Eneraqua Technologies PLC Notification of transactions by PDMR

RNS Number : 7698Z

Eneraqua Technologies PLC

08 August 2024

 

 

8 August 2024

Eneraqua Technologies plc

("Eneraqua" or the "Company" or the "Group")

 

Notification and public disclosure of transactions by PDMR

Grant of LTIP Awards

Eneraqua Technologies plc, a specialist provider of energy and water efficiency solutions, announces that with effect from today, the following awards over ordinary shares of 1 pence each ("Ordinary Shares") in the Company have been granted under the Eneraqua Technologies plc Long Term Incentive Plan ("LTIP") to the following person(s) discharging managerial responsibilities:

 

Participant	Position	No. of Ordinary Shares under Award
Mitesh Dhanak	Chief Executive Officer	293,550
James Lamb	Interim Chief Financial Officer	62,500

The awards have been granted as options with an option price per share of nil and will vest the third anniversary of the grant of the awards, subject to the grantee's continued service and to the extent to which the performance conditions set for the awards are satisfied. The quantum of the LTIP awards have been substantially reduced by over 50%, compared to previous awards, to reflect the current share price.

The performance vesting of up to a distinct 50% of each award (the "TSR  Part") will be dependent on the Company's total shareholder return ("TSR") performance over the three year period following the grant of the award relative to the TSR performance (over the same period) of the constituents of the FTSE AIM 100 as at the grant of the award. Sliding scale targets apply.

The performance vesting of up to the other 50%of the award (the "EPS Part") will be dependent on the Company's adjusted earnings per share for the financial year ending 31 January 2027. Sliding scale targets apply.

 

In respect of each of the above measures, an environmental, social and governance ("ESG") related underpin measure also applies, with a commitment on reducing the level of the Company's Scope 1 emissions over the three-year period following the grant of the award.

 

A two-year post vesting holding period (net of sale for tax liability) applies to the award granted to Mitesh Dhanak only.

 

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	1.  Mitesh Dhanak 2.  James Lamb
2	Reason for Notification
a)	Position/status	1.  Chief Executive Officer 2.  Interim Chief Financial Officer
b)	Initial notification/Amendment	Initial Announcement
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Eneraqua Technologies plc
b)	LEI	21380045T7LPP2T83245
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	Ordinary Shares of 1 pence each in Eneraqua Technologies plc   GB00BNYDGM91
b)	Nature of the transaction	Grant of options over Ordinary Shares under the Eneraqua Technologies plc Long Term Incentive Plan at an option price of nil pence per Ordinary Share.
c)	Price(s) and volume(s)	Price(s) Volume(s) 1.  Nil 2.  Nil 1.  293,550 2.  62,500
d)	Aggregated information -  Aggregated volume -  Price	Not applicable - single transactions
e)	Date of the transaction	8 August 2024
f)	Place of the transaction	Outside of a trading venue

 

 

For further information please contact:   Eneraqua Technologies plc Mitesh Dhanak, Chief Executive Officer	Via Alma
Panmure Liberum Limited (Nomad and Joint Broker) Edward Mansfield John More Anake Singh	Tel: [phone]
Singer Capital Markets (Joint Broker) Sandy Fraser Asha Chotai	Tel: [phone]
Alma Strategic Communication (Financial PR) Justine James Andy Bryant Will Ellis Hancock	Tel: [phone] [e-mail]

 

Notes to editors

Eneraqua Technologies (AIM:ETP) is a specialist in energy and water efficiency. The Group operates in two markets, energy and water. Energy is the larger, with the Company focused on clients with end of life gas, oil or electric heating and hot water systems. The Group provides turnkey retrofit district or communal heating systems based either on high-efficiency gas or ground/air source heat pump solutions that support Net Zero and decarbonisation goals.

 

Water is a growing service offering focused on water efficiency upgrades for utilities and non-domestic clients including hotels, hospitals and care homes.

 

The Group's activities are underpinned by the Company's wholly-owned intellectual property, the Control Flow HL2024® family of products which reduce water wastage and improve the performance of heating and hot water systems.

 

The Group's main country of operation is the United Kingdom. The Group's head office is based in London with additional offices in Leeds, Washington (Sunderland), India, Spain and the Netherlands. The Group has 206 employees, with the majority employed within the UK. Eneraqua Technologies has received the London Stock Exchange's Green Economy Mark.

 

To find out more, please visit:  www.eneraquatechnologies.com

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