Excercise of Share Options, PDMR Dealing

RNS Number : 6893R

Ceres Power Holdings plc

30 October 2019

 

30 October 2019

Ceres Power Holdings plc (AIM:CWR)

Exercise of Share 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 executive Directors and persons discharging managerial responsibilities (PDMRs) on 30 October 2019.

Members of the executive management team, Phil Caldwell (Chief Executive Officer), Richard Preston (Chief Financial Officer), James Falla (Chief Operating Officer), Tony Cochrane (Chief Commercial Officer) and Mark Selby (Chief Technology Officer), each exercised options and sold the resulting shares.

	Options exercised and shares sold	Weighted average exercise price	Sale price	Options remaining after exercise	Current shareholding
Phil Caldwell	249,637	85.4p	212.27p	2,316,932	46,928
Richard Preston	92,875	10.0p	212.27p	708,395	59,641
James Falla	43,535	87.0p	212.27p	936,328	45,098
Tony Cochrane	95,777	90.0p	212.27p	788,990	-
Mark Selby	92,875	10.0p	212.27p	588,120	39,909

The options were granted between January 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.

This is the first time that the Board, upon the recommendation of the Remuneration Committee, has approved a window to trade thus enabling PDMRs to sell shares. It is further intended that PDMRs be periodically able to trade at timely intervals without disrupting the market, such is common market practice.

Following the above transactions and consistent with our remuneration policy, each Director retains a combined value of shareholdings and exercisable options above 100%, and in the case of the chief executive above 150%, of their salaries. The remuneration policy helps to ensure that the interests of investors remain aligned with those of Directors and management.

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 instrument Identification code	10p ordinary shares                                                             ISIN GB00BG5KQW09
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)	Price(s) Volume(s) 85.0 pence 19,576 85.4 pence 230,061
d)	Aggregated information	Price(s) Volume(s) 85.4 pence 249,637
e)	Date of the transaction	30 October 2019
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 instrument Identification code	10p ordinary shares                                                             ISIN GB00BG5KQW09
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)	Price(s) Volume(s) 10.0 pence 92,875
d)	Aggregated information	Price(s) Volume(s) 10.0 pence 92,875
e)	Date of the transaction	30 October 2019
f)	Place of the transaction	N/A

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	James Falla
2	Reason for the notification
a)	Position/status	Chief Operating Officer, PDMR
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 instrument Identification code	10p ordinary shares                                                             ISIN GB00BG5KQW09
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)	Price(s) Volume(s) 87.0 pence 43,535
d)	Aggregated information	Price(s) Volume(s) 87.0 pence 43,535
e)	Date of the transaction	30 October 2019
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, PDMR
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 instrument Identification code	10p ordinary shares                                                             ISIN GB00BG5KQW09
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)	Price(s) Volume(s) 90.0 pence 95,777
d)	Aggregated information	Price(s) Volume(s) 90.0 pence 95,777
e)	Date of the transaction	30 October 2019
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, PDMR
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 instrument Identification code	10p ordinary shares                                                             ISIN GB00BG5KQW09
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)	Price(s) Volume(s) 10.0 pence 92,875
d)	Aggregated information	Price(s) Volume(s) 10.0 pence 92,875
e)	Date of the transaction	30 October 2019
f)	Place of the transaction	N/A

- Ends -

For further information, please contact:

Ceres Power Holdings plc Elizabeth Skerritt		Tel: [phone]
Investec Bank PLC (NOMAD & Joint Broker) Jeremy Ellis / Patrick Robb		Tel: [phone]
Berenberg (Joint Broker) Ben Wright / Mark Whitmore		Tel: [phone]
Powerscourt Peter Ogden / James White		Tel: [phone]

About Ceres Power

Ceres Power (http://www.cerespower.com/) is a world leader in low cost, next generation fuel cell technology for use in distributed power products that reduce operating costs, lower CO2, SOx and NOx emissions, increase efficiency and improve energy security. The Ceres Power unique patented SteelCell® technology generates power from widely available fuels such as natural gas and future fuels such as hydrogen enabling a transition from low to zero carbon power generation at high efficiency. The SteelCell® is manufactured using standard processing equipment and conventional materials such as steel, meaning that it can be mass produced at an affordable price. Ceres Power offers its partners the opportunity to develop power systems and products using its unique technology and know-how, as well as the opportunity to manufacture the SteelCell® in volume.

 

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