TIDMCWR
RNS Number : 3895C
Ceres Power Holdings plc
07 February 2020
07 February 2020
Ceres Power Holdings plc (AIM:CWR)
Exercise of Share Options, PDMR Dealing
Ceres Power Holdings plc (the "Company"), a global leader in
fuel cell technology and engineering, announces the following share
transactions carried out by certain Directors and persons
discharging managerial responsibilities (PDMRs) on 7 February
2020.
Members of the executive management team, Phil Caldwell (Chief
Executive Officer), Richard Preston (Chief Financial Officer),
James Falla (Chief Operating Officer), Tony Cochrane (Chief
Commercial Officer) and Mark Selby (Chief Technology Officer), each
exercised options and sold the resulting shares. Steve Callaghan,
Senior Independent Director, has sold a number of shares.
Options Weighted Sale price Options Current
exercised average remaining shareholding
and shares exercise after exercise
sold price
----------------- ------------ ---------- ----------- ---------------- --------------
Phil Caldwell 359,128 85.4p 401.0p 1,895,659 46,928
Richard Preston 75,000 17.9p 398.9p 633,794 59,641
James Falla 100,000 87.0p 400.5p 837,132 45,098
Tony Cochrane 100,000 90.0p 400.5p 689,794 -
Mark Selby 100,000 34.7p 400.5p 488,924 39,909
Steve Callaghan 200,000 n/a 398.85p n/a 339,919
The options were granted between January 2013 and August 2015
under the Ceres Power Holdings plc 2004 Employees' Share Option
Scheme as a key part of the Company's long-term incentive scheme to
attract and retain key talent in the business.
The Board, upon the recommendation of the Remuneration
Committee, approved a window to trade thus enabling PDMRs to sell
shares. It is intended that PDMRs are able to periodically trade at
timely intervals without disrupting the market, such is common
market practice.
The Company remuneration policy on PDMR shareholding is that the
CEO should hold a minimum of 150% of salary in shares and
exercisable share options, and all other Directors and PDMRs a
minimum of 100% of salary. This policy helps to ensure that the
interests of the investors remain aligned with those of Directors
and management. Following the above transactions, each PDMR retains
a combined value of shareholdings and exercisable options
significantly above these thresholds.
As part of the exercise of some options by Phil Caldwell, he
sold 350,000 Employee Shareholder Status (ESS) shares in the
Company's subsidiary, Ceres Power Intermediate Holdings Ltd, which
were granted as a modification to the unexercised 2004 Employees'
Share Scheme options in 2014 and 2015.
The notification below, made in accordance with the requirements
of the EU Market Abuse Regulation, provides further detail.
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name Philip Caldwell
-------------------------------- ----------------------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------------------
a) Position/status Chief Executive Officer, Director
-------------------------------- ----------------------------------------------------
b) Initial notification/Amendment Initial Notification
-------------------------------- ----------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------------------
a) Name Ceres Power Holdings plc
-------------------------------- ----------------------------------------------------
b) LEI 213800N7AAHSXQUOA733
-------------------------------- ----------------------------------------------------
4 Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
--------------------------------------------------------------------------------------
a) Description of the 10p ordinary shares
financial instrument, ISIN GB00BG5KQW09
type of instrument
Identification code
-------------------------------- ----------------------------------------------------
b) Nature of the transaction Exercise of Share Options under the Ceres
Power 2004 Employees Share Option Scheme
and the sale of the resulting shares.
As part of the exercise of these options,
Phil Caldwell sold 350,000 Employee Shareholder
Status (ESS) shares in the Company's subsidiary,
Ceres Power Intermediate Holdings Ltd,
which were granted as a modification to
the unexercised 2004 Employees' Share
Scheme options in 2014.
