Grant of options & LTIP update

RNS Number : 7176C

DG Innovate PLC

13 October 2022

 

13 October 2022  

DG Innovate plc

("DG Innovate" or the "Company")

Grant of options, LTIP update and Director/ PDMR Shareholding

DG Innovate (LSE: DGI), the advanced research and development company pioneering sustainable and environmentally considerate improvements to electric mobility and energy storage, announces that, in accordance with its remuneration policy, on 12 October 2022 the Company approved the adoption of an executive share option scheme (the "Scheme") and granted under the terms of the Scheme 690,790,814 options with an exercise price of 0.1p per share over ordinary shares of £0.001 each in the capital of the Company to its CEO, Peter Tierney (the "Options").

The vesting of the Options will occur on either (i) the occurrence of a change in control of the Company or (ii) Peter Tierney remaining as an employee of any DG group company until 12 October 2025.

The Company has an existing long term incentive plan ("LTIP") which was adopted on 9 April 2022 as a discretionary executive share plan. Under the LTIP, the board may, within certain limits and subject to any applicable performance conditions, grant to eligible employees options to acquire nominal cost options over shares ("LTIP Options"). The Company confirms the lapse of 72,048,463 LTIP Options at an exercise price of 0.1p per share granted to Christopher Theis, following his resignation as CEO from the Company, effective on 1 July 2022. On 12 October 2022, the board also approved an amendment to the LTIP, increasing the total number of options over shares that may be granted to employees, from 10% to 15% of the issued share capital.

The Options granted to Peter Tierney on 12 October 2022 represent approximately 7.81% of the Company's issued share capital. In total 2,505,041,874 options are now outstanding, representing approximately 28.3% of the Company's issued share capital. Of this total, 1,182,544,374 are LTIP Options or options granted pursuant to the Scheme, which represent approximately 13.4% of the Company's issued share capital.

The information set out below is provided in accordance with the requirements of Regulation 19(3) of the EU Market Abuse Regulation No 596/2014: 

1	Details of the person discharging managerial responsibilities/person closely associated
(a)	Name	Peter Tierney
2	Reason for the notification
(a)	Position/status	Chief Executive Officer
(b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
(a)	Name	DG Innovate Plc
(b)	LEI	21380058VQBP76M7TN11
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
(a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares of 0.1 pence each ISIN GB00BYQD5059 DGI
(b)	Nature of the transaction	Award of £0.001 options under the Executive Share Option Scheme
(c)	Price(s) and volume(s)	Price(s) Volume(s) £0.001 690,790,814
(d)	Aggregated information -  Aggregated volume -  Price	N/A
(e)	Date of the transaction	12 October 2022
(f)	Place of the transaction	Outside a trading venue

For further information please contact:

DG Innovate plc	C/O IFC
Peter Tierney, CEO Jack Allardyce, CFO
IFC Advisory (Financial PR & IR)	020 3934 6630
Tim Metcalfe Zach Cohen
Grant Thornton UK LLP (Financial Adviser) Samantha Harrison Jamie Barklem Daphne Zhang Ciara Donnelly	020 7383 5100
OvalX (Joint Broker)	020 7392 1400
Tom Curran Thomas Smith
WH Ireland (Joint Broker)	020 7220 1666
Chris Hardie
Megan Liddell

 

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