Exercise of options

RNS Number : 6886D

Camco Clean Energy PLC

02 February 2015

 

2 February 2015

Camco Clean Energy plc

("Camco" or "the Company")

Exercise of options

Camco Clean Energy (AIM:CCE)  announces that on 31 January Scott McGregor, Chief Executive Officer exercised 7,000,000 options to subscribe for ordinary shares of €0.01 each in the Company ("Options" and "Ordinary Shares" respectively).  The vesting performance criteria for these 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.

Application has been made for the 7,000,000 new Ordinary Shares to be admitted to trading on AIM; such admission is expected to occur on 6th February 2015.

The total number of Ordinary Shares in issue following the admission of these new Ordinary Shares will be 253,135,113 and a further total of 10,400,173 Ordinary Shares are subject to Option.

Following this exercise, Mr McGregor will hold a total of 11,973,126 Ordinary Shares representing 4.73% of the issued share capital and 4,156,358 remaining Options.

The above figure 253,135,113  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:

Camco Clean Energy	[phone]
Scott McGregor, Chief Executive Officer
Jonathan Marren, Chief Financial Officer
N+1 Singer (Nominated Adviser and Broker)	[phone]
Ben Wright, Richard Salmond
Newgate (Financial PR)
Tim Thompson, Helena Bogle, Edward Treadwell	[phone]

About Camco Clean Energy

Camco Clean Energy plc (AIM: CCE) is a clean energy development company which combines technical and commercial expertise to finance, develop, and operate renewable energy projects and storage technology.

With 25 years of experience and an outstanding track record throughout Asia, North America, Africa and Europe, Camco works with local developers, governments, development banks, and private investors to implement clean energy projects, policies, and technologies and reduce emissions.

In the last year, Camco brought an advanced energy storage technology to market (REDT energy), secured an investment advisory fund mandate for African renewables, and has developed utility scale biogas plants in the US.

About REDT

REDT has developed a new and proprietary energy storage technology which enables the efficient and sustainable storage of electrical energy in liquid form.  The multi-valent properties of the Vanadium Redox electrolyte are used to provide a storage medium of virtually unlimited life with a system able to last more than 10,000 deep charge/discharge cycles. Combined with its very low maintenance requirements, REDT systems are able to deliver some of the lowest Total Cost of Ownership (TCO) results in the industry. Long discharge durations are achieved by the simple addition of extra electrolyte capacity at a relatively low marginal cost.

Until now it has not been possible to directly compare variable RE generation 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 the complete displacement of conventional fossil fuel power with 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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