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ITM Power PLC - Director/PDMR Shareholding

RNS Number : 4618P
ITM Power PLC
10 June 2020
 

10 June 2020

 

ITM Power plc

("ITM Power" or the "Company")

 

Director/PDMR Shareholding

 

ITM Power (AIM: ITM), the energy storage and clean fuel group announces that it has received notification of the following share transactions by Persons Discharging Managerial Responsibilities ("PDMR" and, collectively, "the Executive Team") and persons closely associated ("PCA").

 

Dr Graham Cooley, Dr Simon Bourne and Dr Rachel Smith each exercised options and sold the resulting shares. Andy Allen exercised options and sold a portion of the resulting shares. Each of Dr Graham Cooley, Dr Simon Bourne and Dr Rachel Smith have in addition sold existing ordinary shares. In aggregate, the Executive Team have disposed of 4,793,871 Ordinary Shares in the Company representing 1.0124% of the Company's issued share capital.

The transactions have been undertaken for the purposes of wealth diversification. The Executive Team remain committed to retaining a long term equity interest in the Company in excess of 100% of annual basic salary. Following the above transactions, each PDMR retains a combined value of shareholdings and exercisable options approximately at or above this threshold.  

 

PDMR

Position

Options exercised

Weighted average exercise price (£)

Options/ Shares sold

Sale price (£)

Options remaining after exercise

Current shareholding

% ISC

Graham Cooley

CEO

1,800,000

0.477

2,337,726

2.8305

3,307,500

600,000

0.825

Andy Allen

CFO

383,333

0.332

367,559

2.8305

713,917

40,774

0.159

Simon Bourne

CTO

1,333,333

0.419

1,591,034

2.8305

1,326,417

69,129

0.295

Rachel Smith

Executive Director

416,666

0.300

497,552

2.8305

905,334

64,079

0.205

 

The options were granted between 2011 and 2018 under the ITM Power plc Share Option Plan 2010 as a key part of the Company's long-term incentive scheme to attract and retain key talent in the business.  

 

The information below, set out in accordance with the requirements of the EU Market Abuse Regulation, provides further detail on shares sold.

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Graham Cooley

2

Reason for the notification

a)

Position/status

Chief Executive Officer

b)

Initial notification /Amendment

Initial Notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

ITM Power plc

b)

LEI

21380042MB2JKZ6RRP12

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

Options over ordinary shares of 5p each and ordinary shares of 5p each

 

 

Identification code

ISIN: GB00B0130H42

 

 

b)

Nature of the transaction

Exercise of options and sale of the resultant shares and sale of shares

c)

 

Price(s) and volume(s)

 

 

 

Exercise Price

 Sale Price

Volume(s)

 

50p

 283.05p

250,000

 

 

66.75p

 283.05p

800,000

 

 

26.5p

 283.05p

750,000

 

 

-

 283.05p

537,726

d)

 

Aggregated information

 

 

 

- Aggregated volume

2,337,726

 

 

- Price

283.05p

 

 

e)

Date of the transaction

9/6/20

f)

Place of the transaction

The London Stock Exchange

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Andy Allen

2

Reason for the notification

a)

Position/status

Chief Financial Officer

b)

Initial notification /Amendment

Initial Notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

ITM Power plc

b)

LEI

21380042MB2JKZ6RRP12

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

Options over ordinary shares of 5p each and ordinary shares of 5p each

 

 

Identification code

ISIN: GB00B0130H42

 

 

b)

Nature of the transaction

Exercise of options and sale of the resultant shares

c)

 

Price(s) and volume(s)

 

 

 

Exercise Price

 Sale Price

Volume(s)

 

30p

 283.05p

50,000

 

 

54.5p

 283.05p

317,559

d)

 

Aggregated information

 

 

 

- Aggregated volume

367,559

 

 

- Price

283.05

 

 

e)

Date of the transaction

9/6/20

f)

Place of the transaction

The London Stock Exchange

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Dr Simon Bourne

2

Reason for the notification

a)

Position/status

Chief Technology Office

b)

Initial notification /Amendment

Initial Notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

ITM Power plc

b)

LEI

21380042MB2JKZ6RRP12

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

Options over ordinary shares of 5p each and ordinary shares of 5p each

 

 

