30th Oct 2006 08:03
Ceramic Fuel Cells Limited30 October 2006 30 October 2006 GRANT OF OPTIONS Ceramic Fuel Cells Limited ("CFCL") announces that on 27 October 2006, a total of 953,520 options over Ordinary Shares of nil par value were granted to employees pursuant to the CFCL Share Option Plan. As part of the Company's remuneration policies, the Board may offer options to staff as a long-term incentive, depending on personal and Company performance. This long-term incentive is made available to most employees who have worked with the Company for more than 12 months. This offer of options fulfils contractual obligations to certain employees and is based on the Board's review of personal and Company performance for the year ended 30 June 2006. Included within this grant of options, are the following options which have been granted to members of the Executive Management team: No. of options Exercise price Exercise periodBrendan Dow(Chief Executive) (note 1) 200,000 A$0.2799 27 October 2006 - 26 October 2010 Brendan Bilton 150,000 A$0.61 9 August 2007 - 8 August 2016(Chief Executive, CFCL Europe) (note 2) Karl Foger 71,200 A$0.59 24 August 2007 - 23 August 2016(Chief Technical Officer) Tony Sherburn 71,200 A$0.59 24 August 2007 - 23 August 2016(Chief Financial Officer) John Rajoo 71,200 A$0.59 24 August 2007 - 23 August 2016Chief Operations Officer) Andrew Neilson 71,200 A$0.59 24 August 2007 - 23 August 2016(Legal & Commercial Manager) Peter McDonell 71,200 A$0.59 24 August 2007 - 23 August 2016(Human Resources Manager) Notes 1. As disclosed in the Remuneration section of the Directors' Report for the year to 30 June 2006, the remuneration of the Chief Executive Officer comprises an annual salary package plus an annual incentive of options (rather than a cash bonus) which may be offered, depending on personal and Company performance. 2. These options were issued to Brendan Bilton under the terms of his employment contract which ended 31 August 2008. A new contract has been entered into. Future offers of options to Mr Bilton are expected to be consistent with offers to other Executive Management Team members. 3. Other members of the Executive Management Team who had worked with the Company for less than 12 months were not eligible for this grant of options. They will be eligible for future offers. 4. Executive Management Team members and other senior staff may only exercise options and deal in the Company's securities in accordance with the Company's Securities Trading Policy and AIM Rules. -ENDS- For further information please contact: Andrew Neilson +61 419 950 771Brendan Bilton +44 (0) 7798 554 191Ceramic Fuel Cells [email protected] Nick Denton / Sara Gelfand / Sarah Macleod +44 (0) 20 7357 9477Hogarth Partnership Aamir Quraishi / Charles Goodfellow +44 (0) 20 7569 9650Libertas Capital About Ceramic Fuel Cells Limited Ceramic Fuel Cells Limited (CFCL, www.cfcl.com.au) is a world leader indeveloping solid oxide fuel cell (SOFC) technology which can provide reliable,energy efficient, high-quality, and low-emission electricity from widelyavailable natural gas and renewable fuels. CFCL is developing SOFC products forsmall-scale on-site micro combined heat and power (m-CHP) and distributedgeneration units that co-generate electricity and heat for domestic use. CFCL was formed in 1992 and is publicly listed on both the London Stock ExchangeAIM market and the Australian Stock Exchange (code CFU). This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Ceramic Fuel Cells