10th May 2007 07:00
Enova Systems, Inc.10 May 2007 Enova Systems, Inc.10 May 2007 Enova Systems, Inc. ("the Company") Enova Systems Inc. announces that it has issued 9,090 new common shares pursuantto the Company's Director Compensation Plan ("the Directors' Plan") for servicesrendered to the Company during the first quarter of 2007. The Directors' Plan provides that each quarter, directors of the Company who arenot also officers receive remuneration of US$10,000 of which US$4,000 is paid incash and US$6,000 is paid in common shares issued at the closing mid marketprice on the last business day of that quarter. Furthermore, each AuditCommittee member receives an additional US$5,000 and the Audit CommitteeChairman receives an additional US$10,000 in compensation. Details of theDirectors' Plan were described in the 2005 Annual Report and Accountsannouncement released on 30 June 2006. The shares were issued on April 30th, 2007 at a price of US$3.96. EachDirector received 1,515 common shares. Total shares held by each director andthe percentage of capital are as follows. Director Total Shares % Capital Anthony Rawlinson 580,130 3.9%Bjorn Ahlstrom 15,352 >1%Malcolm Currie 28,020 >1%Donald Dreyer 26,659 >1%Sten Langenius 4,660 >1%John Wallace 15,944 >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 AIMMarket of the London Stock Exchange ("Admission"). Admission is expected to takeplace on May 17, 2007 Enquires: Enova Systems Jarett Fenton, Chief Financial Officer +1(310) 527-3847 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Enova Systems Inc