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Accsys Technologies (AXS)

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Tuesday 25 June, 2019

Accsys Technologies

20190625 - AXS - Directors Interest LTIP

RNS Number : 4072D
Accsys Technologies PLC
25 June 2019
 
 

AIM: AXS

Euronext Amsterdam: AXS

25 June 2019 

Accsys Technologies PLC

("Accsys", the "Group" or the "Company")

 

Director Interests and Long Term Incentive Plan (LTIP) Awards

 

Accsys, the fast-growing and eco-friendly company that combines chemistry and technology to create high performance, sustainable wood building products, announces that under the Accsys Long Term Incentive Plan, the Remuneration Committee has resolved to grant LTIP Awards to various senior employees, including the Finance Director, William Rudge, in accordance with the terms of the LTIP Plan Rules approved by the Company's shareholders in 2013.

The LTIP Awards, granted in accordance with the Company's Remuneration Policy (as approved by shareholders), are nil priced options over a total of 667,822 Shares. Of this total, 96,963 LTIP Awards been granted to William Rudge, Finance Director.

The LTIP Awards will vest three years after grant, subject to the terms of the LTIP Plan Rules, including continued employment of the beneficiaries by the Company and satisfaction of financial and non-financial performance conditions. Under the LTIP Plan Rules, a two year holding period applies post vesting.

1)

Details of the person discharging managerial responsibility

a)

Name

William Rudge

2

Reason for the notification

a)

Position/status

Finance Director

b)

Initial notification /Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Accsys Technologies PLC

b)

LEI

213800HKRFK8PNUNV581

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

Ordinary shares of €0.05 each.

ISIN GB00BQQFX454

 

b)

Nature of the transaction

Grant of LTIP Options over Ordinary Shares

c)

Price(s) and volume(s)

Price(s)

Volume(s)

Nil

96,963

 

d)

Aggregated information

- Aggregated volume

- Price

Not applicable - single transaction

e)

Date of the transaction

25 June 2019

f)

Place of the transaction

Outside of a trading venue

 

 

For further information, please contact:

Accsys Technologies PLC

Paul Clegg, CEO

Will Rudge, FD

via MHP Communications

 

Numis Securities - Nominated Adviser and Joint Broker

Nominated Adviser:  Oliver Hardy

Corporate Broking:   Christopher Wilkinson / Ben Stoop

 

+44 (0) 20 7260 1000

 

 

Investec Bank plc - Joint Broker

Carlton Nelson

James Rudd

Alex Wright

 

 

+44 (0) 20 7597 5970

MHP Communications

Tim Rowntree

Kelsey Traynor

+44 (0) 20 3128 8100

 

 

Off the Grid (The Netherlands)

Frank Neervoort

Yvonne Derske

 

 

+31 681 734 236

+31 222 379 666

 

Notes to editors:

 

Accsys Technologies PLC (www.accsysplc.com) is a chemical technology group whose primary focus is on the production of Accoya® wood and Tricoya® wood elements, technology licensing via its subsidiary, Titan Wood Limited, which has manufacturing operations in Arnhem, the Netherlands (through its subsidiary Titan Wood B.V.), a European office in London, United Kingdom, an American office in Dallas, Texas (via its subsidiary Titan Wood, Inc.) and technology licensing associated with the acetylation of wood elements via its subsidiary Tricoya Technologies Limited.  Any references in this announcement to agreements with Accsys shall mean agreements with either Accsys or its subsidiary entities unless otherwise specified.  Accsys Technologies PLC is listed on the London Stock Exchange AIM market and on Euronext Amsterdam, under the symbols 'AXS'. Accsys' operations comprise four principal business units: (i) Accoya® wood production; (ii) building and operating of Tricoya® wood chip acetylation plant in Hull; (iii) technology development, focused on a programme of continuous development of and improvements to the process engineering and operating protocols for the acetylation of solid wood and the development of technology for the acetylation of wood elements; and (iv) the licensing of technology for the production of Accoya® wood and Tricoya® wood elements across the globe.

Tricoya® Consortium In March 2017, Accsys announced the formation of the Tricoya® Consortium to fund, build and operate the Tricoya® plant in Hull, UK.  Members of the consortium include BP and the leading manufacturer of sustainable wood-based panels, Medite Europe DAC.  Tricoya Ventures UK Ltd (TVUK), a subsidiary of Accsys, owns and will operate the Tricoya® plant.  TTL exploits all Tricoya® related intellectual property and benefits from any Tricoya® related revenues other than those generated by the Tricoya® plant.  The Tricoya® plant is expected to have an initial capacity of 30,000 metric tonnes of Tricoya® chips per annum, enough to produce approximately 40,000m3 of Tricoya® panel products per annum.  The Tricoya® plant is expected to reach EBITDA breakeven at approximately 40% design capacity and to take approximately four years to reach full capacity following completion.  The location of the Tricoya® plant at Saltend Chemicals Park in Hull allows for expansion when market conditions dictate.

Accoya® Wood (www.accoya.com) is produced using Accsys' proprietary patented acetylation technology that effectively converts sustainably grown softwoods and non-durable hardwoods into what is best described as a "high technology wood". Distinguished by its durability, dimensional stability and, perhaps most importantly of all, its reliability (in terms of consistency of both supply and quality), Accoya® wood is particularly suited to exterior applications where performance and appearance are valued. Moreover, the Accoya® wood production process does not compromise the wood's strength or machinability. The combination of dimensional stability, durability and retained strength means that Accoya® wood offers a wealth of new opportunities to architects, designers and specifiers. These benefits result in lower maintenance and total cost of ownership while using a higher sustainable and environmental responsible building material. For a full archive of Accoya® news, visit www.accoya.com/news.

Tricoya® Wood Elements (www.tricoya.com) are produced using Accsys' proprietary technology for the acetylation of wood chips and particles for use in the fabrication of panel products such as medium density fibreboard and particle-board. These products demonstrate enhanced durability and dimensional stability which allow them to be used in a variety of applications that were once limited to solid wood or man-made products. Exploitation of Accsys' proprietary technology relating to Tricoya® Wood Elements is carried out through Tricoya Technologies Limited.  Tricoya® Wood Elements are lauded as the first major innovation in the wood composites industry in more than 30 years.

Wood Acetylation is a process which increases the amount of 'acetyl' molecules in wood, thereby changing its physical properties. When carried out to a sufficient level throughout the wood, this process protects wood from rot by making it "inedible" to most micro-organisms and fungi, without - unlike conventional treatments - making it toxic. It also greatly reduces the wood's tendency to swell and shrink, making it less prone to cracking and ensuring that, when painted, it requires dramatically reduced maintenance.

 

Accsys Technologies is the trading name of Titan Wood Limited. ACCOYA®, TRICOYA® and the Trimarque Device are registered trademarks owned by Titan Wood Limited ("TWL"), a wholly owned subsidiary of Accsys Technologies PLC, and may not be used or reproduced without written permission from TWL, or in the case of the Tricoya® registered trademark, from Tricoya Technologies Limited, a subsidiary of TWL with exclusive rights to exploit the Tricoya® brand.

 


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