Exercise of options, PDMR dealing

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 and shares sold	Weighted average exercise price	Sale price	Options remaining after exercise	Current shareholding
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 instrument Identification code	Nominal value options over 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.  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 instrument Identification code	Nominal value options over 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.  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 instrument Identification code	Nominal value options over 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)	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 instrument Identification code	Nominal value options over 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)	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 Richard Preston		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]

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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