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ITM Power PLC - Grants under Long Term Incentive Plan

RNS Number : 0311D
ITM Power PLC
23 October 2020
 

23 October 2020

 

ITM Power plc

 

Grants under Long Term Incentive Plan

 

ITM Power plc (the "Company") announces that on 22 October 2020 awards over ordinary shares of £0.05 each in the capital of the Company were granted to all staff under the ITM Power plc Long Term Incentive Plan ("LTIP"), over a total number of 1,006,590 ordinary shares.

Additional awards over a total number of 268,582 ordinary shares will be made to the Executive Directors and certain employees, conditional upon completion of the Fundraising announced on 22 October 2020.

No consideration is payable for the grant of the awards which are structured as nominal cost options at an option exercise price of £0.05 per ordinary share. The number of ordinary shares granted under the award has been calculated using a share price of 270.5 pence, being the average mid-market quotation as derived from AIM for the last 5 days of trading prior to close on 21 October 2020.

 

The vesting of an award is subject to the satisfaction of performance conditions which have been set by the Remuneration Committee of the Board of Directors of the Company. The awards are subject to a three year vesting period and to the achievement of the performance conditions and the participant being a director or employee within the Company's group at that time.

 

This follows confirmation that the Company has implemented the LTIP, recently adopted by the Company in 2020 as is set out in the announcement of the Company's final results released on 22 October 2020.

 

The LTIP awards granted to Executive Directors (who are Persons Discharging Managerial Responsibilities) are as follows:

 

Name of Director/PDMR

Number of Shares over which the LTIP Award is granted

 

Annual

Exceptional

(Conditional)

Graham Cooley

100,912

88,298

Andy Allen

52,478

45,919

Rachel Smith

52,415

45,863

Simon Bourne

77,530

67,839

Total awards granted

283,335

247,919

 

A further announcement will be made once the decision to grant the exceptional awards becomes unconditional after completion of the Fundraising post the general meeting to be held on 11 November 2020.

 

The performance conditions applying to these awards, being the first under the Company's recently adopted LTIP, (both annual and exceptional) compare the performance of the Company's shareholder return with that of the performance of the AIM 50 Index over the applicable performance period.

 

The notification is intended to satisfy the Company's obligations under Article 19 of the Market Abuse Regulations.

 

Enquiries:

ITM Power plc  

+44 (0)114 263 7646

Nicola Ham Edmonds (Head of Legal and Company Secretary)

James Collins (IR)


 

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

 

 

Identification code

ISIN: GB00B0130H42

 

 

b)

Nature of the transaction

Issue of Options

c)

 

Price(s) and volume(s)

 

 

 

Price(s)

Volume(s)

 

Nominal cost option

 100,912

 

d)

 

Aggregated information

 

 

 

- Aggregated volume

100,912

 

 

- Price

NA

 

 

e)

Date of the transaction

23 October 2020

f)

Place of the transaction

Outside a trading venue

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Simon Bourne

2

Reason for the notification

a)

Position/status

Chief Technical 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

 

 

Identification code

ISIN: GB00B0130H42

 

 

b)

Nature of the transaction

Issue of Options

c)

 

Price(s) and volume(s)

 

 

 

Price(s)

Volume(s)

 

Nominal cost option

77,530

 

d)

 

Aggregated information

 

 

 

- Aggregated volume

77,530

 

 

- Price

NA

 

 

e)

Date of the transaction

23 October 2020

f)

Place of the transaction

Outside a trading venue

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

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

 

 

Identification code

ISIN: GB00B0130H42

 

 

b)

Nature of the transaction

Issue of Options

c)

 

Price(s) and volume(s)

 

 

 

Price(s)

Volume(s)

 

Nominal cost option

52,415

d)

 

Aggregated information

 

 

 

- Aggregated volume

52,415

 

 

- Price

NA

 

 

e)

Date of the transaction

23 October 2020

f)

Place of the transaction

Outside a trading venue

 

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

 

 

Identification code

ISIN: GB00B0130H42

 

 

b)

Nature of the transaction

Issue of Options

c)

 

Price(s) and volume(s)

 

 

 

Price(s)

Volume(s)

 

Nominal cost option

52,478

 

d)

 

Aggregated information

 

 

 

- Aggregated volume

52,478

 

 

- Price

NA

 

 

e)

Date of the transaction

23 October 2020

f)

Place of the transaction

Outside a trading venue

 

-ends-

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Market: AIM
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