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RNS Number : 8897F
Ceres Power Holdings plc
21 January 2010
 



21 January 2010

Ceres Power Holdings plc

('Ceres', 'Ceres Power' or the 'Company')


Ceres Power appoints Technology Director


Ceres Power Holdings plc is pleased to announce the appointment of Dr Phil Whalen to its Board as Technology Director.  


Phil joined Ceres in July 2009 having been Chief Technology Officer of Invensys plc and previously Director of Technology Strategy at Honeywell International Inc. Phil is responsible for technology development, advanced engineering and control systems. He has over twenty years experience of developing and leading global technology teams across a variety of technologies, including engineered ceramics and control systems. Phil has extensive experience in developing and commercialising new technologies across a wide range of international markets.  


Phil is an American citizen and received a PhD in Ceramic Science and Engineering from Rutgers University, New Jersey. 


Brian Count, Chairman of Ceres Power commented: 


"I am delighted to welcome Phil to our Board. His strong background in leading and developing technology teams and bringing new technology products to market will prove invaluable as Ceres Power progresses towards the mass market launch of our domestic CHP product"



Information required pursuant to Schedule 2 (g) of the AIM Rules:


Dr Phil Whalen is aged 51


He currently holds the following directorships:


Ceres Power Limited

Ceres Intellectual Property Company Limited 


Phil holds no shares in Ceres Power. He holds 212,500 options over shares in Ceres Power at a price of £2.00 per share. The exercise of these share options is subject to the following performance targets based on growth in the Company's share price;  

   

* 25% of the options will become exercisable if the Company's share price exceeds £4 for a period of twenty consecutive dealing days between the second and tenth anniversary of the grant 


* 37.5% of the options will become exercisable if the Company's share price exceeds £5 for a period of twenty consecutive dealing days between the third and tenth anniversary of the grant 


* 37.5% of the options will become exercisable if the Company's share price exceeds £6 for a period of twenty consecutive dealing days between the fourth and tenth anniversary of the grant  


Phil held no other directorships in the last five years. 


There is no other information required to be disclosed pursuant to Schedule 2 (g) of the AIM Rules.



For further information please contact:


Ceres Power Holdings plc

Tel. +44 (0)1293 400 404

Peter Bance, Chief Executive Officer


Rex Vevers, Finance Director

 

 

 

Morgan Stanley

Tel. +44 (0)20 7425 8000

Peter Moorhouse/Alastair Walmsley




Gavin Anderson & Company

Tel. +44 (0)20 7074 1800

Robert Speed/Ken Cronin/Deborah Walter 




This information is provided by RNS
The company news service from the London Stock Exchange
 
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