AFC Energy Plc
1 June 2023
AFC Energy Plc
("AFC Energy" or the "Company")
Grant of Share Options
AFC Energy (AIM: AFC) is pleased to announce that it has today granted awards by way of nominal cost options over, in aggregate, 4,664,000 ordinary shares of £0.001 each in the Company ("Ordinary Shares") ("Awards") to certain executive directors, senior management and employees under the Company's Performance Share Plan ("PSP"). This represents 0.63% of the Company's total issued share capital.
The following Directors of the Company have been granted Awards under the Company's PSP: ""
| Name of PDMR | Title | Maximum number of Ordinary Shares (Total Award) |
| Adam Bond | Chief Executive Officer | 2,142,415 |
| Peter Dixon-Clarke | Chief Financial Officer | 978,042 |
The Company's PSP has been designed to reward employees of the Company for performance that delivers value for shareholders and incentivise employees to work effectively together to deliver key corporate objectives.
The Awards entitle the individual to acquire Ordinary Shares up to the maximum number set out above, subject to the satisfaction of certain performance conditions and continued employment. The Awards will vest on 1 June 2026, or as soon as practicable after this date.
The performance testing relating to the Awards will be split equally between an Absolute Total Shareholder Return ("TSR") performance condition and a Relative TSR condition.
Under the Absolute TSR condition, at the vesting date the Company's TSR over the three year performance period will be calculated and tested against a threshold of 15% per annum. Below this threshold this portion of the Award will be forfeited. At the threshold, 12.5% of the maximum Award will vest and this will increase linearly up to 50% vesting for the achievement of 30% per annum.
Under the Relative TSR condition, the Company's TSR as at the end of the Performance Period will be ranked against constituents of the FTSE AIM 100 Index. A ranking below a median threshold will mean this portion of the Award will be forfeited. At the threshold, 12.5% of the maximum Award will vest and this will increase linearly up to 50% vesting at upper quartile ranking.
Set out below are the notifications made in accordance with Article 19 of the UK Market Abuse Regulation.
For further information, please contact:
| AFC Energy plc Gerry Agnew (Chair of remuneration committee)
| +44 (0) 14 8327 6726 |
|
Peel Hunt LLP - Nominated Adviser and Joint Broker Richard Crichton / Tom Ballard / Georgia Langoulant |
+44 (0) 207 418 8900
|
| Zeus - Joint Broker David Foreman / James Hornigold (Investment Banking) Dominic King (Corporate Broking) / Rupert Woolfenden (Sales) | +44 (0) 203 829 5000 |
|
FTI Consulting - Financial PR Advisors Ben Brewerton / Nick Hennis / Dhruv Soni |
+44 (0) 203 727 1000 |
| 1
| Details of the person discharging managerial responsibilities / person closely associate | |||||
| a)
| Name
| Adam Bond | ||||
| 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
| AFC Energy Plc | ||||
| b)
| LEI
| 213800SRJST19GNS9U35 | ||||
| 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 0.1 pence each in the Company ("Shares") | ||||
| Identification code | ISIN: GB00B18S7B29 | |||||
| | | |||||
| b)
| Nature of the transaction
| Grant of awards over Shares under the AFC Energy Plc Performance Share Plan | ||||
| c)
| Price(s) and volume(s) |
| ||||
| d) | Aggregated Information
Volume
Price | n/a single transaction
| ||||
| e) | Date of transaction | 1 June 2023 | ||||
| f) | Place of transaction | Outside a trading venue | ||||
| 1
| Details of the person discharging managerial responsibilities / person closely associate | |||||
| a)
| Name
| Peter Dixon-Clarke | ||||
| 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
| AFC Energy Plc | ||||
| b)
| LEI
| 213800SRJST19GNS9U35 | ||||
| 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 0.1 pence each in the Company ("Shares") | ||||
| Identification code | ISIN: GB00B18S7B29 | |||||
| | | |||||
| b)
| Nature of the transaction
| Grant of awards over Shares under the AFC Energy Plc Performance Share Plan | ||||
| c)
| Price(s) and volume(s) |
| ||||
| d) | Aggregated Information
Volume
Price | n/a single transaction
| ||||
| e) | Date of transaction | 1 June 2023 | ||||
| f) | Place of transaction | Outside a trading venue | ||||
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