-------------------------------- ----------------------------------------------------
c) Price(s) and volume(s) Share option Volume(s) Sales Price(s)
exercise price(s)
85.4 pence 242,497 398.85 pence
85.4 pence 116,631 405.52 pence
-------------------------------- ----------------------------------------------------
d) Aggregated information Exercise Price Volume(s) Sales Price
85.4 pence 359,128 401.02 pence
-------------------------------- ----------------------------------------------------
e) Date of the transaction 7 February 2020
-------------------------------- ----------------------------------------------------
f) Place of the transaction N/A
-------------------------------- ----------------------------------------------------
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Richard Preston
-------------------------------------------------------- -------------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------------------------------------
a) Position/status Chief Financial Officer, Director
-------------------------------------------------------- -------------------------------------------------------
b) Initial notification/Amendment Initial Notification
-------------------------------------------------------- -------------------------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
-----------------------------------------------------------------------------------------------------------------
a) Name Ceres Power Holdings plc
-------------------------------------------------------- -------------------------------------------------------
b) LEI 213800N7AAHSXQUOA733
-------------------------------------------------------- -------------------------------------------------------
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
-----------------------------------------------------------------------------------------------------------------
a) Description of the financial instrument, type of 10p ordinary shares
instrument ISIN GB00BG5KQW09
Identification code
-------------------------------------------------------- -------------------------------------------------------
b) Nature of the transaction Exercise of Share Options under the Ceres Power 2004
Employees Share Option Scheme and the
sale of the resulting shares
-------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Exercise Price(s) Volume(s) Sales Price(s)
10 pence 67,125 398.85 pence
85 pence 7,875 398.85 pence
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information Exercise Price Volume(s) Sales Price
17.9 pence 75,000 398.85 pence
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 7 February 2020
-------------------------------------------------------- -------------------------------------------------------
f) Place of the transaction N/A
-------------------------------------------------------- -------------------------------------------------------
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name James Falla
-------------------------------------------------------- -------------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------------------------------------
a) Position/status Chief Operating Officer, PDMR
-------------------------------------------------------- -------------------------------------------------------
b) Initial notification/Amendment Initial Notification
-------------------------------------------------------- -------------------------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
-----------------------------------------------------------------------------------------------------------------
a) Name Ceres Power Holdings plc
-------------------------------------------------------- -------------------------------------------------------
b) LEI 213800N7AAHSXQUOA733
-------------------------------------------------------- -------------------------------------------------------
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
-----------------------------------------------------------------------------------------------------------------
a) Description of the financial instrument, type of 10p ordinary shares
instrument ISIN GB00BG5KQW09
Identification code
-------------------------------------------------------- -------------------------------------------------------
b) Nature of the transaction Exercise of Share Options under the Ceres Power 2004
Employees Share Option Scheme and the
sale of the resulting shares.
-------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Exercise Price(s) Volume(s) Sales Price(s)
87 pence 75,000 398.85 pence
87 pence 25,000 405.52 pence
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information Exercise Price Volume(s) Sales Price
87 pence 100,000 400.53 pence
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 7 February 2020
-------------------------------------------------------- -------------------------------------------------------
f) Place of the transaction N/A
-------------------------------------------------------- -------------------------------------------------------
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Anthony Cochrane
-------------------------------------------------------- -------------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------------------------------------
a) Position/status Chief Commercial Officer, PDMR
-------------------------------------------------------- -------------------------------------------------------
b) Initial notification/Amendment Initial Notification
-------------------------------------------------------- -------------------------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
-----------------------------------------------------------------------------------------------------------------
a) Name Ceres Power Holdings plc
-------------------------------------------------------- -------------------------------------------------------
b) LEI 213800N7AAHSXQUOA733
-------------------------------------------------------- -------------------------------------------------------
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
-----------------------------------------------------------------------------------------------------------------
a) Description of the financial instrument, type of 10p ordinary shares
instrument ISIN GB00BG5KQW09
Identification code
-------------------------------------------------------- -------------------------------------------------------
b) Nature of the transaction Exercise of Share Options under the Ceres Power 2004
