TIDMAXS
RNS Number : 5676O
Accsys Technologies PLC
20 September 2013
AIM: AXS
NYSE Euronext Amsterdam: AXS
20 September 2013
ACCSYS TECHNOLOGIES PLC
("Accsys" or "the Company")
Award of Options under Long Term Incentive Plan
Accsys, the environmental science and technology company whose
primary focus is on the production and technology licensing of
Accoya(R) wood and Tricoya(R) wood elements, previously announced
on 27 August 2013, in its Notice of 2013 Annual General Meeting
(the 'Notice'), the proposal to establish the Accsys Technologies
PLC 2013 Long Term Incentive Plan ('LTIP').
Details concerning the background to and summary of the LTIP
were set out in the Notice, however are also summarised below,
together with awards which have been made to the executive
directors as a result of the resolution to approve the LTIP having
been approved by shareholders at the Annual General Meeting held on
19 September 2013.
Background
As a result of the achievements of the current management team
to turn around the Company since 2009, Accsys is now at a stage
where it is geared for future growth and its next phase of
development.
To support this development, the Company recognised the
importance of putting in place a remuneration structure for the
management team to retain, motivate and align their interests to
the future growth of the organisation.
The remuneration committee (the 'Committee') of the Company, the
members of which are non-executive directors, have therefore
undertaken a comprehensive review of the existing remuneration
structure in place. Following the review of the respective
components of the management team's remuneration package (base
salary, annual bonus, long-term incentive), the Committee
identified that a new long-term incentive plan was critical in
providing market competitive levels of total remuneration to
executives, aligning their interests to the business strategy and
future development of the Company.
The new LTIP has been developed having taken into account the
key issues of retention and motivation, alignment of interests with
those of shareholders and the provision of competitive levels of
awards to participants.
Cancellation of outstanding options
In developing the proposals for the new LTIP, the Committee
considered the Company's level of dilution which is currently 10%
in any rolling 10 year limit. After careful consideration and
having taken external expert advice, the Committee decided that a
prerequisite of participation in the new LTIP is for the management
team to agree to the cancellation of all their outstanding share
options, providing the Company with a 5% reduction in the level of
dilution to make the proposed new awards. A cancellation was agreed
by the Committee as the most appropriate action as it will focus
the management team on the new LTIP.
Awards
Accsys now announces that the following awards under the LTIP
have been granted in respect of executive directors in accordance
with the terms of the LTIP Plan Rules. The awards, which are nil
priced options over ordinary shares in the capital of the Company,
have been granted subject to the condition that all of the
recipients existing share options, as also set out below, will be
cancelled:
Element A Element B Element C Existing
Retention Performance Exceptional Share
Total Award Based Based Performance Options to
Name under LTIP Award Award Multiplier be cancelled
Paul Clegg 10,900,000 3,500,000 5,200,000 2,200,000 10,853,082
Hans Pauli 2,200,000 1,000,000 800,000 400,000 2,453,700
William Rudge 1,300,000 500,000 550,000 250,000 912,488
The vesting of the Awards will be subject to the terms of the
LTIP Plan Rules, including continued employment of the executive
directors by the Company and satisfaction of certain performance
conditions, further details of which are set out in the Notice.
Ends
For further information, please contact:
Accsys Technologies Paul Clegg, CEO via Blythe Weigh
PLC Hans Pauli, COO Communications
Will Rudge, FD
Nominated Adviser: Oliver
Cardigan
Corporate Broking: Christopher
Wilkinson +44 (0) 20 7260
Numis Securities Ben Stoop 1000
+44 (0) 20 7138
3204
Paul Weigh +44 (0) 7989 129658
Blythe Weigh Communications Tim Blythe +44 (0) 7816 924626
+31 20 794 4700
Frank Neervoort +31 681 734 236
Off the Grid (The Netherlands) Giedo Van Der Zwan +31 624 212 238
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
subsidiary, Titan Wood Limited, which has manufacturing operations
in Arnhem, the Netherlands (through its subsidiary Titan Wood
B.V.), a European office in Windsor, United Kingdom, and an
American office in Dallas, Texas (via its subsidiary Titan Wood,
Inc). All group subsidiaries are ultimately 100% owned by Accsys
and trade as Accsys Technologies. 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 by NYSE Euronext,
under the symbols 'AXS'. Accsys' operations comprise three
principal business units: (i) Accoya(R) 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(R)
wood and Tricoya(R) wood elements across the globe.
Accoya(R) 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(R) wood is particularly suited to
exterior applications where performance and appearance are valued.
Unlike most tropical and European hardwoods, its colour does not
degrade when exposed to ultraviolet light. Moreover, the Accoya(R)
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(R)
wood offers a wealth of new opportunities to architects, designers
and specifiers. For marine uses where weight is also important,
Accoya(R) wood for the first time provides boat builders with a
wood that is strong, lightweight, durable and retains its natural
beauty for far longer. For a full archive of Accoya(R) news, visit
www.accoya.com/news.asp.
Tricoya(R) 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 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 that were once limited to solid wood or
man-made products. Exploitation of Accsys' proprietary technology
relating to Tricoya(R) Wood Elements is carried out through Tricoya
Technologies Limited, a joint venture between Accsys and INEOS
Industries Holdings Limited. Tricoya(R) 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(R), TRICOYA(R) 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(R) registered trademark, from Tricoya Technologies
Limited, a joint venture between TWL and INEOS Industries Holdings
Limited with exclusive rights to exploit the Tricoya(R) brand.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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