Option Grant to Directors
November 12 2009 - 2:00AM
UK Regulatory
TIDMCAP
RNS Number : 3721C
Clean Air Power Limited
12 November 2009
+------------------------------------+----------------------------------------+
| For Immediate Release | 12 November 2009 |
+------------------------------------+----------------------------------------+
Clean Air Power Ltd
("Clean Air Power" or "the Company")
Option Grant 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 granted 800,000 share
options in the Company to the Executive Directors as set out in the table below.
These options have been granted as part of a new 3 year incentive scheme
designed to reduce the emphasis on cash bonuses for the Company's senior
management team. The motivation of this initiative is to align the rewards to
management with those of the shareholders and to preserve the company's cash.
These grants to directors form part of a total grant of 2,065,000 options to be
granted to 14 of the Company's senior management and key employees under the new
scheme. The vesting of these options is scheduled to take place over the next
three years and will be conditional upon the achievement of performance
criteria, mainly based on EBITDA targets.
The scheme was approved by the company's remuneration committee to become
effective from 9 October 2009, subject to certain conditions, which have today
been fulfilled. The price of 26.3p was determined as the average mid market
daily closing price for the 5 business days following the date of remuneration
committee approval.
+----------+-----------+----------+--------------+-----------+----------+-------------+-----------+
| | At 1 | Granted | Total no. | Date of | Exercise | Date | Expiry |
| | January | on 11 | following | grant | price | first | date |
| | 2009 | Nov 09 | grant | | | exercisable | |
+----------+-----------+----------+--------------+-----------+----------+-------------+-----------+
| Director | | | | | | | |
+----------+-----------+----------+--------------+-----------+----------+-------------+-----------+
| | | | | | | | |
+----------+-----------+----------+--------------+-----------+----------+-------------+-----------+
| John | 1,441,791 | | 1,441,791 | 27-Feb-06 | $0.98 | 27-Feb-07 | 27-Feb-17 |
| Pettitt | | | | | | | |
+----------+-----------+----------+--------------+-----------+----------+-------------+-----------+
| John | 1,125,000 | | 1,125,000 | 14-May-08 | 19p | 14-May-11 | 14-May-18 |
| Pettitt | | | | | | | |
+----------+-----------+----------+--------------+-----------+----------+-------------+-----------+
| John | | 600,000 | 600,000 | 11-Nov-09 | 26.3p | 01-Apr-12 | 11-Nov-19 |
| Pettitt | | | | | | | |
+----------+-----------+----------+--------------+-----------+----------+-------------+-----------+
| | Sub | | 3,166,791 | | | | |
| | total | | | | | | |
+----------+-----------+----------+--------------+-----------+----------+-------------+-----------+
| | | | | | | | |
+----------+-----------+----------+--------------+-----------+----------+-------------+-----------+
| Peter | 48,060 | | 48,060 | 28-Feb-06 | 100p | 28-Feb-07 | 28-Feb-17 |
| Rowse | | | | | | | |
+----------+-----------+----------+--------------+-----------+----------+-------------+-----------+
| Peter | 36,045 | | 36,045 | 28-Feb-06 | 100p | 01-Mar-07 | 28-Feb-17 |
| Rowse | | | | | | | |
+----------+-----------+----------+--------------+-----------+----------+-------------+-----------+
| Peter | 36,045 | | 36,045 | 28-Feb-06 | 100p | 01-Jun-07 | 28-Feb-17 |
| Rowse | | | | | | | |
+----------+-----------+----------+--------------+-----------+----------+-------------+-----------+
| Peter | 36,045 | | 36,045 | 28-Feb-06 | 100p | 01-Sep-07 | 28-Feb-17 |
| Rowse | | | | | | | |
+----------+-----------+----------+--------------+-----------+----------+-------------+-----------+
| Peter | 36,044 | | 36,044 | 28-Feb-06 | 100p | 01-Dec-07 | 28-Feb-17 |
| Rowse | | | | | | | |
+----------+-----------+----------+--------------+-----------+----------+-------------+-----------+
| Peter | 48,929 | | 48,929 | 13-Apr-07 | 28.5p | 13-Mar-10 | 13-Mar-17 |
| Rowse | | | | | | | |
+----------+-----------+----------+--------------+-----------+----------+-------------+-----------+
| Peter | 150,000 | | 150,000 | 14-May-08 | 19p | 14-May-11 | 14-May-18 |
| Rowse | | | | | | | |
+----------+-----------+----------+--------------+-----------+----------+-------------+-----------+
| Peter | | 200,000 | 200,000 | 11-Nov-09 | 26.3p | 01-Apr-12 | 11-Nov-19 |
| Rowse | | | | | | | |
+----------+-----------+----------+--------------+-----------+----------+-------------+-----------+
| | Sub | | 591,168 | | | | |
| | total | | | | | | |
+----------+-----------+----------+--------------+-----------+----------+-------------+-----------+
In addition to the above options John Pettitt owns 658,653 shares and Peter
Rowse owns 104,418 shares. When combined with the total number of options listed
above this represents respective overall interests in the enlarged share capital
of the company of 6.6% and 1.2%.
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
Charles Stanley Securities (Nominated Adviser) +44 (0)20 7149 6112
Russell Cook
Freddy Crossley
Jen Boorer
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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