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 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 conditionally issue a total of 198,154 Shares to an 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 (amongst other things) admission to AIM and Euronext (“Admission”), which is expected to take place on or about 27 September 2017 (the “Issue Date”).
Exercise of options
Accsys further announces that 106,189 Shares have been conditionally issued and allotted to an employee following the exercise of nil cost options, granted in 2013 under the Company’s 2013 Long Term Incentive Plan (“LTIP”) (the “Option Shares”).
The Option Shares will be issued pending (amongst other things) admission to AIM and Euronext (“Admission”), which is expected to take place on or about 27 September 2017 (the “Issue Date”).
Grant of LTIP Awards
Accsys further announces that under the LTIP, the Board has resolved to grant further awards (“LTIP Awards”) to various senior employees, 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 81,946 Shares, which are in addition to the amount of 998,918 Shares announced on 20 June 2017. Of this additional amount, no LTIP Awards have been granted to Executive Directors.
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.
Correction of LTIP Award
Accsys further announces a correction due to clerical error in respect of the LTIP Award granted to Hans Pauli, Executive Director, Corporate Development, announced on 20 June 2017. The number of Shares granted under LTIP Award to Mr Pauli is 119,329 and not 112,351 Shares as previously announced. All other aspects of the LTIP Awards announced on 20 June 2017 remain unchanged.
Following the issue of the above Shares to the Employment Benefit Trust and issue of Shares in respect of exercised LTIP award, the Company will have a total of 111,369,634 Shares in issue.