Accsys Technologies PLC Director Interests and LTIP Awards (3310V)

TIDMAXS

RNS Number : 3310V

Accsys Technologies PLC

02 December 2019

AIM: AXS

Euronext Amsterdam: AXS

2 December 2019

Accsys Technologies PLC

("Accsys", the "Group" or the "Company")

Director Interests and Long Term Incentive Plan (LTIP) Awards

Accsys, the fast-growing and eco-friendly company that combines chemistry and technology to create high performance, sustainable wood building products, announces that under the Accsys Long Term Incentive Plan, the Remuneration Committee has resolved to grant LTIP Awards to its new Chief Executive Officer, Robert Harris, in accordance with the terms of the LTIP Plan Rules approved by the Company's shareholders in 2013.

The LTIP Awards, granted to Mr Harris in accordance with the Company's Remuneration Policy (as approved by shareholders), are nil priced options over a total of 105,699 Shares.

The LTIP Awards will vest three years after grant, subject to the terms of the LTIP Plan Rules, including continued employment of the beneficiaries by the Company and satisfaction of financial and non-financial performance conditions. Under the LTIP Plan Rules, a two year holding period applies post vesting.

 
 1)   Details of the person discharging managerial responsibility 
 a)   Name                         Robert Harris 
     ---------------------------  ------------------------------------ 
 2    Reason for the notification 
     ----------------------------------------------------------------- 
 a)   Position/status              Chief Executive Officer 
     ---------------------------  ------------------------------------ 
 b)   Initial notification         Initial notification 
       /Amendment 
     ---------------------------  ------------------------------------ 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ----------------------------------------------------------------- 
 a)   Name                         Accsys Technologies PLC 
     ---------------------------  ------------------------------------ 
 b)   LEI                          213800HKRFK8PNUNV581 
     ---------------------------  ------------------------------------ 
 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               Ordinary shares of EUR0.05 each. 
       the financial instrument,    ISIN GB00BQQFX454 
       type of instrument 
       Identification 
       code 
     ---------------------------  ------------------------------------ 
 b)   Nature of the transaction    Grant of LTIP Options over Ordinary 
                                    Shares 
     ---------------------------  ------------------------------------ 
 c)   Price(s) and volume(s)        Price(s)    Volume(s) 
                                     Nil         105,699 
                                                ---------- 
     ---------------------------  ------------------------------------ 
 d)   Aggregated information       Not applicable - single transaction 
       - Aggregated volume 
       - Price 
     ---------------------------  ------------------------------------ 
 e)   Date of the transaction      29 November 2019 
     ---------------------------  ------------------------------------ 
 f)   Place of the transaction     Outside of a trading venue 
     ---------------------------  ------------------------------------ 
 

Ends

For further information, please contact:

 
 Accsys Technologies               Robert Harris, CEO (incoming)    via FTI Consulting 
  PLC                               Paul Clegg, CEO (outgoing) 
                                    William Rudge, FD 
 Numis Securities Limited          Oliver Hardy (NOMAD) 
  -Nominated Adviser                Christopher Wilkinson 
  and                               Ben Stoop 
  Joint Broker                      Oliver Cox                      [phone] 
                                    Carlton Nelson 
  Investec Bank plc -                James Rudd 
   Joint Broker                      Alex Wright                     [phone] 
                                   Matthew O'Keeffe 
 FTI Consulting                     Alex Le May                     [phone] 
                                   Frank Neervoort                  [phone] 
 Off the Grid (The Netherlands)     Giedo Van Der Zwan               [phone] 
 

Notes to editors:

