Clean Air Power Limited Directors' Fee Salary Sacrifice (2487A)
December 19 2014 - 2:00AM
UK Regulatory
TIDMCAP
RNS Number : 2487A
Clean Air Power Limited
19 December 2014
19 December 2014
Clean Air Power Limited
("Clean Air Power" or the "Company")
Directors' Fee Salary Sacrifice and Issue of Share Options and
Equity
Clean Air Power (AIM: CAP), the developer and global leader in
compression-ignited natural gas engine management systems for
heavy-duty engines, today announces that, as part of the cost
saving plan announced on 1 October 2014 in the Interim Results,
members of the Board and certain senior managers have agreed to
sacrifice part of their fees or salaries in 2014 and 2015 in return
for the grant of options to subscribe for a combined total of
2,510,033 new common shares of US$0.001 each in the Company under
the 2006 Share Option Plan.
The number of share options awarded to each Director or senior
manager is based upon the amount of fee or salary sacrificed
converted to share options at price of 4.00p. This represents 44%
of the cash equivalent based on the closing share price of 2.25p on
18(th) December 2015.
The share options will be exercisable on 1 January 2016 or, for
certain Directors, after three years, at an exercise price of
US$0.001 being the par value of the shares. There are no
performance conditions attached to the share options.
The options granted include the following in respect of the
Directors of the Company:
Rodney Westhead 183,750
John Pettitt 1,250,000
Neill Skinner 375,000
Bernard Lord 87,500
Robert Tyrer 83,333
Dr. Ulrich Wöhr and Prof. Dr. Karl-Viktor Schaller have also
agreed to sacrifice a proportion of their fees.
Following the grant of these Options the total number of options
is 11,144,402, which is equivalent to 4.3 percent of the Company's
existing issued share capital.
John Pettitt, Chief Executive of Clean Air Power, said:
"I am extremely grateful to my Board colleagues and senior
managers for playing their part in the cost saving measures we have
implemented across the business and for their continued confidence
in, and commitment to, the business."
The Company has also issued and allotted 444,444 new common
shares of US$0.001 each in the Company ("Common Shares") to its
joint brokers, MC Peat & Co. LLP, in accordance with pre-agreed
fee arrangements. Application will be made to the London Stock
Exchange for the 444,444 new Common Shares to be admitted to
trading on AIM ("Admission") and it is expected that Admission will
take place on or around 9(th) January 2015. Following Admission,
the Company's total issued share capital will consist of
257,293,583 Common Shares, all with voting rights. This is the
figure which may be used by shareholders in the Company as the
denominator for the calculations in which they will determine if
they are required to notify their interest in, or a change in their
interest in, the share capital of the Company under the FCA's
Disclosure and Transparency Rules.
Enquiries:
Clean Air Power Tel: +44 (0)1772 624
499
John Pettitt, Chief Executive Officer
Neill Skinner, Chief Financial Officer
Citigate Dewe Rogerson Tel: +44 (0)20 7282
2867
Malcolm Robertson
Chris Gardner
Panmure Gordon Tel: +44 (0)20 7886
2500
Corporate Finance
Freddy Crossley / Atholl Tweedie
Corporate Broking
Tom Salvesen
Peat & Co Tel: +44 (0)20 3540
1721
Charlie Peat
About Clean Air Power
Clean Air Power designs, develops and delivers
compression-ignited natural gas engines for heavy duty transport
applications. Clean Air Power's patented MicroPilot and
Dual-Fuel(TM) technology enables engines to run on natural gas
mixed with diesel (or any suitable combustion fuel) providing the
"spark" that ignites the gas. Substituting natural gas for diesel
cuts fuel costs, emissions of carbon, nitrous oxide and
particulates whilst retaining the original engine's power,
efficiency and reliability characteristics. Clean Air Power
operates in the US, Europe, Russia and Australia and has two
commercial divisions:
Dual-Fuel(TM) Vehicle Systems
Delivery of patented Dual-Fuel(TM) systems which include
fully-interfaced systems developed in partnership with truck
manufacturers and the Group's Genesis-EDGE system, developed
in-house as an after-market solution. Dual-Fuel(TM) is a type of
system that adapt diesel engines to run on a combination of diesel
and natural gas whilst retaining engine's basic infrastructure. The
Division sells systems to truck manufacturers for on-line assembly,
approved partners for after-market installation or direct to
customers through its own installation facilities. The Division
also undertakes design and development work for governments and
truck manufacturers on Dual-Fuel(TM) and next-generation MicroPilot
systems.
Components
Design and manufacture of innovative hydraulic valves, injectors
and filters for natural gas engines sold to truck manufacturers
around the world.
Initially founded in the USA in 1991, around GBP50m has been
invested in developing the technology with the result that 69
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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