Pineapple Power Corporation PLC Additional Advisory Board Member (3424Q)

TIDMPNPL

RNS Number : 3424Q

Pineapple Power Corporation PLC

20 February 2023

Pineapple Power Corporation PLC

Pineapple Expands Advisory Board

February 20, 2023

Pineapple Power Corporation PLC ( "Pineapple or the Company" ) is pleased to announce that Dr Graham Cooley, formerly CEO of ITM Power plc has agreed to join the Company's Advisory Board.

Graham joined ITM Power as CEO in 2009 following a career in the power and technology sectors where he developed a number of novel technologies and oversaw several multi-million-pound fundraising rounds. ITM Power is now one of the world's leading manufacturers of electrolysers and was the first hydrogen related company to be listed on the London Stock Exchange. Graham started his career in the power sector in 1989 and has a PhD in physics, an MBA and is a Fellow of the Institute of Metals, Minerals and Mining (FIMMM). Graham also sits on a number of industry bodies and is a member of the UK Government's Hydrogen Advisory Council.

Graham led ITM Power through its transition from an R&D business to a world leading electrolyser manufacturing company. During his time with ITM Power Graham introduced the company's products to new markets, forged ground-breaking industrial partnerships and oversaw equity fundraisings of almost GBP500 million. The company has rapidly evolved and in 2021, opened the world's largest electrolyser manufacturing facility.

Clive de Larrabeiti - Corporate Finance Advisor to Pineapple stated - "We are delighted to welcome someone of Graham's extensive experience and industry knowledge to our Advisory Board. His participation in our efforts to delineate an appropriate acquisition in the renewable energy sector is most welcome and strengthens our ability to connect with the rapidly growing universe of renewable energy through his extensive contact network and the high regard he enjoys within the hydrogen and power storage industry."

Grant of Incentive Stock Options

In addition to the above, the Company wishes to announce the granting of stock options over new ordinary shares of GBP0.01 each in the Company ("Options").

A total of 6,750,000 Options have been awarded to Directors and Advisors involved in the continuing advancement of the Company's goal to complete a reverse take-over transaction in the renewable energy sector.

The Options have an exercise price of 3 p per Ordinary Share. The Options vest and are exercisable 6 months from the date of grant and expire in two years from the date of grant. The Options granted represent in aggregate 9.42 per cent of the Company's current issued share capital. These incentive stock options replace the previously granted options issued to Directors and Advisors in February 2021 which have now expired.

The new Options have been granted in the amounts set out below:

 
 Name                   Position Held              No. of Options granted 
 Claudio Morandi        Non-executive Director     1,250,000 
                       -------------------------  ----------------------- 
 Andrew Holland         Non-executive Director     1,250,000 
                       -------------------------  ----------------------- 
                        Corporate Finance 
 Clive de Larrabeiti     Advisor                   1,250,000 
                       -------------------------  ----------------------- 
 Peter Mills            Corporate Administrator    1,250,000 
                       -------------------------  ----------------------- 
 Graham Cooley          Corporate Advisor          1,250,000 
                       -------------------------  ----------------------- 
                        Corporate Finance 
 Richard Offer           Advisor                   500,000 
---------------------  -------------------------  ----------------------- 
                                                   6,750,000 
                                                  ----------------------- 
 

Claudio Morandi, Non-Executive Director and Chairman of the Company, stated -

"We continue to be excited by the increasing interest and momentum which is building in the renewable energy space. The Company enjoys a listing on a well-regarded stock exchange with recognised international appeal for growing companies seeking development capital to realize their corporate goals and business plans by accessing the capital markets. As one the few cash shells available in this market, we anticipate an exciting year ahead."

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them in accordance with the requirements of the Market Abuse (Amendment) (EU exit) Regulations 2019/310 are set out here.

