Friday, 19 December 2014
Ceramic Fuel Cells Limited Issue of Shares and Options to Staff
RNS Number : 9813Z
Ceramic Fuel Cells Limited
17 December 2014
Wednesday, 17 December 2014
Ceramic Fuel Cells Limited (AIM / ASX: CFU) announces that as part of its remuneration review it has issued equity to staff under the CFCL Directors and Benefits Plan ("Equity Plan").
Under the Equity Plan, approved by shareholders in October 2012, the Board offers equity to staff as an important component of remuneration. Based on the Board's assessment of the performance against agreed milestones through to 30 June 2014, the Board has issued 49,420,875 ordinary shares (the "New Shares") and 77,743,557 unlisted options to certain employees. The New Shares represent approximately 1.8 percent of the Company's existing issued capital.
Approximately one third of the shares issued to staff are subject to an escrow agreement for two years meaning that, if the staff member leaves the Company within that time, they forfeit their remaining unvested shares (subject to Board discretion).
One third of the share issued to staff have a two year waiting period before they vest. All of the options have a 10 year life and an exercise price of 1.85 Australian cents (A$0.0185).
Details of the New Shares and options issued are also set out in the Appendix 3B filed with the ASX as at the date of this announcement, and also available on the .
The Company has made application for the admission of the New Shares to trading on AIM. It is expected that admission to AIM will commence at 8:00 a.m. on 22 December 2014.
The New Shares will rank pari passu in all respects with the other ordinary shares currently in issue.
Following admission of the New Shares, the number of ordinary shares with voting rights in the Company is now 2,849,844,711. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest, their shareholding in the Company.