Velocys PLC Director/PDMR Shareholding (8847W)

TIDMVLS

RNS Number : 8847W

Velocys PLC

16 December 2019

News release

Velocys plc

("Velocys" or "the Company")

16 December 2019

Grant of Share Options to Directors

Velocys plc (VLS.L), the sustainable fuels technology company announces that it has been notified on 13 December 2019 by Henrik Wareborn, Chief Executive Officer and a director of the Company, and Andrew Morris, Chief Financial Officer and a director of the Company, that they were granted options ("Option Grants") on 13 December 2019 under the Velocys 2012 Share Option Scheme (as amended) over the Company's Ordinary shares of GBP0.01 each ("Ordinary Shares"). The Option Grants, which have been made under the Rules of the Velocys 2012 Share Option Scheme and follow discussions with major shareholders, were as follows:

 
  Name of     Type of share option     Number of      Exercise    Vesting/        Total number of 
  Director                            share options     price      Exercise        share options 
                                         granted                  (See notes      as % of present 
                                                                    below)      issued share capital 
   Henrik     Commencement Award       2,000,000      GBP0.10      Note 1              0.31% 
   Wareborn 
               Performance Award        2,000,000      GBP0.15      Note 2             0.31% 
               Annual Award 2019        6,250,000      GBP0.03      Note 3             0.97% 
             ---------------------  ---------------  ---------  ------------  ---------------------- 
 Andrew       Commencement Award       2,000,000      GBP0.10      Note 1              0.31% 
  Morris 
               Performance Award        2,000,000      GBP0.15      Note 2             0.31% 
               Annual Award 2019        5,625,000      GBP0.03      Note 3             0.87% 
             ---------------------  ---------------  ---------  ------------  ---------------------- 
 

Following these notifications:

(i) Henrik Wareborn is interested in 1,666,666 Ordinary Shares and Options over 10,250,000 Ordinary Shares of the Company, together representing 1.85% of the present issued share capital of the Company.

(ii) Andrew Morris is interested in 433,333 Ordinary Shares and Options over 9,625,000 Ordinary Shares of the Company, together representing 1.56% of the present issued share capital of the Company.

The Option Grants are in addition to one-off Special Awards of share options over 16,700,000 Ordinary Shares (representing 2.59% of the present issued share capital) to Velocys' other key staff to compensate for an absence of share awards in recent years, and of share options over 15,250,146 Ordinary Shares (representing 2.37% of the present issued share capital) to Velocys' other key staff in respect of share awards for the 2019 financial year.

The above options are subject to terms for Malus and Clawback and may not in any event be exercised later than the day immediately preceding the tenth anniversary of the date of grant.

Note 1: Commencement awards vest as to two-thirds on the date of grant and as to the balance on 4 December 2020.

Note 2: Performance Awards are only exercisable subject to the weighted average share price of an Ordinary Share being equal to or more than GBP0.15 measured during specified periods within the performance period which expires on 31 December 2022.

   Note 3:   Annual awards vest as to: 
   (i)         50% on the third anniversary of the date of grant and 

(ii) 50% on the third anniversary of the date of grant subject to the weighted average share price of an Ordinary Share being equal to or more than GBP0.045 during the month preceding the third anniversary of the date of grant.

- Ends -

For further information, please contact:

 
 Velocys 
  Henrik Wareborn, CEO 
  Andrew Morris, CFO                          [phone] 
 Numis Securities (Nomad and joint broker) 
  Stuart Skinner 
  Tom Ballard                                 [phone] 
 Canaccord Genuity (Joint broker) 
  Henry Fitzgerald-O'Connor 
  James Asensio                               [phone] 
 
 Radnor Capital (Investor relations) 
  Joshua Cryer 
  Iain Daly                                   [phone] 
 Field Consulting (PR)                         [phone] 
  Robert Jeffery                                7730 
 

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.

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December 16, 2019 02:00 ET (07:00 GMT)