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Active Energy Group Plc: Grant of Options

by pmnationtalk on February 14, 201885 Views

February 14, 2018

Active Energy, the London quoted international biomass based renewable energy and forestry management business, announces the approval of the grant of options over a total of 50,500,000 ordinary shares of 1p each in the Group (“Ordinary Shares”) to certain of its Directors, and consultants representing 3.39% of AEG’s Ordinary Shares and total voting rights on a fully diluted basis (the “Options”). The Group is granting the Options in recognition of the recent achievement of certain key milestones including the official opening of AEG’s first commercial CoalSwitch™ plant in Utah, USA.

The Options are being granted in two tranches with different exercise prices and vesting periods. 25,250,000 Options will have an exercise price of 4.5p which represents the 52 week high for AEG’s share price prior to 13 February 2018 (the “Tranche 1 Options”). The Tranche 1 Options will vest subject to certain conditions after 12 months and are exercisable between 1 and 10 years from the date of grant.

A further 25,250,000 Options will have an exercise price of 8.5p which represents an 89% premium to AEG’s 52 week high share price, prior to 13 February 2018 (the “Tranche 2 Options”). The Tranche 2 Options will vest subject to certain conditions after 24 months and are exercisable between 2 and 10 years from the date of grant.

Options granted to Directors and PDMRs

As summarised in the tables below, AEG has granted 43,000,000 of the Options to the Company’s Directors and a PDMR pursuant to the Company’s existing unapproved share option scheme (the “Scheme”).

Director/PDMR Options Granted
Richard Spinks – CEO Tranche 1 Options: 12,500,000
Tranche 2 Options: 12,500,000
Michael Rowan – Chairman Tranche 1 Options: 8,000,000
Tranche 2 Options: 8,000,000
Michael Bolwell – Group Financial Controller Tranche 1 Options: 1,000,000
Tranche 2 Options: 1,000,000

Messrs Spinks, Rowan and Bolwell currently have the following interests in issued Ordinary Shares:

Director/PDMR Number of Ordinary Shares % of issued share capital at 13

February 2018

Richard Spinks 41,733,333 4.39%
Michael Rowan 3,221,250 0.34%
Michael Bolwell Nil Nil

In addition, following the grant of the Options referred to above, Messrs Spinks, Rowan and Bolwell will have the following interests in share options in the AEG:

Director/PDMR Number of options Exercise Price Expiry Date
Richard Spinks 12,500,000 4.5p 12 February 2028
12,500,000 8.5p 12 February 2028
Michael Rowan 4,500,000 6p 18 October 2025
8,000,000 4.5p 12 February 2028
8,000,000 8.5p 12 February 2028
Michael Bolwell 1,000,000 5p 8 November 2025
1,000,000 4.5p 12 February 2028
1,000,000 8.5p 12 February 2028

Total Share Options and Warrants

The total options outstanding that have previously been granted to other employees and consultants pursuant to the Scheme is 34,950,000. Following the grant of the Options, there are now 177,825,099 outstanding options and warrants over AEG’s Ordinary Shares, representing 11.95% of the Group’s Ordinary Shares and total voting rights on a fully diluted basis.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

**ENDS**

NT4

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