Source - RNS
RNS Number : 6443I
Accsys Technologies PLC
20 June 2017
 

 

AIM: AXS

Euronext Amsterdam: AXS

20 June 2017

 

ACCSYS TECHNOLOGIES PLC
("Accsys" or "the Company")

 

Directors' Interests, Issue of Shares to Employees, Long Term Incentive Plan (LTIP) Awards

 

Accsys, the chemical technology group focused on the highly sustainable acetylation of wood, announces the issue of new ordinary shares of €0.05 each in the Company ("Shares"), and the grant of LTIP Awards, in each case to Executive Directors and other employees in relation to employee remuneration and incentivisation arrangements.

 

Issue of Shares to Employee Benefit Trust

 

In respect of the year ended 31 March 2017, following recommendation from the nomination and remuneration committee of the Company, the Board has resolved to issue Shares to an Employee Benefit Trust.

 

A total of 97,720 Shares will be issued to the Employee Benefit Trust.  Such Shares shall vest if the employee remains in employment with the Company to the vesting date, being 1 July 2018 (subject to certain other provisions including regulatory, good-leaver, take-over and committee discretion provisions).

 

The Shares will be issued pending admission to AIM and Euronext ("Admission"), which is expected to take place on or about 23 June 2017 (the "Issue Date").

 

Grant of LTIP Awards

 

Accsys further announces that under the Accsys Technologies PLC Long Term Incentive Plan, the Board has resolved to grant LTIP Awards to various senior employees, including Executive Directors, in accordance with the terms of the LTIP Plan Rules approved by the Company's shareholders in 2013. 

 

The LTIP Awards, granted following recommendation from the nomination and remuneration committee of the Company and in accordance with the Company's Remuneration Policy (as approved by shareholders), are nil priced options over a total of 998,918 Shares.  Of this total, LTIP Awards been granted to Executive Directors as set out below:

 

                                                Shares under LTIP Award

Paul Clegg:                                329,805                        

Hans Pauli:                                112,351                                    

William Rudge:                          92,573                                                 

 

The vesting of the LTIP Awards will be subject to the terms of the LTIP Plan Rules, including continued employment of the beneficiaries by the Company and satisfaction of TSR and EBITDA performance conditions.

 

Following the issue of the above Shares to the Employment Benefit Trust, the Company will have a total of 111,065,291 Shares in issue.

 

Ends

 

 

For further information, please contact:

 

Accsys Technologies PLC

Paul Clegg, CEO

Will Rudge, FD

Hans Pauli, Executive Director, Corporate   

                 Development

 via MHP Communications

Numis Securities

Nominated Adviser: Oliver Cardigan

                             Jamie Lillywhite

Corporate Broking:  Christopher Wilkinson

                             Ben Stoop

+44 (0) 20 7260 1000

 

MHP Communications

Tim Rowntree

Kelsey Traynor

+44 (0) 20 3128 8100

 

Off the Grid (The Netherlands)

 

Frank Neervoort

Giedo Van Der Zwan

 

+31 681 734 236

+31 624 212 238

 

 

Notes to editors:

 

Accsys Technologies PLC (www.accsysplc.com) is a chemical technology group whose primary focus is on the production of Accoya® wood and technology licensing via its subsidiary, Titan Wood Limited, which has manufacturing operations in Arnhem, the Netherlands (through its subsidiary Titan Wood B.V.), a European office in London, United Kingdom, an American office in Dallas, Texas (via its subsidiary Titan Wood, Inc) and technology licencing associated with the acetylation of wood elements via its subsidiary Tricoya Technologies Limited.  Any references in this announcement to agreements with Accsys shall mean agreements with either Accsys or its subsidiary entities unless otherwise specified.  Accsys Technologies PLC is listed on the London Stock Exchange AIM market and on Euronext Amsterdam, under the symbols 'AXS'. Accsys' operations comprise three principal business units: (i) Accoya® wood production; (ii) technology development, focused on a programme of continuous development of and improvements to the process engineering and operating protocols for the acetylation of solid wood and the development of technology for the acetylation of wood elements; and (iii) the licensing of technology for the production of Accoya® wood and Tricoya® wood elements across the globe.

Accoya® wood (www.accoya.com) is produced using Accsys' proprietary patented acetylation technology, that effectively converts sustainably grown softwoods and non-durable hardwoods into what is best described as a "high technology wood". Distinguished by its durability, dimensional stability and, perhaps most importantly of all, its reliability (in terms of consistency of both supply and quality), Accoya® wood is particularly suited to exterior applications where performance and appearance are valued. Unlike most tropical and European hardwoods, its colour does not degrade when exposed to ultraviolet light. Moreover, the Accoya® wood production process does not compromise the wood's strength or machinability. The combination of UV resistance, dimensional stability, durability and retained strength means that Accoya® wood offers a wealth of new opportunities to architects, designers and specifiers. These benefits result in lower maintenance and total cost of ownership while using a higher sustainable and environmental responsible building material. For a full archive of Accoya® news, visit www.accoya.com/news.asp.

Tricoya® Wood Elements (www.tricoya.com) are produced using Accsys' proprietary technology for the acetylation of wood chips, and particles for use in the fabrication of panel products such as medium density fibreboard and particle-board. These products demonstrate enhanced durability and dimensional stability which allow them to be used in a variety of applications that were once limited to solid wood or man-made products. Exploitation of Accsys' proprietary technology relating to Tricoya® Wood Elements is carried out through Tricoya Technologies Limited.  Tricoya® Wood Elements are lauded as the first major innovation in the wood composites industry in more than 30 years.

Wood Acetylation is a process which increases the amount of 'acetyl' molecules in wood, thereby changing its physical properties. When carried out to a sufficient level throughout the wood, this process protects wood from rot by making it "inedible" to most micro-organisms and fungi, without - unlike conventional treatments - making it toxic. It also greatly reduces the wood's tendency to swell and shrink, making it less prone to cracking and ensuring that, when painted, it requires dramatically reduced maintenance.

 

 

Accsys Technologies is the trading name of Titan Wood Limited. ACCOYA®, TRICOYA® and the Trimarque Device are registered trademarks owned by Titan Wood Limited ("TWL"), a wholly owned subsidiary of Accsys Technologies PLC, and may not be used or reproduced without written permission from TWL, or in the case of the Tricoya® registered trademark, from Tricoya Technologies Limited, a subsidiary of TWL with exclusive rights to exploit the Tricoya® brand.

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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