Accsys Technologies PLC (www.accsysplc.com) is a chemical technology group whose primary focus is on the production of Accoya(R) wood and Tricoya(R) wood elements, technology licensing via its subsidiary, Titan Wood Limited, which has manufacturing operations in Arnhem, the Netherlands (through its subsidiary Titan Wood B.V.), a European office in London, United Kingdom, an American office in Dallas, Texas (via its subsidiary Titan Wood, Inc.) and technology licensing associated with the acetylation of wood elements via its subsidiary Tricoya Technologies Limited. Any references in this announcement to agreements with Accsys shall mean agreements with either Accsys or its subsidiary entities unless otherwise specified. Accsys Technologies PLC is listed on the London Stock Exchange AIM market and on Euronext Amsterdam, under the symbols 'AXS'. Accsys' operations comprise four principal business units: (i) Accoya(R) wood production; (ii) building and operating of Tricoya(R) wood chip acetylation plant in Hull; (iii) technology development, focused on a programme of continuous development of and improvements to the process engineering and operating protocols for the acetylation of solid wood and the development of technology for the acetylation of wood elements; and (iv) the licensing of technology for the production of Accoya(R) wood and Tricoya(R) wood elements across the globe.

Tricoya(R) Consortium In March 2017, Accsys announced the formation of the Tricoya(R) Consortium to fund, build and operate the Tricoya(R) plant in Hull, UK. Members of the consortium include BP and the leading manufacturer of sustainable wood-based panels, MEDITE Europe DAC. Tricoya Ventures UK Ltd (TVUK), a subsidiary of Accsys, owns and will operate the Tricoya(R) plant. TTL exploits all Tricoya(R) related intellectual property and benefits from any Tricoya(R) related revenues other than those generated by the Tricoya(R) plant. The Tricoya(R) plant is expected to have an initial capacity of 30,000 metric tonnes of Tricoya(R) chips per annum, enough to produce approximately 40,000m(3) of Tricoya(R) panel products per annum. The Tricoya(R) plant is expected to reach EBITDA breakeven at approximately 40% design capacity and to take approximately four years to reach full capacity following completion. The location of the Tricoya(R) plant at Saltend Chemicals Park in Hull allows for expansion when market conditions dictate.

Accoya(R) Wood (www.accoya.com) is produced using Accsys' proprietary patented acetylation technology that effectively converts sustainably grown softwoods and non-durable hardwoods into what is best described as a "high technology wood". Distinguished by its durability, dimensional stability and, perhaps most importantly of all, its reliability (in terms of consistency of both supply and quality), Accoya(R) wood is particularly suited to exterior applications where performance and appearance are valued. Moreover, the Accoya(R) wood production process does not compromise the wood's strength or machinability. The combination of dimensional stability, durability and retained strength means that Accoya(R) wood offers a wealth of new opportunities to architects, designers and specifiers. These benefits result in lower maintenance and total cost of ownership while using a higher sustainable and environmental responsible building material. For a full archive of Accoya(R) news, visit www.accoya.com/news.

Tricoya(R) Wood Elements (www.tricoya.com) are produced using Accsys' proprietary technology for the acetylation of wood chips and particles for use in the fabrication of panel products such as medium density fibreboard and particle-board. These products demonstrate enhanced durability and dimensional stability which allow them to be used in a variety of applications that were once limited to solid wood or man-made products. Exploitation of Accsys' proprietary technology relating to Tricoya(R) Wood Elements is carried out through Tricoya Technologies Limited. Tricoya(R) Wood Elements are lauded as the first major innovation in the wood composites industry in more than 30 years.

Wood Acetylation is a process which increases the amount of 'acetyl' molecules in wood, thereby changing its physical properties. When carried out to a sufficient level throughout the wood, this process protects wood from rot by making it "inedible" to most micro-organisms and fungi, without - unlike conventional treatments - making it toxic. It also greatly reduces the wood's tendency to swell and shrink, making it less prone to cracking and ensuring that, when painted, it requires dramatically reduced maintenance.

'Accsys' and 'AccsysTechnologies'aretrading names of Titan Wood Limited. ACCOYA(R) , TRICOYA(R) and the Trimarque Device are registered trademarks owned by Titan Wood Limited ("TWL"), a wholly owned subsidiary of Accsys Technologies PLC, and may not be used or reproduced without written permission from TWL, or in the case of the Tricoya(R) registered trademark, from Tricoya Technologies Limited, a subsidiary of TWL with exclusive rights to exploit the Tricoya(R) brand.

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 [e-mail] or visit www.rns.com.

END

DSHLLFLLFLLFIIA

(END) Dow Jones Newswires

December 02, 2019 06:14 ET (11:14 GMT)