ultraviolet light. Moreover, the Accoya^® wood production process does not compromise the wood's strength or machinability. The combination of UV resistance, dimensional stability, durability and retained strength means that Accoya^® wood offers a wealth of new opportunities to architects, designers and specifiers. For marine uses where weight is also important, Accoya^® wood for the first time provides boat builders with a wood that is strong, lightweight, durable and retains its natural beauty for far longer.  For a full archive of Accoya^® news, visit www.accoya.com/news.asp.

 

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