TIDMAXS
RNS Number : 6209R
Accsys Technologies PLC
22 September 2017
AIM: AXS
Euronext Amsterdam: AXS
22 September 2017
ACCSYS TECHNOLOGIES PLC
("Accsys" or "the Company")
Directors' Interests, Employment Benefit Trust, Long Term
Incentive Plan (LTIP) Awards
Accsys, the chemical technology group focused on the highly
sustainable acetylation of wood, announces the issue of new
ordinary shares of EUR0.05 each in the Company ("Shares"), and the
grant of LTIP Awards, in each case in relation to employee
remuneration and incentivisation arrangements.
Issue of Shares to Employee Benefit Trust
In respect of the year ended 31 March 2017, following
recommendation from the nomination and remuneration committee of
the Company, the Board has resolved to conditionally issue a total
of 198,154 Shares to an Employee Benefit Trust.
Such Shares shall vest if the employee remains in employment
with the Company to the vesting date, being 1 July 2018 (subject to
certain other provisions including regulatory, good-leaver,
take-over and committee discretion provisions).
The Shares will be issued pending (amongst other things)
admission to AIM and Euronext ("Admission"), which is expected to
take place on or about 27 September 2017 (the "Issue Date").
Exercise of options
Accsys further announces that 106,189 Shares have been
conditionally issued and allotted to an employee following the
exercise of nil cost options, granted in 2013 under the Company's
2013 Long Term Incentive Plan ("LTIP") (the "Option Shares").
The Option Shares will be issued pending (amongst other things)
admission to AIM and Euronext ("Admission"), which is expected to
take place on or about 27 September 2017 (the "Issue Date").
Grant of LTIP Awards
Accsys further announces that under the LTIP, the Board has
resolved to grant further awards ("LTIP Awards") to various senior
employees, in accordance with the terms of the LTIP Plan Rules
approved by the Company's shareholders in 2013.
The LTIP Awards, granted following recommendation from the
nomination and remuneration committee of the Company and in
accordance with the Company's Remuneration Policy (as approved by
shareholders), are nil priced options over 81,946 Shares, which are
in addition to the amount of 998,918 Shares announced on 20 June
2017. Of this additional amount, no LTIP Awards have been granted
to Executive Directors.
The vesting of the LTIP Awards will be subject to the terms of
the LTIP Plan Rules, including continued employment of the
beneficiaries by the Company and satisfaction of TSR and EBITDA
performance conditions.
Correction of LTIP Award
Accsys further announces a correction due to clerical error in
respect of the LTIP Award granted to Hans Pauli, Executive
Director, Corporate Development, announced on 20 June 2017. The
number of Shares granted under LTIP Award to Mr Pauli is 119,329
and not 112,351 Shares as previously announced. All other aspects
of the LTIP Awards announced on 20 June 2017 remain unchanged.
Following the issue of the above Shares to the Employment
Benefit Trust and issue of Shares in respect of exercised LTIP
award, the Company will have a total of 111,369,634 Shares in
issue.
Ends
For further information, please contact:
Accsys Technologies Paul Clegg, CEO via MHP Communications
PLC Will Rudge, FD
Hans Pauli, Executive Director,
Corporate Development
Nominated Adviser: Oliver Cardigan
Jamie Lillywhite
Corporate Broking: Christopher
Wilkinson +44 (0) 20 7260
Numis Securities Ben Stoop 1000
Tim Rowntree +44 (0) 20 3128
MHP Communications Kelsey Traynor 8100
+31 681 734
236
Off the Grid Frank Neervoort +31 222 379
(The Netherlands) Yvonne Derske 666
Notes to editors:
Accsys Technologies PLC (www.accsysplc.com) is a chemical
technology group whose primary focus is on the production of
Accoya(R) wood and technology licensing via its subsidiary, Titan
Wood Limited, which has manufacturing operations in Arnhem, the
Netherlands (through its subsidiary Titan Wood B.V.), a European
office in London, United Kingdom, an American office in Dallas,
Texas (via its subsidiary Titan Wood, Inc) and technology licencing
associated with the acetylation of wood elements via its subsidiary
Tricoya Technologies Limited. Any references in this announcement
to agreements with Accsys shall mean agreements with either Accsys
or its subsidiary entities unless otherwise specified. Accsys
Technologies PLC is listed on the London Stock Exchange AIM market
and on Euronext Amsterdam, under the symbols 'AXS'. Accsys'
operations comprise three principal business units: (i) Accoya(R)
wood production; (ii) technology development, focused on a
programme of continuous development of and improvements to the
process engineering and operating protocols for the acetylation of
solid wood and the development of technology for the acetylation of
wood elements; and (iii) the licensing of technology for the
production of Accoya(R) wood and Tricoya(R) wood elements across
the globe.
Accoya(R) wood (www.accoya.com) is produced using Accsys'
proprietary patented acetylation technology that effectively
converts sustainably grown softwoods and non-durable hardwoods into
what is best described as a "high technology wood". Distinguished
by its durability, dimensional stability and, perhaps most
importantly of all, its reliability (in terms of consistency of
both supply and quality), Accoya(R) wood is particularly suited to
exterior applications where performance and appearance are valued.
Moreover, the Accoya(R) wood production process does not compromise
the wood's strength or machinability. The combination of UV
resistance, dimensional stability, durability and retained strength
means that Accoya(R) wood offers a wealth of new opportunities to
architects, designers and specifiers. These benefits result in
lower maintenance and total cost of ownership while using a higher
sustainable and environmental responsible building material. For a
full archive of Accoya(R) news, visit www.accoya.com/news.
Tricoya(R) Wood Elements (www.tricoya.com) are produced using
Accsys' proprietary technology for the acetylation of wood chips,
and particles for use in the fabrication of panel products such as
medium density fibreboard and particle-board. These products
demonstrate enhanced durability and dimensional stability which
allow them to be used in a variety of applications that were once
limited to solid wood or man-made products. Exploitation of Accsys'
proprietary technology relating to Tricoya(R) Wood Elements is
carried out through Tricoya Technologies Limited. Tricoya(R) Wood
Elements are lauded as the first major innovation in the wood
composites industry in more than 30 years.
Wood Acetylation is a process which increases the amount of
'acetyl' molecules in wood, thereby changing its physical
properties. When carried out to a sufficient level throughout the
wood, this process protects wood from rot by making it "inedible"
to most micro-organisms and fungi, without - unlike conventional
treatments - making it toxic. It also greatly reduces the wood's
tendency to swell and shrink, making it less prone to cracking and
ensuring that, when painted, it requires dramatically reduced
maintenance.
Accsys Technologies is the trading name of Titan Wood Limited.
ACCOYA(R) , TRICOYA(R) and the Trimarque Device are registered
trademarks owned by Titan Wood Limited ("TWL"), a wholly owned
subsidiary of Accsys Technologies PLC, and may not be used or
reproduced without written permission from TWL, or in the case of
the Tricoya(R) registered trademark, from Tricoya Technologies
Limited, a subsidiary of TWL with exclusive rights to exploit the
Tricoya(R) brand.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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