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Accsys Technologies (AXS)

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Friday 22 September, 2017

Accsys Technologies

Directors Interest EBT LTIP

RNS Number : 6209R
Accsys Technologies PLC
22 September 2017
 

 

AIM: AXS

Euronext Amsterdam: AXS

 

 

22 September 2017

ACCSYS TECHNOLOGIES PLC
("Accsys" or "the Company")

 

Directors' Interests, Employment Benefit Trust, Long Term Incentive Plan (LTIP) Awards

 

Accsys, the chemical technology group focused on the highly sustainable acetylation of wood, announces the issue of new ordinary shares of €0.05 each in the Company ("Shares"), and the grant of LTIP Awards, in each case in relation to employee remuneration and incentivisation arrangements.

 

Issue of Shares to Employee Benefit Trust

 

In respect of the year ended 31 March 2017, following recommendation from the nomination and remuneration committee of the Company, the Board has resolved to conditionally issue a total of 198,154 Shares to an Employee Benefit Trust.

 

Such Shares shall vest if the employee remains in employment with the Company to the vesting date, being 1 July 2018 (subject to certain other provisions including regulatory, good-leaver, take-over and committee discretion provisions).

 

The Shares will be issued pending (amongst other things) admission to AIM and Euronext ("Admission"), which is expected to take place on or about 27 September 2017 (the "Issue Date").

 

Exercise of options

 

Accsys further announces that 106,189 Shares have been conditionally issued and allotted to an employee following the exercise of nil cost options, granted in 2013 under the Company's 2013 Long Term Incentive Plan ("LTIP") (the "Option Shares").

 

The Option Shares will be issued pending (amongst other things) admission to AIM and Euronext ("Admission"), which is expected to take place on or about 27 September 2017 (the "Issue Date").

 

Grant of LTIP Awards

 

Accsys further announces that under the LTIP, the Board has resolved to grant further awards ("LTIP Awards") to various senior employees, in accordance with the terms of the LTIP Plan Rules approved by the Company's shareholders in 2013. 

 

The LTIP Awards, granted following recommendation from the nomination and remuneration committee of the Company and in accordance with the Company's Remuneration Policy (as approved by shareholders), are nil priced options over 81,946 Shares, which are in addition to the amount of 998,918 Shares announced on 20 June 2017. Of this additional amount, no LTIP Awards have been granted to Executive Directors.

 

The vesting of the LTIP Awards will be subject to the terms of the LTIP Plan Rules, including continued employment of the beneficiaries by the Company and satisfaction of TSR and EBITDA performance conditions.

 

Correction of LTIP Award

 

Accsys further announces a correction due to clerical error in respect of the LTIP Award granted to Hans Pauli, Executive Director, Corporate Development, announced on 20 June 2017. The number of Shares granted under LTIP Award to Mr Pauli is 119,329 and not 112,351 Shares as previously announced. All other aspects of the LTIP Awards announced on 20 June 2017 remain unchanged.

 

Following the issue of the above Shares to the Employment Benefit Trust and issue of Shares in respect of exercised LTIP award, the Company will have a total of 111,369,634 Shares in issue.

 

Ends

 

For further information, please contact:

 

Accsys Technologies PLC

Paul Clegg, CEO

Will Rudge, FD

Hans Pauli, Executive Director, Corporate Development

via MHP Communications

Numis Securities

Nominated Adviser:  Oliver Cardigan

                                  Jamie Lillywhite

Corporate Broking:   Christopher Wilkinson

                                 Ben Stoop

+44 (0) 20 7260 1000

 

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 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 licencing 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 three principal business units: (i) Accoya® wood production; (ii) 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 (iii) the licensing of technology for the production of Accoya® wood and Tricoya® wood elements across the globe.

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 UV resistance, 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.

 

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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