Issue of Shares to Directors
June 19 2009 - 9:58AM
UK Regulatory
TIDMCAP
RNS Number : 2103U
Clean Air Power Limited
19 June 2009
+------------------------------------+----------------------------------------+
| For Immediate Release | 19 June 2009 |
+------------------------------------+----------------------------------------+
Clean Air Power Ltd
("Clean Air Power" or "the Company")
Issue of Shares to Directors
Clean Air Power Limited (AIM: CAP), the developer of Dual-FuelTM
combustion technology that enables heavy-duty diesel engines to run on a
combination of both diesel and natural gas, announces that it has today issued
common shares of US$0.001 in the Company to the Executive Directors as follows:
+-------------+-------------+-------------+-------------+-------------+-------------+
| | Number of shares issued | Total Number of shares |
| | | held following issue |
| | | |
+---------------------------+---------------------------+---------------------------+
| John Pettitt | 288,725 | 738,654 |
+---------------------------+---------------------------+---------------------------+
| Peter Rowse | 86,275 | 108,418 |
+-------------+-------------+-------------+-------------+-------------+-------------+
In each case the shares have been issued to the Directors in lieu of cash
bonuses that had been earned under the Company's Senior Management 2008 bonus
scheme. The Directors, along with other senior managers in the scheme, have
agreed to hold the shares for a minimum of twelve months.
The motivation of this initiative is to align the rewards to management with
those of the shareholders and to preserve the company's cash. The net cash
saving to the company, after making cash payments to cover both Directors' and
managers' benefit in kind tax charges, is around GBP45,000.
The total number of shares issued to the Directors and senior management
relating to the 2008 scheme is 566,066. Application has been made for admission
to trading of 566,066 Common Shares on the AIM market of the London Stock
Exchange. Admission is expected to occur on or around 25 June 2009.
The Company further announces that it plans to establish an employee benefit
trust to facilitate the issue of shares under the Company's senior management
bonus scheme for the next three years. Such shares will only be issued to
Executive Directors and other senior managers upon achievement of performance
targets set by the Company's Remuneration Committee and will also be subject to
a tie-in period of twelve months.
For further information please contact:
+--------------------------------------------------------------------------+
| Clean Air Power +44 (0)1494 527110 |
+--------------------------------------------------------------------------+
| John Pettitt, Chief Executive |
+--------------------------------------------------------------------------+
| Peter Rowse, Finance Director |
+--------------------------------------------------------------------------+
| |
+--------------------------------------------------------------------------+
| Buchanan Communications +44 (0)20 7466 5000 |
+--------------------------------------------------------------------------+
| Charles Ryland |
+--------------------------------------------------------------------------+
| Ben Willey |
+--------------------------------------------------------------------------+
| Ben Romney |
+--------------------------------------------------------------------------+
| |
+--------------------------------------------------------------------------+
| Canaccord Adams Ltd +44 (0)20 7050 6500 |
+--------------------------------------------------------------------------+
| Robert Finlay |
+--------------------------------------------------------------------------+
| Bhavesh Patel |
+--------------------------------------------------------------------------+
| Guy Blakeney |
+--------------------------------------------------------------------------+
Notes to Editors
About Clean Air Power
Clean Air Power is the developer and provider of Dual-Fuel(TM) combustion
technology for heavy duty diesel engines. Dual-Fuel(TM) engines substantially
cut fuel costs and carbon emissions without sacrificing the original engine's
characteristic efficiency or reliability. Clean Air Power is well positioned to
assist corporations and governments to deliver on their environmental
commitments while at the same time reducing transport operators overheads.
Initially founded in the USA in 1991, around GBP40m has been invested in
developing the technology with the result that 63 patents are currently held or
pending. The holding company of the Group is based in Bermuda with operational
subsidiaries in the UK, the USA and Australia. The Group was admitted to the AIM
market of the London Stock Exchange in February 2006.
Further information on Clean Air Power is available at www.cleanairpower.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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