Employees Share Option Scheme and the
sale of the resulting shares
-------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Exercise Price(s) Volume(s) Sales Price(s)
90 pence 75,000 398.85 pence
90 pence 25,000 405.52 pence
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information Exercise Price Volume(s) Sales Price
90 pence 100,000 400.52 pence
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 7 February 2020
-------------------------------------------------------- -------------------------------------------------------
f) Place of the transaction N/A
-------------------------------------------------------- -------------------------------------------------------
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Mark Selby
-------------------------------------------------------- -------------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------------------------------------
a) Position/status Chief Technology Officer, PDMR
-------------------------------------------------------- -------------------------------------------------------
b) Initial notification/Amendment Initial Notification
-------------------------------------------------------- -------------------------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
-----------------------------------------------------------------------------------------------------------------
a) Name Ceres Power Holdings plc
-------------------------------------------------------- -------------------------------------------------------
b) LEI 213800N7AAHSXQUOA733
-------------------------------------------------------- -------------------------------------------------------
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
-----------------------------------------------------------------------------------------------------------------
a) Description of the financial instrument, type of 10p ordinary shares
instrument ISIN GB00BG5KQW09
Identification code
-------------------------------------------------------- -------------------------------------------------------
b) Nature of the transaction Exercise of Share Options under the Ceres Power 2004
Employees Share Option Scheme and the
sale of the resulting shares
-------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Exercise Price(s) Volume(s) Sales Price(s)
10 pence 67,125 398.85 pence
85 pence 7,875 398.85 pence
85 pence 25,000 405.52 pence
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information Exercise Price Volume(s) Sales Price
34.7 pence 100,000 400.52 pence
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 7 February 2020
-------------------------------------------------------- -------------------------------------------------------
f) Place of the transaction N/A
-------------------------------------------------------- -------------------------------------------------------
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Stephen Callaghan
---------------------------------------------------------- -----------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------------------------------------
a) Position/status Non-Executive Director, Senior Independent Director
---------------------------------------------------------- -----------------------------------------------------
b) Initial notification/Amendment Initial Notification
---------------------------------------------------------- -----------------------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
-----------------------------------------------------------------------------------------------------------------
a) Name Ceres Power Holdings plc
---------------------------------------------------------- -----------------------------------------------------
b) LEI 213800N7AAHSXQUOA733
---------------------------------------------------------- -----------------------------------------------------
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
-----------------------------------------------------------------------------------------------------------------
a) Description of the financial instrument, type of 10p ordinary shares
instrument ISIN GB00BG5KQW09
Identification code
---------------------------------------------------------- -----------------------------------------------------
b) Nature of the transaction Sale of shares
---------------------------------------------------------- -----------------------------------------------------
c) Price(s) and volume(s) Sales price Volume
398.85 pence 200,000
---------------------------------------------------------- -----------------------------------------------------
d) Aggregated information Sales price Volume
398.85 pence 200,000
---------------------------------------------------------- -----------------------------------------------------
e) Date of the transaction 7 February 2020
---------------------------------------------------------- -----------------------------------------------------
f) Place of the transaction N/A
---------------------------------------------------------- -----------------------------------------------------
- Ends -
For further information, please contact:
Ceres Power Holdings plc Tel: +44 (0)1403 273
Elizabeth Skerritt 463
Investec Bank PLC (NOMAD & Joint Tel: +44 (0)207 597 4000
Broker)
Jeremy Ellis / Patrick Robb
Berenberg (Joint Broker) Tel: +44 (0) 203 207
Ben Wright / Mark Whitmore 7800
Powerscourt Tel: +44 (0) 20 7250
Peter Ogden / James White 1446
About Ceres Power
Ceres Power (http://www.cerespower.com/) is a world leader in
low cost, next generation fuel cell technology for use in
distributed power products that reduce operating costs, lower CO2,
SOx and NOx emissions, increase efficiency and improve energy
security. The Ceres Power unique patented SteelCell(R) technology
generates power from widely available fuels such as natural gas and
future fuels such as hydrogen enabling a transition from low to
zero carbon power generation at high efficiency. The SteelCell(R)
is manufactured using standard processing equipment and
conventional materials such as steel, meaning that it can be mass
produced at an affordable price. Ceres Power offers its partners
the opportunity to develop power systems and products using its
unique technology and know-how, as well as the opportunity to
manufacture the SteelCell(R) in volume.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
DSHTRMATMTBMBFM
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