AIM: AXS
Euronext Amsterdam: AXS
12 July 2022
Accsys Technologies PLC
("Accsys", the "Group" or the "Company")
Director Interests and Long Term Incentive Plan (LTIP) Awards
Accsys, the fast-growing and eco-friendly company that combines chemistry and technology to create high performance, sustainable wood building products, announces that under the Accsys Long Term Incentive Plan, the Remuneration Committee has granted LTIP Awards to various senior employees, including the Chief Executive Officer, Rob Harris, and Finance Director, William Rudge, in accordance with the terms of the LTIP Plan Rules approved by the Company's shareholders in 2013.
The LTIP Awards are nil priced options over a total of 620,698 new ordinary shares of €0.05 each in the Company. Of this total, 215,178 LTIP Awards have been granted to Rob Harris, and 100,851 to William Rudge.
The LTIP Awards will vest three years after grant, subject to the terms of the LTIP Plan Rules, including continued employment of the beneficiaries by the Company and satisfaction of performance targets. A two-year holding period applies to the LTIP Awards granted to Rob Harris and William Rudge following the end of the vesting period.
Given the timing of the equity capital raise in May 2022 and the importance of completing the Arnhem expansion and Hull plant construction over the next months, the Remuneration Committee has determined that the performance targets for Rob Harris' and William Rudge's LTIP Awards will be set in Autumn 2022 once the Arnhem expansion and Hull plant construction are further progressed, and the Board has verified the Company's business plans in light of such progress. These performance targets will be confirmed in a further announcement once they have been set, in addition to being disclosed in the Company's Directors' Remuneration Report for the financial year ending 31 March 2023.
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name | Robert Harris | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | Chief Executive Officer | ||||
| b) | Initial notification/ Amendment | Initial notification | ||||
| 3 | Details of the issuer | |||||
| a) | Name | Accsys Technologies PLC | ||||
| b) | LEI code | 213800HKRFK8PNUNV581 | ||||
| 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 €0.05 each | ||||
| | Identification code | ISIN GB00BQQFX454 | ||||
| b) | Nature of the transaction | Grant of LTIP Options over Ordinary Shares. | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information - Aggregated volume - Price |
Not applicable - single transaction | ||||
| e) | Date of the transaction | 11 July 2022 | ||||
| f) | Place of the transaction | Outside of a trading venue | ||||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name | William Rudge | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | Finance Director | ||||
| b) | Initial notification/ Amendment | Initial notification | ||||
| 3 | Details of the issuer | |||||
| a) | Name | Accsys Technologies PLC | ||||
| b) | LEI code | 213800HKRFK8PNUNV581 | ||||
| 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 €0.05 each | ||||
| | Identification code | ISIN GB00BQQFX454 | ||||
| b) | Nature of the transaction | Grant of LTIP Options over Ordinary Shares. | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information - Aggregated volume - Price |
Not applicable - single transaction | ||||
| e) | Date of the transaction | 11 July 2022 | ||||
| f) | Place of the transaction | Outside of a trading venue | ||||
Ends
For further information, please contact:
| Accsys Technologies PLC | |
| Numis Securities (London) |
|
| Investec Bank plc (London) ABN Amro (Amsterdam) |
|
| FTI Consulting (UK) |
|
| Off the Grid (The Netherlands) |
|
Notes to editors:
Accsys (Accsys Technologies PLC) is a fast-growing business with a purpose: changing wood to change the world. The company combines chemistry, technology and ingenuity to make Accoya® wood and Tricoya® wood elements: high performance wood products that are extremely durable and stable, opening new opportunities for the built environment and giving the world a choice to build sustainably. Accsys transforms fast-growing, certified sustainable wood into building materials with an up to 50-year warranty, locking carbon stored in the wood into useful products for decades, with performance characteristics that match or better those of non-renewable, resource-depleting and polluting alternatives. Accsys is listed on the London Stock Exchange AIM market and on Euronext Amsterdam, under the symbols 'AXS'. Visit www.accsysplc.com
Accoya® solid wood is sustainable, durable, and stable with exceptional performance, finish and sustainability. Accsys' proprietary acetylation process makes the wood more dimensionally stable and because it is no longer easily digestible, extremely durable. It is one of very few building materials to be Cradle to Cradle Certified™ at the Gold level, with a Platinum rating for Material Health, confirming that no harmful or toxic additives or chemicals are present to leach out into the environment. Primary applications for Accoya® wood include windows, doors, cladding and decking, where the combination of performance and sustainability benefits compete favorably against hardwoods, plastics, metals and concrete. Visit www.accoya.com
Tricoya® acetylated wood elements are produced for use in the fabrication of panel products such as medium density fibreboard (MDF). Panel products made with Tricoya® wood elements are truly durable and stable enough for use outdoors and in wet environments, unlocking new possibilities for design and construction. They have been lauded as the first major innovation in the wood composites industry in more than 30 years and bring the flexibility of traditional panel products and sustainability benefits of wood to a whole new range of applications. Visit www.tricoya.com
Any references in this announcement to agreements with Accsys shall mean agreements with either Accsys or its subsidiary entities unless otherwise specified. 'Accsys' and 'Accsys Technologies' are trading names of Titan Wood Limited ("TWL"), a wholly-owned subsidiary of Accsys Technologies PLC. Accoya®, Tricoya® and the Trimarque Device are registered trademarks owned by TWL, and may not be used or reproduced without written permission from TWL, or in the case of the Tricoya® registered brand trademark, from Tricoya Technologies Limited, a subsidiary of TWL with exclusive rights to exploit the Tricoya® brand.
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