 
 1     Details of the person discharging managerial 
        responsibilities / person closely associated 
 a)    Name                          Claudio Morandi 
      ----------------------------  -------------------------------------- 
 2     Reason for the notification 
      -------------------------------------------------------------------- 
 a)    Position/status               Non-Executive Director 
      ----------------------------  -------------------------------------- 
 b)    Initial notification          Initial Notification 
        /Amendment 
      ----------------------------  -------------------------------------- 
 3     Details of the issuer, emission allowance market 
        participant, auction platform, auctioneer or auction 
        monitor 
      -------------------------------------------------------------------- 
 a)    Name                          Pineapple Power Corporation PLC 
      ----------------------------  -------------------------------------- 
 b)    LEI                           213800BTD7JL99MTGQ68 
      ----------------------------  -------------------------------------- 
 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 GBP0.01 each 
        the financial instrument, 
        type of instrument 
---- 
 
       Identification                GB00BD0SN947 
        code 
 
 b)    Nature of the transaction     Grant of options 
      ----------------------------  -------------------------------------- 
 c)    Price(s) and volume(s) 
----                                 ----------------------  ----------- 
                                      Price(s)                Volume(s) 
----                                 ----------------------  ----------- 
    Exercise price 
     of Nil per Option 
     - GBP0.03                                                1,250,000 
   --------------------------------------------------------  ----------- 
 
 d)    Aggregated information        N/A 
---- 
 
  - Aggregated volume 
 
  - Price 
 
 e)    Date of the transaction       17 February 2023 
      ----------------------------  -------------------------------------- 
 f)    Place of the transaction      London Stock Exchange 
      ----------------------------  -------------------------------------- 
 

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them:

 
 1     Details of the person discharging managerial 
        responsibilities / person closely associated 
 a)    Name                          Andrew Holland 
      ----------------------------  -------------------------------------- 
 2     Reason for the notification 
      -------------------------------------------------------------------- 
 a)    Position/status               Non-Executive Director 
      ----------------------------  -------------------------------------- 
 b)    Initial notification          Initial Notification 
        /Amendment 
      ----------------------------  -------------------------------------- 
 3     Details of the issuer, emission allowance market 
        participant, auction platform, auctioneer or auction 
        monitor 
      -------------------------------------------------------------------- 
 a)    Name                          Pineapple Power Corporation PLC 
      ----------------------------  -------------------------------------- 
 b)    LEI                           213800BTD7JL99MTGQ68 
      ----------------------------  -------------------------------------- 
 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 GBP0.01 each 
        the financial instrument, 
        type of instrument 
---- 
 
       Identification                GB00BD0SN947 
        code 
 
 b)    Nature of the transaction     Grant of options 
      ----------------------------  -------------------------------------- 
 c)    Price(s) and volume(s) 
----                                 ----------------------  ----------- 
                                      Price(s)                Volume(s) 
----                                 ----------------------  ----------- 
    Exercise price 
     of Nil per Option 
     GBP0.03                                                  1,250,000 
   --------------------------------------------------------  ----------- 
 
 d)    Aggregated information        N/A 
---- 
 
  - Aggregated volume 
 
  - Price 
 
 e)    Date of the transaction       17 February 2023 
      ----------------------------  -------------------------------------- 
 f)    Place of the transaction      London Stock Exchange 
      ----------------------------  -------------------------------------- 
 

For further information please contact -

 
 Pineapple Power Corporation PLC 
 Claudio Morandi - Director 
                                         [phone] 
  Clive de Larrabeiti 
  Corporate Finance Advisor 
  [e-mail]      [phone] 
                                      ------------------- 
 Joint Corporate Broker 
  Peterhouse Capital 
  Charles Goodfellow 
  [e-mail] 
                                         [phone] 
  Joint Corporate Broker 
  Axis Capital Markets 
  Richard Hutchison 
  [e-mail]                        [phone] 
                                      ------------------- 
 Media Relations 
 David Burton 
  Total Market Solutions 
  [e-mail] 
 
 

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February 20, 2023 02:00 ET (07:00 GMT)