3rd Jul 2008 10:11
Enova Systems, Inc. ("the Company")
Enova Systems Inc. announces that it has issued 10,017 new common shares pursuant to the Company's Director Compensation Plan ("the Directors' Plan") for services rendered to the Company during the second quarter of 2008.
The Directors' Plan provides that each quarter, directors of the Company who are not also officers receive remuneration of US$10,000 of which US$4,000 is paid in cash and US$6,000 is paid in common shares issued at the closing mid market price on the last business day of that quarter. Furthermore, each Audit Committee member receives an additional US$5,000 and the Audit Committee Chairman receives an additional US$10,000 in compensation. Details of the Directors' Plan were described in the 2005 Annual Report and Accounts announcement released on 30 June 2006.
The shares were issued on June 30, 2008 at a price of US$4.19. Each Director received 1,431 common shares. Total shares held by each director and the percentage of capital are as follows:
Director Total Shares % Capital
Bjorn Ahlstrom 21,532 less than 1%
Malcolm Currie 34,200 less than 1%
Richard Davies 1,431 less than 1%
John Micek 12,094 less than 1%
Edwin Riddell 28,603 less than 1%
John Wallace 22,124 less than 1%
Roy Roberts 1,431 less than 1%
The new common shares rank pari passu with the existing common shares in issue. Application will be made for the new common shares to be admitted to the AIM Market of the London Stock Exchange ("Admission"). Admission is expected to take place on 8 July 2008.
For further details
Enova Systems, Inc Tel: +1 310 527 2800
Mike Staran, President and Chief Executive Officer
Jarett Fenton, Chief Financial Officer
Investec Tel: 020 7597 5970
Michael Ansell / Paul Brett
Related Shares:
Enova Systems Inc