Original
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 exercised and shares sold

Weighted average exercise price

Sale price

Options remaining after exercise

Current shareholding

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 financial instrument, type of instrument

Identification code

10p ordinary shares                                                            

 

 

ISIN GB00BG5KQW09

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 exercise price(s)

Volume(s)

Sales 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 instrument

Identification code

10p ordinary shares                                                            

 

 

ISIN GB00BG5KQW09

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 instrument

Identification code

10p ordinary shares                                                            

 

 

ISIN GB00BG5KQW09

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 instrument

Identification code

10p ordinary shares                                                            

 

 

ISIN GB00BG5KQW09

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 instrument

Identification code

10p ordinary shares                                                            

 

 

ISIN GB00BG5KQW09

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 instrument

Identification code

10p ordinary shares                                                            

 

 

ISIN GB00BG5KQW09

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

Elizabeth Skerritt


Tel: +44 (0)1403 273 463

 

Investec Bank PLC (NOMAD & Joint Broker)

Jeremy Ellis / Patrick Robb


 

Tel: +44 (0)207 597 4000

 

Berenberg (Joint Broker)

Ben Wright / Mark Whitmore


 

Tel: +44 (0) 203 207 7800

 

Powerscourt

Peter Ogden / James White


 

Tel: +44 (0) 20 7250 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® 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® 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® in volume.

 


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