TIDMSAE
RNS Number : 5591Y
SIMEC Atlantis Energy Limited
03 January 2024
3 January 2024
SIMEC Atlantis Energy Limited
("SAE Renewables", "SAE" or the "Company")
Adoption of new LTIP and Grant of LTIP and CSOP options
SAE announces that that the Company's Remuneration Committee has
approved the adoption of a new long term incentive plan ("LTIP"),
following expiry of the previous LTIP on 10 December 2023 after a
ten-year term. Share option awards under the new LTIP are to be
made to key members of SAE's management team including certain of
its persons discharging managerial responsibilities ("PDMRs"), in
line with the Board's view that it is essential for the Company's
executive directors and employees to be incentivised to drive the
business forwards, and provide alignment of interest with those of
shareholders. Share option awards under the LTIP will ordinarily
vest over three years after the grant date subject to the grantee's
continued service, and are exercisable for seven years thereafter.
Total aggregate awards under the CSOP and LTIP are limited to a
maximum 10% of the Company's issued share capital.
Grant of LTIP Options
On 3 January 2024 under the terms of the Company's new LTIP, the
Board approved the award and grant of, in aggregate, 10,300,000
options over ordinary shares in the Company ("LTIP Options") to the
executive directors and a PDMR, as follows:
Name Position LTIP Options awarded
Graham Reid CEO 5,000,000
Simon Hirst CFO 2,200,000
David Taaffe COO (non-Board, PDMR) 3,100,000
The LTIP Options have been granted subject to continued
employment and will vest in three equal annual instalments
commencing on the first anniversary of the date of grant. The LTIP
Options are exercisable, subject to vesting, for ten years after
grant. There are no further performance conditions. The options
have an exercise price of 1.5p being the closing price of the
Company's ordinary shares on 2 January 2024, being the last dealing
day immediately prior to the date of grant.
Additionally, certain members of SAE's executive senior
management have surrendered a total 4,550,000 previously-granted
LTIP options with exercise prices ranging from 20p to 50p, which
are not being replaced.
Grant of CSOP Options
On 3 January 2024, under the terms of the Company's CSOP, the
Board approved the award and grant of, in aggregate, 9,135,947
options over ordinary shares in the Company ("CSOP Options"),
including to the executive directors and a PDMR, as follows:
Name Position CSOP Options awarded
Graham Reid CEO 1,000,000
Simon Hirst CFO 1,000,000
David Taaffe COO (non-Board, PDMR) 1,000,000
The CSOP Options vest on the third anniversary of grant and are
exercisable for seven years thereafter at 1.5p per ordinary share,
being the closing price of the Company's ordinary shares on 2
January 2024, being the last dealing day immediately prior to the
date of grant.
Following the grant of the above options, the total number of
options granted under the Company's CSOP and LTIP schemes is
64,790,643, representing 8.96% of the Company's existing issued
share capital.
For further information, please contact:
SAE Renewables
Sean Parsons, Director of External
Affair +44 (0)7739 832 446
Strand Hanson Limited (Nominated
and Financial Adviser)
Richard Johnson
Rory Murphy
David Asquith +44 (0)20 7409 3494
Zeus Capital Limited (Broker)
Louisa Waddell
Simon Johnson +44 (0)20 3829 5000
Notes to Editors
SAE Renewables is a global developer, owner and operator of
sustainable energy projects. SAE owns the world's flagship tidal
stream project, MeyGen. SAE is also the owner of the Uskmouth Power
Station site that is being repurposed into a sustainable energy
park, initially housing one of the UK's largest battery energy
storage projects. https://www.saerenewables.com/
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
1. Graham Reid
2. Simon Hirst
a) Name 3. David Taaffe
2. Reason for the Notification
1. Director
2. Director
a) Position / status 3. PDMR (non-Board) COO
b) Initial notification / amendment Initial notification
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
a) Name SIMEC Atlantis Energy Limited
b) LEI 21380056V967FGHNU187
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
Description of the Financial instrument,
a) type of instrument Ordinary Shares
Identification code SG9999011118
(ISIN)
b) Nature of the Transaction Grant of CSOP options
Price(s) Volume(s)
1. 1,000,000
2. 1,000,000
c) Price(s) and volume(s) 1.5p (exercise price) 3. 1,000,000
Aggregated information
d) Aggregated volume Price N/A (Single transaction)
e) Date of the transaction 3 January 2024
f) Place of the transaction Off-exchange
1. Details of the person discharging managerial responsibilities / person closely associated
1. Graham Reid
2. Simon Hirst
a) Name 3. David Taaffe
2. Reason for the Notification
1. Director
2. Director
a) Position / status 3. PDMR (non-Board) COO
b) Initial notification / amendment Initial notification
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
a) Name SIMEC Atlantis Energy Limited
b) LEI 21380056V967FGHNU187
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
Description of the Financial instrument,
a) type of instrument Ordinary Shares
Identification code SG9999011118
(ISIN)
b) Nature of the Transaction Grant of LTIP options
Price(s) Volume(s)
1. 5,000,000
2. 2,200,000
c) Price(s) and volume(s) 1.5p (exercise price) 3. 3,100,000
Aggregated information
d) Aggregated volume Price N/A (Single transaction)
e) Date of the transaction 3 January 2024
f) Place of the transaction Off-exchange
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END
DSHEALFDEESLEFA
(END) Dow Jones Newswires
January 03, 2024 09:08 ET (14:08 GMT)
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