Identification code

ISIN: GB00B0130H42

 

 

b)

Nature of the transaction

Exercise of options and sale of the resultant shares and sale of shares

c)

 

Price(s) and volume(s)

 

 

 

Exercise Price

Sale Price

Volume(s)

 

66.75p

 283.05p

123,596

 

 

49.88p

 283.05p

100,000

 

 

26.5p

 283.05p

250,000

 

 

66.75p

 283.05p

276,404

 

 

30p

 283.05p

583,333

 

 

-

 283.05p

257,701

d)

 

Aggregated information

 

 

 

- Aggregated volume

1,591,034

 

 

- Price

283.05

 

 

e)

Date of the transaction

9/6/20

f)

Place of the transaction

The London Stock Exchange

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Dr Rachel Smith

2

Reason for the notification

a)

Position/status

Executive Director

b)

Initial notification /Amendment

Initial Notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

ITM Power plc

b)

LEI

21380042MB2JKZ6RRP12

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

Options over ordinary shares of 5p each and ordinary shares of 5p each

 

 

Identification code

ISIN: GB00B0130H42

 

 

b)

Nature of the transaction

Exercise of options and sale of the resultant shares and sale of shares

c)

 

Price(s) and volume(s)

 

 

 

Exercise Price

 Sale Price

Volume(s)

 

30p

 283.05p

416,666

 

 

-

 283.05p

80,886

d)

 

Aggregated information

 

 

 

- Aggregated volume

497,552

 

 

- Price

283.05

 

 

e)

Date of the transaction

9/6/20

f)

Place of the transaction

The London Stock Exchange

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Trevor Smith

2

Reason for the notification

a)

Position/status

Person closely associated with Dr Rachel Smith

b)

Initial notification /Amendment

Initial Notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

ITM Power plc

b)

LEI

21380042MB2JKZ6RRP12

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

Ordinary shares of 5p each

 

 

Identification code

ISIN: GB00B0130H42

 

 

b)

Nature of the transaction

Sale of Shares

c)

 

Price(s) and volume(s)

 

 

 

Sale Price

Volume(s)

 

 283.05p

40,046

 

 

d)

 

Aggregated information

 

 

 

- Aggregated volume

40,046

 

 

- Price

283.05

 

 

e)

Date of the transaction

9/6/20

f)

Place of the transaction

The London Stock Exchange

 

This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation (EU) 596/2014. The person responsible for making this announcement on behalf of the Company is Nicola Ham Edmonds, Company Secretary.

 

For further information, please visit www.itm-power.com or contact:

 

ITM Power plc

(0)114 244 5111

Nicola Ham Edmonds, Company Secretary

 

 

 

Investec Bank plc (Nominated Adviser and Broker)

(0)20 7597 5970

Jeremy Ellis / Chris Sim / Ben Griffiths / Tejas Padalkar

 

 

 

Tavistock (Financial PR and IR)

(0)20 7920 3150

Simon Hudson / Edward Lee / Barney Hayward

 

 

About ITM Power plc:

ITM Power plc manufactures integrated hydrogen energy solutions for grid balancing, energy storage and the production of renewable hydrogen for transport, renewable heat and chemicals. ITM Power plc was admitted to the AIM market of the London Stock Exchange in 2004.  In October 2019, the Company announced the completion of a £58.8 million fundraise, including a subscription by Linde of £38 million, together with the formation of a joint-venture with Linde to focus on delivering renewable hydrogen to large scale industrial projects worldwide.  ITM Power signed a forecourt siting agreement with Shell for hydrogen refuelling stations in September 2015, (which was extended in May 2019 to include buses, trucks, trains and ships) and in January 2018 a deal to deploy a 10MW electrolyser at Shell's Rhineland refinery. ITM Power announced the lease of the world's largest electrolyser factory in Sheffield with a capacity of 1GW (1,000MW) per annum in July 2019. Customers and partners include Sumitomo, Ørsted, National Grid, Cadent, Northern Gas Networks, Gasunie, RWE, Engie, BOC Linde, Toyota, Honda, Hyundai and Anglo American among others.

 

-ends-


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 rns@lseg.com or visit www.rns.com.
 
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Quick facts: ITM Power PLC

Price: 250

Market: AIM
Market Cap: £1.19 billion
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