17th Apr 2009 07:00
Enova Systems, Inc. 17 April 2009 Enova Systems, Inc. ("the Company")
Neither this announcement nor any copy of it may be taken, transmitted or distributed, directly or indirectly in or into the United States of America, Canada, Australia, the Republic of Ireland, the Republic of South Africa or Japan. Any failure to comply with this restriction may constitute a violation of United States, Canadian, Australian, South African, Irish or Japanese securities laws.
Quarterly Director Compensation
Enova Systems Inc. announces that it has issued 46,386 new common shares pursuant to the Company's Director Compensation Plan ("the Directors' Plan") for services rendered to the Company during the first quarter of 2009.
The Directors' Plan provides that each quarter, directors of the Company who are not also officers receive remuneration of US$12,500 of which US$5,000 is paid in cash and US$7,500 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.
The shares were issued on March 31, 2009 at a price of US$0.97. Each Director received 7,731 common shares. Total shares held by each director and the percentage of capital are as follows:
Director Total Shares % Capital
Bjorn Ahlstrom 51,406 less than 1%
Malcolm Currie 64,074 less than 1%
John Micek 41,968 less than 1%
Edwin Riddell 58,477 less than 1%
Roy Roberts 31,305 less than 1%
John Wallace 51,998 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 April 17, 2009.
Related Shares:
Enova Systems Inc