Accsys Technologies PLC : 01/08/2011 - Employee Share Plan Issue and Share Options
08/01/2011| 07:35am US/Eastern
Regulatory Announcement Company Accsys Technologies PLC TIDM AXS
Headline Accsys Employee Share Participation Plan and Grant of Options
Released 1 August 2011
Number 4815L111 August 2011AIM: AXS NYSE Euronext Amsterdam: AXS
ACCSYS TECHNOLOGIES PLC
(“Accsys” or the “Company”)Accsys Employee Share Participation Plan and Grant of Options
Accsys, the environmental science and wood technology company, announces that it has established a new Employee Share Participation Plan (the “Plan”). The Plan is intended to promote the long term growth and profitability of Accsys by providing employees with an opportunity to acquire an ownership interest in new ordinary shares in the Company (“Shares”) as an additional benefit of employment. The Board hopes this will further incentivise employees to contribute to and participate in the success of Accsys.
Further to the implementation of the Plan, Accsys is delighted to announce that various employees have subscribed for a total of 783,283 Shares at an acquisition price of €0.11 per Share (being the closing price of shares in the Company on 14 July 2011 on Euronext Amsterdam, the closing date for subscriptions of Shares under the Plan).
Under the terms of the Plan, the Company shall issue these Shares to a trust for the benefit of the subscribing employees. The Shares shall be released to employees after one year, together with an additional Share on a 1 for 1 matched basis provided the employee remains in the employment of Accsys at that point in time (subject to good leaver provisions). The Plan is in line with industry approved employee share plans and is open for subscription by employees twice a year following release of annual and half yearly financial results. The maximum amount available for subscription by any employee is €5,000 per annum.
Of the 783,283 Shares to be issued, 261,818 Shares are to be issued to Persons Discharging Managerial Responsibilities, including 36,363 Shares to be held beneficially by Paul Clegg, Chief Executive Officer and 22,727 to be held beneficially by Hans Pauli, Chief Financial Officer. All Shares will be issued pending receipt of subscription monies and admission of the Shares to trading on AIM and Euronext, which is expected to take place on Tuesday 2 August 2011.
Following the issue of the above Shares, the Company will have a total of 403,885,828 shares in issue.
In addition, Accsys further announces that it has today granted share options to certain key employees over a total of 8,331,155 Shares at an exercise price of €0.10 per Share, being the closing price of shares in the Company on 29 July 2011. Of the share options to be granted, options over
6,637,982 Shares shall be granted to Persons Discharging Managerial Responsibilities, including an option in respect of 4,237,982 Shares to Paul Clegg, pursuant to the terms of an agreement dated 2
All options have been granted in accordance with the Company's 2008 Unapproved Share Option
Scheme and will vest on certain performance criteria being met.
EndsFor further information, please contact:
Notes to editors:
Accsys Technologies PLC
Paul Clegg, CEO Hans Pauli, CFO
via Citigate Dewe
Matrix Corporate Capital LLP
Stephen Mischler Nick Stone Edmund Glover
+44 20 3206 7000
Numis Securities Limited
+44 20 7260 1347
+44 20 7260 1410
Citigate Dewe Rogerson
Ginny Pulbrook Malcolm Robertson Suzanne Bakker
+44 20 7282 2945
+44 20 7282 2867
+31 20 575 4023
Accsys Technologies PLC (www.accsysplc.com) is an environmental science and technology company whose primary focus is on the production of Accoya® wood and technology licensing via its
100% owned subsidiary, Titan Wood Limited, which has manufacturing operations in Arnhem, the Netherlands, a European office in London and an Americas office in Dallas, Texas. Accsys Technologies' operations comprise three principal business units: (i) the Accoya®
wood production facility located in Arnhem, The Netherlands; (ii) technology development, focused on a programme of continuous improvements to the process engineering and operating protocols for the acetylation of wood which are currently under development and the development of technology for the acetylation
of wood fibre; and (iii) the licensing of technology for the production of Accoya®
wood and Tricoya®
wood elements across the globe.
) is produced by using a proprietary, non-toxic process that effectively converts sustainably grown softwoods and non-durable hardwoods into what is best described as a "high technology wood" via acetylation. 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 woods, its colour does not degrade when exposed to sunlight. Moreover, the Accoya®
wood production process does not compromise the wood's strength or machinability. The combination of UV resistance, dimensional stability, increased coatings life, durability and retained strength means that Accoya®
wood offers a wealth of new opportunities to architects, designers and specifiers. Leading applications include external doors and windows, shutters/shading, siding and cladding, decking, outdoor furniture/equipment and glulam beams for structural use.
Wood Elements (www.tricoya.com
) is Accsys Technologies' proprietary technology for the acetylation of wood fibres, chips, and particles for use in the fabrication of wood based composites, including panel products. These composites demonstrate enhanced durability and dimensional stability which allow them to be used in a variety of applications which were once limited to solid wood or man-made products. Tricoya®
Wood Elements is 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. The environmentally responsible process protects wood from rot by making it "inedible" to most micro-organisms and insects, 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.
Acetylated wood's increased durability offers major carbon sequestration advantages, compared to other woods and man-made building materials such as steel, vinyl, and plastic.Wood Composites include a range of derivative wood products which are manufactured by binding together the strands, particles, fibres, or veneers of wood together with adhesives to form composite materials. These products are engineered to precise design specifications which are tested to meet national or international standards.
Accsys Technologies is the trading name of Titan Wood Limited. ACCOYA®, TRICOYA® and the Trimarque Device are registered trademarks owned by Titan Wood Limited and may not be used or reproduced without written permission.