17 December 2021
SIMEC Atlantis Energy Limited
("SAE", the "Company" and, together with its subsidiaries, the "Group")
Grant of Options – Executive Directors
SAE announces that on 16 December, under the terms of the Company’s long term incentive plan (“LTIP”), the Board has approved the award and grant of options over 20,300,000 Ordinary Shares in the Company, representing 2.8% of the Company’s existing share capital. 10,000,000 options have been granted to the following executive directors:
|Executive Director||Position||Options Granted|
|Graham Reid||Chief Executive Officer||5,000,000|
|Andrew Charters||Chief Financial Officer||5,000,000|
The balance of 10,300,000 options has been awarded to a group of senior employees considered key to the continuing development and success of the Group.
The options have been granted subject to continued employment and will vest in three equal annual instalments commencing on the first anniversary of the date of grant. There are no further performance conditions. The options have an exercise price of 2.21p based on the average market price over the 5 days prior to the date of grant plus 15%, and will be exercisable for a maximum period of 10 years.
Following the grant of the options, the total number of Ordinary Shares outstanding under the Company’s LTIP is 28,891,480, representing 4% of the Company’s issued share capital.
The Board believes it is essential that the Company incentivises its executive directors and key senior managers to drive the business forwards and provide an alignment of interest with those of shareholders.
|SIMEC Atlantis Energy Limited
Sean Parsons, Director of External Affairs
|+44 (0) 7739 832 446|
|Investec Bank plc
(Nominated adviser and Joint Broker)
|+44 (0) 20 7597 5970|
|Arden Partners plc
|+44 (0) 20 7614 5900|
Notes to Editors
SIMEC Atlantis Energy
SAE is a global developer, owner and operator of sustainable energy projects with a diverse portfolio in various stages of development. This includes a 77 per cent. stake in the world's largest tidal stream power project, MeyGen, 100 per cent. of the 220MW Uskmouth Power Station conversion project and 100 per cent. of Green Highland Renewables, a leading developer of mini-hydro projects.
More on the MeyGen Project: https://saerenewables.com/projects/meygen/
More on the Uskmouth Project: https://saerenewables.com/project-development-operation/simec-uskmouth-power/