ITM Power PLC - Director/PDMR Shareholding

RNS Number : 4618P

ITM Power PLC

10 June 2020

ITM Power plc

("ITM Power" or the "Company")

Director/PDMR Shareholding

ITM Power (AIM: ITM), the energy storage and clean fuel group announces that it has received notification of the following share transactions by Persons Discharging Managerial Responsibilities ("PDMR" and, collectively, "the Executive Team") and persons closely associated ("PCA").

Dr Graham Cooley, Dr Simon Bourne and Dr Rachel Smith each exercised options and sold the resulting shares. Andy Allen exercised options and sold a portion of the resulting shares. Each of Dr Graham Cooley, Dr Simon Bourne and Dr Rachel Smith have in addition sold existing ordinary shares. In aggregate, the Executive Team have disposed of 4,793,871 Ordinary Shares in the Company representing 1.0124% of the Company's issued share capital.

The transactions have been undertaken for the purposes of wealth diversification. The Executive Team remain committed to retaining a long term equity interest in the Company in excess of 100% of annual basic salary. Following the above transactions, each PDMR retains a combined value of shareholdings and exercisable options approximately at or above this threshold.

PDMR	Position	Options exercised	Weighted average exercise price (£)	Options/ Shares sold	Sale price (£)	Options remaining after exercise	Current shareholding	% ISC
Graham Cooley	CEO	1,800,000	0.477	2,337,726	2.8305	3,307,500	600,000	0.825
Andy Allen	CFO	383,333	0.332	367,559	2.8305	713,917	40,774	0.159
Simon Bourne	CTO	1,333,333	0.419	1,591,034	2.8305	1,326,417	69,129	0.295
Rachel Smith	Executive Director	416,666	0.300	497,552	2.8305	905,334	64,079	0.205

The options were granted between 2011 and 2018 under the ITM Power plc Share Option Plan 2010 as a key part of the Company's long-term incentive scheme to attract and retain key talent in the business.

The information below, set out in accordance with the requirements of the EU Market Abuse Regulation, provides further detail on shares sold.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Graham Cooley
2	Reason for the notification
a)	Position/status	Chief Executive Officer
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	ITM Power plc
b)	LEI	21380042MB2JKZ6RRP12
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	Options over ordinary shares of 5p each and ordinary shares of 5p each

	Identification code	ISIN: GB00B0130H42

b)	Nature of the transaction	Exercise of options and sale of the resultant shares and sale of shares
c)	Price(s) and volume(s)
		Exercise Price	Sale Price	Volume(s)
		50p	283.05p	250,000
		66.75p	283.05p	800,000
		26.5p	283.05p	750,000
		-	283.05p	537,726
d)	Aggregated information

	- Aggregated volume	2,337,726

	- Price	283.05p

e)	Date of the transaction	9/6/20
f)	Place of the transaction	The London Stock Exchange

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Andy Allen
2	Reason for the notification
a)	Position/status	Chief Financial Officer
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	ITM Power plc
b)	LEI	21380042MB2JKZ6RRP12
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	Options over ordinary shares of 5p each and ordinary shares of 5p each

	Identification code	ISIN: GB00B0130H42

b)	Nature of the transaction	Exercise of options and sale of the resultant shares
c)	Price(s) and volume(s)
		Exercise Price	Sale Price	Volume(s)
		30p	283.05p	50,000
		54.5p	283.05p	317,559
d)	Aggregated information

	- Aggregated volume	367,559

	- Price	283.05

e)	Date of the transaction	9/6/20
f)	Place of the transaction	The London Stock Exchange

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Dr Simon Bourne
2	Reason for the notification
a)	Position/status	Chief Technology Office
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	ITM Power plc
b)	LEI	21380042MB2JKZ6RRP12
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	Options over ordinary shares of 5p each and ordinary shares of 5p each

	Identification code	ISIN: GB00B0130H42

b)	Nature of the transaction	Exercise of options and sale of the resultant shares and sale of shares
c)	Price(s) and volume(s)
		Exercise Price	Sale Price	Volume(s)
		66.75p	283.05p	123,596
		49.88p	283.05p	100,000
		26.5p	283.05p	250,000
		66.75p	283.05p	276,404
		30p	283.05p	583,333
		-	283.05p	257,701
d)	Aggregated information

	- Aggregated volume	1,591,034

	- Price	283.05

e)	Date of the transaction	9/6/20
f)	Place of the transaction	The London Stock Exchange

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Dr Rachel Smith
2	Reason for the notification
a)	Position/status	Executive Director
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	ITM Power plc
b)	LEI	21380042MB2JKZ6RRP12
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	Options over ordinary shares of 5p each and ordinary shares of 5p each

	Identification code	ISIN: GB00B0130H42

b)	Nature of the transaction	Exercise of options and sale of the resultant shares and sale of shares
c)	Price(s) and volume(s)
		Exercise Price	Sale Price	Volume(s)
		30p	283.05p	416,666
		-	283.05p	80,886
d)	Aggregated information

	- Aggregated volume	497,552

	- Price	283.05

e)	Date of the transaction	9/6/20
f)	Place of the transaction	The London Stock Exchange

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Trevor Smith
2	Reason for the notification
a)	Position/status	Person closely associated with Dr Rachel Smith
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	ITM Power plc
b)	LEI	21380042MB2JKZ6RRP12
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	Ordinary shares of 5p each

	Identification code	ISIN: GB00B0130H42

b)	Nature of the transaction	Sale of Shares
c)	Price(s) and volume(s)
		Sale Price	Volume(s)
		283.05p	40,046

d)	Aggregated information

	- Aggregated volume	40,046

	- Price	283.05

e)	Date of the transaction	9/6/20
f)	Place of the transaction	The London Stock Exchange

This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation (EU) 596/2014. The person responsible for making this announcement on behalf of the Company is Nicola Ham Edmonds, Company Secretary.

For further information, please visit www.itm-power.com or contact:

ITM Power plc	(0)114 244 5111
Nicola Ham Edmonds, Company Secretary

Investec Bank plc (Nominated Adviser and Broker)	(0)20 7597 5970
Jeremy Ellis / Chris Sim / Ben Griffiths / Tejas Padalkar

Tavistock (Financial PR and IR)	(0)20 7920 3150
Simon Hudson / Edward Lee / Barney Hayward

About ITM Power plc:

ITM Power plc manufactures integrated hydrogen energy solutions for grid balancing, energy storage and the production of renewable hydrogen for transport, renewable heat and chemicals. ITM Power plc was admitted to the AIM market of the London Stock Exchange in 2004. In October 2019, the Company announced the completion of a £58.8 million fundraise, including a subscription by Linde of £38 million, together with the formation of a joint-venture with Linde to focus on delivering renewable hydrogen to large scale industrial projects worldwide. ITM Power signed a forecourt siting agreement with Shell for hydrogen refuelling stations in September 2015, (which was extended in May 2019 to include buses, trucks, trains and ships) and in January 2018 a deal to deploy a 10MW electrolyser at Shell's Rhineland refinery. ITM Power announced the lease of the world's largest electrolyser factory in Sheffield with a capacity of 1GW (1,000MW) per annum in July 2019. Customers and partners include Sumitomo, Ørsted, National Grid, Cadent, Northern Gas Networks, Gasunie, RWE, Engie, BOC Linde, Toyota, Honda, Hyundai and Anglo American among others.

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