Exercise of options and share disposal

RNS Number : 8026X

RedT Energy PLC

10 May 2016

 

10 May 2016

redT energy plc

("redT" or the "Company")

Exercise of options and share disposal

The board of redT energy plc ("redT Energy" or the "Company") today announces that Jonathan Marren, Director, has today exercised 6,243,815 options to subscribe for ordinary shares of €0.01 each in the Company ("Options" and "Ordinary Shares" respectively).  The vesting performance criteria for the Options have been met.  The shares have been issued as part of the Executive Share Plan 2006 which was approved by shareholders on 27 July 2012. The Options have an exercise price of €0.01 being the nominal value of each Ordinary Share.

In order to settle part of the tax and exercise price falling due pursuant to the Options exercise, Mr Marren has today disposed of 3,200,000 Ordinary Shares at a price of 7.0 pence.

Following this exercise, Mr Marren will hold a total of 7,743,815 Ordinary Shares representing 1.65% of the issued share capital (as enlarged by this issue of shares).

Application will be made for the 6,243,815 new Ordinary Shares to be admitted to trading on AIM; such admission is expected to occur on 16^th May 2016.

The total number of Ordinary Shares in issue following the admission of these new Ordinary Shares will be 467,928,894. This figure of 467,928,894 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

Enquiries:

redT energy plc	[phone]
Scott McGregor, Chief Executive Officer
Joe Worthington, Investor & Media Relations
finnCap Ltd (Nominated Adviser and Broker)	[phone]
Julian Blunt (Corporate Finance)
Tony Quirke (Corporate Broking)
Celicourt (Financial PR) Mark Antelme	[phone]

About redT

redT develops and supplies durable and robust energy storage systems based on proprietary vanadium redox flow technology for on and off-grid applications. The liquid storage medium affords an exceptionally long life of over 10,000 full charge/discharge cycles and a 100% usable depth of discharge. Combined with low maintenance requirements this delivers industry leading levelised cost of storage (LCOS) and total cost of ownership (TCO) results. The modular approach allows the power and energy components of systems to be independently sized to meet customer requirements.

Until now it has not been possible to directly compare variable renewable energy generation sources with firm diesel or fossil fuel generation. PV + Storage is now reaching 'grid parity' in many countries, a paradigm shift in energy production, which will ultimately enable a distributed energy network optimising conventional and renewable generation. The redT system has applications in remote power, smart grids, power quality, and all aspects of renewable energy management.

 

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