HydroDec Group plc Grant of options (7723U)

TIDMHYR

RNS Number : 7723U

HydroDec Group plc

27 October 2017

27 October 2017

Hydrodec Group plc

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

Grant of options

Hydrodec Group plc (AIM: HYR), the clean-tech industrial oil re-refining group, announces that it has today made the following grants of options to subscribe for ordinary shares in the Company ("Options") to certain of its directors:

 
 Director        Position          Number of    Exercise   Vesting 
                                    Options      price      conditions 
--------------  ----------------  -----------  ---------  ------------ 
 Chris Ellis     Chief Executive   15,000,000   1.625      See below 
                  Officer                        p 
--------------  ----------------  -----------  ---------  ------------ 
 Lord Moynihan   Chairman          15,000,000   1.625      See below 
                                                 p 
--------------  ----------------  -----------  ---------  ------------ 
 

The Options will only vest, and become exercisable, if the average mid-market closing price for an ordinary share exceeds 3p for a period of any 90 consecutive calendar days ending on or before 31 December 2018, or in certain other prescribed circumstances as provided for in the terms of the Company's Share Option Scheme (adopted 9 June 2015).

Both directors have waived any previous entitlement to options or interests in the Company's Long Term Incentive Plan ("LTIP"). As such, these Options represent the only interests of this type held by any member of the Board.

Caroline Brown, the Senior Independent Director of the Company, commented: "The Remuneration Committee (in respect of Chris Ellis), and the independent members of that committee (in respect of Lord Moynihan), have granted these Options in recognition of the efforts to date of the CEO and the Chairman in driving the successful turnaround of the Company and, through the vesting conditions, to ensure that the interests of shareholders are well aligned with these key members of the Board in the coming months."

 
 1    Details of the person discharging managerial 
       responsibilities/person closely associated 
---  ------------------------------------------------------------ 
 a)   Name                       Chris Ellis 
---  -------------------------  --------------------------------- 
 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                       Hydrodec Group plc 
---  -------------------------  --------------------------------- 
 b)   LEI                        Pending 
---  -------------------------  --------------------------------- 
 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                Ordinary Shares of 0.5p each 
       of the financial 
       instrument, 
       type of instrument 
 
                                  ISIN: GB00B02FJF09 
       Identification 
       code 
---  -------------------------  --------------------------------- 
 b)   Nature of                  Grant of nil cost options by 
       the transaction            the Company under the Company's 
                                  Share Option Scheme. Subject 
                                  to a performance condition 
                                  that 
                                  the average mid-market closing 
                                  price for an ordinary share 
                                  exceeds 3p for a period of 
                                  any 90 consecutive calendar 
                                  days ending on or before 31 
                                  December 2018. 
---  -------------------------  --------------------------------- 
 c)   Price(s) and                 Price(s)    Volume(s) 
       volume(s)                   ----------  ------------ 
 
                                     Nil         15,000,000 
                                   ----------  ------------ 
---  -------------------------  --------------------------------- 
 d)   Aggregated 
       information                 n/a 
 
        *    Aggregated volume 
 
 
 
        *    Price 
---  -------------------------  --------------------------------- 
 e)   Date of the                27 October 2017 
       transaction 
---  -------------------------  --------------------------------- 
 f)   Place of the               Outside a trading venue 
       transaction 
---  -------------------------  --------------------------------- 
 
 
 1    Details of the person discharging managerial 
       responsibilities/person closely associated 
---  ------------------------------------------------------------ 
 a)   Name                       Colin Moynihan 
---  -------------------------  --------------------------------- 
 2    Reason for the notification 
---  ------------------------------------------------------------ 
 a)   Position/status            Chairman 
---  -------------------------  --------------------------------- 
 b)   Initial notification/      Initial notification 
       Amendment 
---  -------------------------  --------------------------------- 
 3    Details of the issuer, emission allowance 
       market participant, auction platform, auctioneer 
       or auction monitor 
---  ------------------------------------------------------------ 
 a)   Name                       Hydrodec Group plc 
---  -------------------------  --------------------------------- 
 b)   LEI                        Pending 
---  -------------------------  --------------------------------- 
 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                Ordinary Shares of 0.5p each 
       of the financial 
       instrument, 
       type of instrument 
 
                                  ISIN: GB00B02FJF09 
       Identification 
       code 
---  -------------------------  --------------------------------- 
 b)   Nature of                  Grant of nil cost options by 
       the transaction            the Company under the Company's 
                                  Share Option Scheme. Subject 
                                  to a performance condition 
                                  that 
                                  the average mid-market closing 
                                  price for an ordinary share 
                                  exceeds 3p for a period of 
                                  any 90 consecutive calendar 
                                  days ending on or before 31 
                                  December 2018. 
---  -------------------------  --------------------------------- 
 c)   Price(s) and                 Price(s)    Volume(s) 
       volume(s)                   ----------  ------------ 
 
                                     Nil         15,000,000 
                                   ----------  ------------ 
---  -------------------------  --------------------------------- 
 d)   Aggregated 
       information                 n/a 
 
        *    Aggregated volume 
 
 
 
        *    Price 
---  -------------------------  --------------------------------- 
 e)   Date of the                27 October 2017 
       transaction 
---  -------------------------  --------------------------------- 
 f)   Place of the               Outside a trading venue 
       transaction 
---  -------------------------  --------------------------------- 
 

For further information please contact:

 
Hydrodec Group plc                                  01372 824750 
Chris Ellis, Chief Executive 
Canaccord Genuity (Nominated Adviser and Broker)    020 7523 8000 
Henry Fitzgerald-O'Connor 
 Richard Andrews 
Vigo Communications (PR adviser to Hydrodec)        020 7830 9700 
Patrick d'Ancona 
 Chris McMahon 
 

Notes to Editors:

Hydrodec's technology is a proven, highly efficient, oil re-refining and chemical process initially targeted at the multi-billion US$ market for transformer oil used by the world's electricity industry. MarketsandMarkets forecasts that the global transformer oil market is expected to grow from US$1.98 billion in 2015 to US$2.79 billion by 2020 at a CAGR of 7.14% from 2015 to 2020. Spent oil is currently processed at two commercial plants with distinct competitive advantage delivered through very high recoveries (near 100%), producing 'as new' high quality oils at competitive cost and without environmentally harmful emissions. The process also completely eliminates PCBs, a toxic additive banned under international regulations.

In 2016 Hydrodec received carbon credit approval from the American Carbon Registry ("ACR"), enabling its product to be sold with a carbon offset and creating an incremental revenue stream. The Group is now generating carbon offsets through the re-refining of used transformer oil, which would otherwise ordinarily be incinerated or disposed of in an unsustainable manner. This is a highly distinctive feature for the Group, confirming (as far as the Board is aware) Hydrodec as the only oil re-refining business in the world to receive carbon credits for its output. This is a significant endorsement of the Company's proprietary technology and standing as a leader in its field.

Hydrodec's plants are located at Canton, Ohio, US and Bomen, New South Wales, Australia.

Hydrodec's shares are listed on the AIM Market of the London Stock Exchange. For further information, please visit www.hydrodec.com.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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October 27, 2017 02:00 ET (06:00 GMT)