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Invinity Energy Systems plc, on 14 October 2024, announced changes to the expiry dates of existing share options. The Board of Directors extended the expiry date for Gamesa Electric's options over 8,672,273 Ordinary Shares (exercise price £1.75) by one year, from 10 May 2025 to 10 May 2026. Additionally, the expiry date for an aggregate of 1,052,134 historic employee share options (exercise price 4.34p), including 336,099 held by Matt Harper, was extended from original dates of 21 November 2024 and 7 July 2026 to 21 November 2029.
| Date | 14 Oct 2024 |
| Time | 15:00:00 |
| Category | Director/PDMR dealings |
| ID | 1020I |
14 October 2024
Invinity Energy Systems plc
("Invinity" or the "Company")
Changes to Option Terms
Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF), a leading global manufacturer of utility-grade energy storage, announces the following changes to the expiry dates of certain existing share options.
Gamesa Electric
As part of the Joint Development and Commercialisation Agreement announced on 11 May 2021, the Company granted Gamesa Electric options over 8,672,273 Ordinary Shares ("Ordinary Shares"), exercisable at a price of £1.75 per Ordinary Share, with an expiry date of 10 May 2025.
The Board of Directors has agreed to extend the expiry date by one year to 10 May 2026. All other terms and conditions pertaining to the share options held by Siemens Gamesa remain unchanged.
Historic Employee Share Options
An aggregate of 1,052,134 options over ordinary shares of €0.01 each in the Company") are held by certain long-standing employees of the Company (the "Employee Share Options"). The Employee Share Options, which have an exercise price of 4.34p, were granted between 2014 and 2016 to retain and incentivise key members of staff. 774,489 of the Employee Share Options are currently due to expire on 21 November 2024 and 227,645 of the Employee Share Options are due to expire on 7 July 2026.
The Board of Directors has resolved that the date by which both tranches of the Employee Share Options must be exercised should be extended to 21 November 2029. The amendment extends the benefit of the Employee Share Options as a long-term performance incentive and removes the requirement for holders to exercise options in the near term which would likely have involved the sale of shares to fund the subscription cost and tax charges.
The exercise price of the Employee Share Options, and all other conditions, remain unchanged.
Matt Harper, Chief Commercial Officer of the Company, holds 336,099 of the Employee Share Options, of which 263,034 were due to expire on 21 November 2024 and 73,065 were due to expire on 7 July 2026. The expiry date of the 336,099 Employee Share Options held by Matt Harper will also be extended to 21 November 2029.
All other terms and conditions pertaining to Matt Harper's options remain unchanged.
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Enquiries:
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Invinity Energy Systems plc |
+44 (0)20 4551 0361 |
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Jonathan Marren, Chief Executive Officer Joe Worthington, Director of Communications and Investor Relations |
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Canaccord Genuity (Nominated Adviser and Joint Broker) |
+44 (0)20 7523 8000 |
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Henry Fitzgerald-O'Connor / Harry Pardoe / Charlie Hammond |
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VSA Capital (AQSE Corporate Advisor, Financial Adviser and Joint Broker) |
+44 (0)20 3005 5000 |
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Andrew Monk / Andrew Raca |
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Tavistock (Financial PR Advisor) |
+44 (0)20 7920 3150 |
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Simon Hudson / Saskia Sizen / Adam Baynes |
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Notification of a Transaction pursuant to Article 19(1) of the EU Market Abuse Regulation (EU) No. 596/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018. |
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1 |
Details of the person discharging managerial responsibilities/person closely associated |
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a. |
Name |
Mr Matt Harper |
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Reason for notification
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a. |
Position/Status |
Chief Commercial 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 |
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a. |
Description of the financial instrument, type of instrument |
Options over Ordinary Shares of €0.01 each
JE00BLR94N79
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b. |
Nature of the transaction |
Amendment to terms of existing share options |
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c. |
Price(s) and volume(s) |
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d. |
Aggregated information - Aggregated Volume - Price |
N/a
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e. |
Date of the transaction |
14 October 2024 |
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f. |
Place of the transaction |
Outside a trading venue |
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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 75 MWh of systems already deployed or contracted for delivery across 82 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 quoted 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 +44 (0)20 4551 0361 or [email protected]