TIDMEQT
RNS Number : 8303O
EQTEC PLC
11 February 2021
11 February 2021
EQTEC plc
("EQTEC", the "Company" or the "Group")
All Employee Long-term Incentive Plan and Allocation of
Incentive Shares
EQTEC plc (AIM: EQT), a world leading gasification technology
solutions company for sustainable waste-to-energy projects,
announces the adoption of the EQTEC All Employee Long-term
Incentive Plan (the "LTIP"), effective as of 11 February 2021.
The LTIP is a core part of the Company's new approach to
business planning, performance management and employee incentives
and is designed to drive individual and team performance in line
with Company performance, thereby creating value for shareholders
while minimising cash outlay. All Company Executive Directors and
employees are eligible to participate in the LTIP.
Any awards made under the LTIP will comprise zero-cost share
allocations ("Incentive Shares"). 60% will vest providing the
relevant individual is employed by the Company as of the vesting
date, subject to no notice of termination, disciplinary proceedings
or similar, and in the view of the Board, fulfilling his/her
responsibilities to the highest possible standards.
The remaining 40% of Incentive Shares will vest provided the
relevant individual has met the aforementioned employment
conditions and, in addition, a Company-wide performance condition.
The condition will be set annually by the Board against one or more
of the Company's priority financial targets. In respect of these
Company performance allocations, there will be a minimum or
'threshold' achievement that must be obtained to qualify, with a
'straight-line' calculation of award up to a maximum level.
Both types of Incentive Shares will be allocated annually and,
subject to the above vesting conditions would vest over three
years. For example, the 2021 share allocation would vest in three
equal instalments on 1 May 2022, 1 May 2023 and 1 May 2024,
following announcement of the Company's annual results.
All vested awards are subject to a lock-in period, whereby any
new ordinary shares of EUR0.001 each issued ("Ordinary Shares")
cannot be sold for two years from vesting for Directors and Heads
of Function, or 12 months for all other employees.
Awards are further subject to certain malus and clawback
provisions, at the Board's discretion.
On 11 February 2021, the Board approved the terms of the LTIP
and the maximum allocation of 30,524,234 Incentive Shares at a
price of 2.20p, representing a 5% premium on the closing,
mid-market share price on 10 February 2021. 22,342,416 Incentive
Shares have been newly allocated in aggregate for employees of the
Company who are not Directors, with 8,181,818 Incentive Shares
newly allocated in aggregate for Director, Jeffrey Vander
Linden.
In addition, David Palumbo and Yoel Alemán, Directors of the
Company, have agreed that the Company's obligation to issue them
new Ordinary Shares pursuant to the subscription arrangements (the
"Subscription Arrangements") announced by the Company on 9 July
2020 for the period 1 July 2020 - 30 June 2021 will be replaced by
Incentive Shares, subject to the same vesting conditions as
outlined above. The maximum number of new Ordinary Shares that can
be issued from these allocations on vesting would be 11,111,111 and
9,445,379 respectively, which is the same number of Ordinary Shares
that would have been issued pursuant to the Subscription
Arrangements, thereby creating no additional dilution on vesting
and the potential for less dilution, should the vesting conditions
not be achieved.
Going forward, all executive Directors and employees will be on
standardised LTIP structures and the LTIP is the Company's sole,
long-term incentive programme. There will be no further issues of
warrants under the employee incentive warrant programme announced
on 31 March 2020, whereby the Directors were issued with, in
aggregate, 472,725,148 warrants to subscribe for new Ordinary
Shares from a March 2020 warrant pool of 590,906,437. The Company
has a total of 658,210,979 employee related warrants and options
outstanding.
Assuming the maximum number of new Ordinary Shares were issued
pursuant to the Incentive Shares allocated today (being 51,080,724
new Ordinary Shares, albeit only 30,524,234 of these shares
represent additional dilution, due to the cancellation of the
Subscription Arrangements), the Company would have 709,291,703
employee-related dilutive instruments outstanding, representing
9.09% of the Company's then enlarged issued share capital.
Ian Pearson, Chairman of EQTEC, commented:
"The implementation of EQTEC's All Employee Long-term Incentive
Plan demonstrates the Company's commitment to attracting and
retaining top talent who are invested in the long-term future of
our business and in our role in Cleantech. This standardised
framework for incentivising EQTEC's people is built on a new robust
performance management framework that will drive common focus and
individual excellence toward delivery of the business plan,
aligning performance with enhancing value for our shareholders
while minimising cash outlay. I view these approaches as additional
support to EQTEC's platform for sustainable growth and performance
in 2021 and for years to come."
ENQUIRIES
EQTEC plc +353 21 2409 056
David Palumbo / Gerry Madden
------------------------------
Strand Hanson - Nomad & Financial Adviser +44 20 7409 3494
------------------------------
James Harris / James Dance / Jack Botros
------------------------------
Arden Partners - Broker +44 20 7614 5900
------------------------------
Paul Shackleton (Corporate) / Simon Johnson
(Sales)
------------------------------
Maitland/AMO - Communications & PR/IR adviser +44 20 7379 5151
------------------------------
James Benjamin/Rhys Jones EQTEC-maitland@maitland.co.uk
------------------------------
About EQTEC plc
EQTEC is a world leading gasification technology partner with
proven proprietary patented technology for sustainable
waste-to-value applications.
EQTEC designs and supplies advanced gasification solutions that
have a higher efficiency product offering and are modular and
scalable from 1MW to 25MW. EQTEC's versatile solutions are
independently proven to process over 50 different types of
feedstock, including municipal waste, agricultural waste, biomass
and plastics with no hazardous waste or toxic emissions . EQTEC's
solutions produce a uniquely pure high-quality synthesis gas
(syngas), that is capable of being used for the widest applications
in the creation of energy, hydrogen and biofuels.
EQTEC's proprietary technology design together with deployment
and maintenance capabilities mitigate the risks when using third
party equipment. EQTEC's Technology Integration capabilities enable
the Group to lead collaborative ecosystems that build sustainable
waste elimination and green energy infrastructure.
The Company is quoted on AIM (ticker: EQT) and the London Stock
Exchange awarded EQTEC the Green Economy Mark that recognises
listed companies with 50% or more of revenues from
environmental/green solutions.
Further information on the Company can be found at www.eqtec.com
.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCFLFSLFVILLIL
(END) Dow Jones Newswires
February 11, 2021 06:45 ET (11:45 GMT)
Eqtec (LSE:EQT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Eqtec (LSE:EQT)
Historical Stock Chart
From Jul 2023 to Jul 2024