TIDMAXS
RNS Number : 7439A
Accsys Technologies PLC
04 February 2011
Regulatory Announcement
Company Accsys Technologies PLC
TIDM AXS
Headline Directors and Persons Discharging
Managerial Responsibilities'
Interests
Released 4 February 2011
Number
AIM: AXS
NYSE Euronext Amsterdam: AXS
4th February 2011
ACCSYS TECHNOLOGIES PLC ("Accsys" or "the Company")
Directors and Persons Discharging Managerial Responsibilities'
Interests
Further to the Company's announcement of earlier today relating
to its proposed EUR30 million fundraising by way of firm placing
and placing and open offer (the "Firm Placing and Placing and Open
Offer"), in compliance with the AIM Rules and Disclosure and
Transparency Rules, the Company announces that the following
directors and persons discharging managerial responsibilities have
agreed to subscribe, pursuant to the terms of the Firm Placing and
Placing and Open Offer, for the following number of ordinary shares
of EUR0.01 in the Company ("Ordinary Shares") at a price of EUR0.15
per Ordinary Share, being the offer price under the Firm Placing
and Placing and Open Offer (the "Subscriptions"):
Name Number of Ordinary Shares
Gordon Campbell 73,333
Paul Clegg 300,000
Hans Pauli 200,000
Patrick Shanley 166,666
Lord Sanderson of Bowden 14,666
Michiel Maes 7,694
Edward Pratt 300,000
Further details relating to the Subscriptions are set out in the
prospectus relating to the Firm Placing and Open Offer expected to
be published by the Company today (the "Prospectus").
In connection with the Firm Placing and Placing and Open Offer,
the Board has also approved the adjustment of share option awards
granted prior to today's date pursuant to, and as provided for, in
each of the Company's 2005 Unapproved Share Option Scheme and 2008
Unapproved Share Option Scheme (each a "Scheme"). Such ordinary
course anti-dilution adjustments have been recommended by the
nomination and remuneration committee of the Company and, as
required under each Scheme, the auditors of the Company have opined
that such adjustments have been calculated in a fair and reasonable
manner. In respect of all options granted under each Scheme
(including to Paul Clegg and Hans Pauli as executive directors),
the exercise price shall be adjusted to 70.6% of the previous
exercise price and the number of shares under option shall be
increased by 141.7%.
The Company further announces that in connection with employee
remuneration and incentivisation arrangements and in respect of the
period from 31 March 2010 to 31 December 2010, the nomination and
remuneration committee of the Company has resolved to issue
Ordinary Shares to an Employee Benefit Trust, the beneficiaries of
which are set out below. Such Ordinary Shares shall vest if the
employees remain in employment with the Company to the vesting
date, being 31 December 2011 (subject to certain other provisions
including good-leaver, take-over and committee discretion
provisions):
Name Number of Ordinary Shares
Paul Clegg 750,000
Hans Pauli 500,000
Edward Pratt 250,000
Michiel Maes 250,000
Hal Stebbins 250,000
William Rudge 250,000
Angus Dodwell 250,000
Ends
For further information, please contact:
Accsys Technologies Paul Clegg, CEO via Citigate Dewe
PLC Hans Pauli, CFO Rogerson
Stephen Mischler
Matrix Corporate Capital Nick Stone
LLP Edmund Glover +44 20 3206 7000
Numis Securities Limited Christopher Wilkinson +44 20 7260 1347
Simon Blank +44 20 7260 1409
Citigate Dewe Rogerson Ginny Pulbrook +44 20 7282 2945
Malcolm Robertson +44 20 7282 2867
Suzanne Bakker +31 20 575 4023
Notes to editors:
Accsys Technologies PLC (www.accsysplc.com) is an environmental
science and technology company whose primary focus is on the
production of Accoya(R) wood and technology licensing via its 100%
owned subsidiary, Titan Wood Limited, which has manufacturing
operations in Arnhem, the Netherlands, a European office in London
and an Americas office in Dallas, Texas. Accsys Technologies'
operations comprise three principal business units: (i) the
Accoya(R) wood production facility located in Arnhem, The
Netherlands; (ii) technology development, focused on a programme of
continuous improvements to the process engineering and operating
protocols for the acetylation of wood which are currently under
development and the development of technology for the acetylation
of wood fibre; and (iii) the licensing of technology for the
production of Accoya(R) wood and Tricoya(R) wood elements across
the globe.
Accoya(R) Wood (www.accoya.info) is produced by using a
proprietary, non-toxic process that effectively converts
sustainably grown softwoods and non-durable hardwoods into what is
best described as a "high technology wood" via acetylation.
Distinguished by its durability, dimensional stability and, perhaps
most importantly of all, its reliability (in terms of consistency
of both supply and quality), Accoya(R) wood is particularly suited
to exterior applications where performance and appearance are
valued. Unlike most woods, its colour does not degrade when exposed
to sunlight. Moreover, the Accoya(R) wood production process does
not compromise the wood's strength or machinability. The
combination of UV resistance, dimensional stability, increased
coatings life, durability and retained strength means that
Accoya(R) wood offers a wealth of new opportunities to architects,
designers and specifiers. Leading applications include external
doors and windows, shutters/shading, siding and cladding, decking,
outdoor furniture/equipment and glulam beams for structural
use.
Tricoya(R) Wood Elements (www.tricoya.com) is Accsys
Technologies' proprietary technology for the acetylation of wood
fibres, chips, and particles for use in the fabrication of wood
based composites, including panel products. These composites
demonstrate enhanced durability and dimensional stability which
allow them to be used in a variety of applications which were once
limited to solid wood or man-made products. Tricoya(R) Wood
Elements is 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. The environmentally responsible process protects wood
from rot by making it "inedible" to most micro-organisms and
insects, 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. Acetylated
wood's increased durability offers major carbon sequestration
advantages, compared to other woods and man-made building materials
such as steel, vinyl, and plastic.
Wood Composites include a range of derivative wood products
which are manufactured by binding together the strands, particles,
fibres, or veneers of wood together with adhesives to form
composite materials. These products are engineered to precise
design specifications which are tested to meet national or
international standards.
Accsys Technologies is the trading name of Titan Wood Limited.
ACCOYA(R) TRICOYA(R) and the Trimarque Device are registered
trademarks owned by Titan Wood Limited and may not be used or
reproduced without written permission.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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