Exercise of Share Options, PDMR Dealing

RNS Number : 3895C

Ceres Power Holdings plc

07 February 2020

 

07 February 2020

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 Directors and persons discharging managerial responsibilities (PDMRs) on 7 February 2020.

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.  Steve Callaghan, Senior Independent Director, has sold a number of shares. 

	Options exercised and shares sold	Weighted average exercise price	Sale price	Options remaining after exercise	Current shareholding
Phil Caldwell	359,128	85.4p	401.0p	1,895,659	46,928
Richard Preston	75,000	17.9p	398.9p	633,794	59,641
James Falla	100,000	87.0p	400.5p	837,132	45,098
Tony Cochrane	100,000	90.0p	400.5p	689,794	-
Mark Selby	100,000	34.7p	400.5p	488,924	39,909
Steve Callaghan	200,000	n/a	398.85p	n/a	339,919

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.  

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, he sold 350,000 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	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 350,000 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)	Share option exercise price(s) Volume(s) Sales Price(s)    85.4 pence    242,497 398.85 pence    85.4 pence    116,631 405.52 pence
d)	Aggregated information	Exercise Price       Volume(s)   Sales Price 85.4 pence  359,128   401.02 pence
e)	Date of the transaction	7 February 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	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)    10 pence    67,125 398.85 pence    85 pence    7,875 398.85 pence
d)	Aggregated information	Exercise Price       Volume(s)   Sales Price 17.9 pence  75,000   398.85 pence
e)	Date of the transaction	7 February 2020
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)	Exercise Price(s) Volume(s) Sales Price(s)    87 pence    75,000 398.85 pence    87 pence    25,000 405.52 pence
d)	Aggregated information	Exercise Price       Volume(s)   Sales Price 87 pence  100,000   400.53 pence
e)	Date of the transaction	7 February 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, 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)	Exercise Price(s) Volume(s) Sales Price(s)    90 pence    75,000 398.85 pence    90 pence    25,000 405.52 pence
d)	Aggregated information	Exercise Price       Volume(s)   Sales Price 90 pence  100,000   400.52 pence
e)	Date of the transaction	7 February 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, 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)	Exercise Price(s) Volume(s) Sales Price(s)    10 pence    67,125 398.85 pence    85 pence    7,875 398.85 pence    85 pence    25,000 405.52 pence
d)	Aggregated information	Exercise Price       Volume(s)   Sales Price 34.7 pence  100,000   400.52 pence
e)	Date of the transaction	7 February 2020
f)	Place of the transaction	N/A

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Stephen Callaghan
2	Reason for the notification
a)	Position/status	Non-Executive Director, Senior Independent 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	Sale of shares
c)	Price(s) and volume(s)	Sales price Volume 398.85 pence 200,000
d)	Aggregated information	Sales price Volume 398.85 pence 200,000
e)	Date of the transaction	7 February 2020
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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