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Invinity Energy Systems plc announced on 20 July 2023 that its Board approved the award of share options to three Persons Discharging Managerial Responsibilities (PDMRs) on 19 July 2023. CEO Lawrence Zulch received 1,500,000 options, Chief Development Officer Jonathan Marren received 1,250,000 options, and Chief Commercial Officer Matthew Harper received 1,250,000 options. The options have an exercise price of 51.2p and will vest in full on 19 July 2026.
| Date | 20 Jul 2023 |
| Time | 07:00:08 |
| Category | Director/PDMR dealings |
| ID | 5760G |
20 July 2023
Invinity Energy Systems plc
("Invinity" or the "Company")
Grant of Options
Further to the Directors' Remuneration Report contained within Invinity's 2022 Annual Report and Accounts, published on 28 June 2023, the Board of Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF) announces that following the conclusion of a review of the Company's executive director remuneration policy by external remuneration consultant Alvarez & Marsal Tax LLP it has approved the award of options over the Company's shares to the following persons discharging managerial responsibilities ("PDMRs") under the Invinity Energy Systems 2018 Employee Share Option Plan (the "Options").
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|
Options Granted |
Vesting Date* |
Total Options Held Following Grant |
Total Options as % of Issued Share Capital |
|
Larry Zulch |
1,500,000 |
19 July 2026 |
1,500,000 |
0.79% |
|
Jonathan Marren |
1,250,000 |
19 July 2026 |
1,750,000 |
0.92% |
|
Matthew Harper |
1,250,000 |
19 July 2026 |
1,886,099 |
0.99% |
*The Options will vest in full three years from the date of grant and are subject to a further holding period of one year post vesting.
The exercise price of the Options is 51.2p, being the closing price on the latest practicable date prior to this announcement.
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1 |
Details of the person discharging managerial responsibilities |
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|
a) |
Name |
Lawrence Zulch |
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2 |
Reason for the notification |
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|
a) |
Position/status |
Chief Executive Officer |
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|
b) |
Initial notification/ Amendment |
Initial notification |
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3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
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|
a) |
Name |
Invinity Energy Systems plc |
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|
b) |
LEI |
213800N2NKOTYUNRCU14 |
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|
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 |
Options over ordinary shares of €0.01 each ("Ordinary Shares") |
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|
b) |
Identification code of the Financial Instrument |
JE00BLR94N79 |
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|
c) |
Nature of the transaction |
Award of Options |
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|
d) |
Price(s) and volume(s) |
|
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|
e) |
Aggregated information: volume, Price |
N/a |
||||
|
f) |
Date of the transaction |
19/7/23 |
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|
g) |
Place of the transaction |
Outside a trading venue |
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|
1 |
Details of the person discharging managerial responsibilities |
|||||
|
a) |
Name |
Matthew Harper |
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|
2 |
Reason for the notification |
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|
a) |
Position/status |
Chief Commercial Officer |
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|
b) |
Initial notification/ Amendment |
Initial notification |
||||
|
3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||
|
a) |
Name |
Invinity Energy Systems plc |
||||
|
b) |
LEI |
213800N2NKOTYUNRCU14 |
||||
|
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 |
Options over ordinary shares of €0.01 each ("Ordinary Shares") |
||||
|
b) |
Identification code of the Financial Instrument |
JE00BLR94N79 |
||||
|
c) |
Nature of the transaction |
Award of Options |
||||
|
d) |
Price(s) and volume(s) |
|
||||
|
e) |
Aggregated information: volume, Price |
N/a |
||||
|
f) |
Date of the transaction |
19/7/23 |
||||
|
g) |
Place of the transaction |
Outside a trading venue |
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|
1 |
Details of the person discharging managerial responsibilities |
|||||
|
a) |
Name |
Jonathan Marren |
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|
2 |
Reason for the notification |
|||||
|
a) |
Position/status |
Chief Development Officer & Interim CFO |
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|
b) |
Initial notification/ Amendment |
Initial notification |
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|
3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||
|
a) |
Name |
Invinity Energy Systems plc |
||||
|
b) |
LEI |
213800N2NKOTYUNRCU14 |
||||
|
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 |
Options over ordinary shares of €0.01 each ("Ordinary Shares") |
||||
|
b) |
Identification code of the Financial Instrument |
JE00BLR94N79 |
||||
|
c) |
Nature of the transaction |
Award of Options |
||||
|
d) |
Price(s) and volume(s) |
|
||||
|
e) |
Aggregated information: volume, Price |
N/a |
||||
|
f) |
Date of the transaction |
19/7/23 |
||||
|
g) |
Place of the transaction |
Outside a trading venue |
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Enquiries:
|
Invinity Energy Systems plc |
+44 (0)20 4551 0361 |
|
Jonathan Marren, Chief Development Officer and Interim CFO Joe Worthington, Director of Communications |
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|
Canaccord Genuity (Nominated Adviser and Joint Broker) |
+44 (0)20 7523 8000 |
|
Henry Fitzgerald-O'Connor / Harry Pardoe / Gordon Hamilton |
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|
VSA Capital (Financial Adviser and Joint Broker) |
+44 (0)20 3005 5000 |
|
Andrew Monk / Simon Barton |
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|
Tavistock (Financial PR Advisor) |
+44 (0)20 7920 3150 |
|
Simon Hudson / Charles Baister |
Notes to Editors
Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF) manufactures vanadium flow batteries for large-scale, high-throughput energy storage requirements of business, industry and electrical networks.
Invinity's factory-built flow batteries run continually with no degradation for over 25 years, making them suitable for the most demanding applications in renewable energy production. Energy storage systems based on Invinity's batteries are safe, reliable, and economical, and range in size from less than 250 kilowatt-hours to tens of megawatt-hours.
Invinity was created in April 2020 through the merger of two flow battery industry leaders: redT energy plc and Avalon Battery Corporation. With over 65 MWh of systems already deployed or contracted for delivery across over 70 sites in 15 countries, Invinity is active in all major global energy storage markets and has operations in the UK, Canada, USA, China and Australia. Invinity Energy Systems plc is listed in the UK on AIM and AQSE and trades in the USA on OTCQX.
To find out more, visit invinity.com, sign up to our monthly Investor Newsletter here or contact Investor Relations on via +44 (0)20 4551 0361 or [email protected]