Grant of Share Awards and Not

RNS Number : 3145N

Gas Turbine Efficiency PLC

13 February 2009

 



Gas Turbine Efficiency Plc

('the Company')

Grant of Share Awards and Notice of EGM

The Board of the Company announces that, the Remuneration Committee has today granted the following share awards to the Executive Directors of the Company over ordinary shares in the Company under the Gas Turbine Efficiency plc 2009 Long Term Incentive Plan ('LTIP'), the Gas Turbine Efficiency plc 2009 Restricted Share Plan ('RSP') and the Gas Turbine Efficiency 2009 Share Option Plan ('SOP') (the LTIP, RSP and SOP together being the 'Schemes'). The grant of the share awards under the Schemes is conditional upon approval by shareholders of each of the Schemes at an Extraordinary General Meeting (see further below). 

Director	Number of Ordinary Shares subject to LTIP Award	Number of Ordinary Shares subject to RSP Award	Number of Ordinary Shares subject to SOP Option
Steven Zwolinski	1,000,000	989,472 (A)	250,000
Magnus Nordgren	300,000	191, 031 (A) 100,000 (B)	Nil

LTIP

In accordance with the rules of the LTIP, the LTIP awards were granted, in the form of conditional share awards, at a price of 24.25 pence per ordinary share (being the closing mid market share price on 12 February 2009).

The shares subject to the LTIP awards will vest three years from the date of grant subject to continued employment and subject to the satisfaction of share price targets. 20% of the ordinary shares subject to LTIP awards will vest if the Company's share price is 30 pence at the end of the three-year period with vesting increasing on a sliding scale to 100% if the Company's share price is 80 pence at the end of the three-year period.

RSP

In accordance with the rules of the RSP, RSP awards were granted, in the form of conditional share awards, at a price of 24.25 pence per ordinary share (being the closing mid market share price on 12 February 2009).

The RSP awards denoted (A) above relate to deferred annual bonus payments and the shares subject to the awards will vest three years from the date of grant subject to continued employment.

The RSP awards denoted (B) above will vest over a four-year period subject to continued employment.

SOP

In accordance with the rules of the SOP, the SOP option was granted with an exercise price of 24.25 pence per ordinary share (being the closing mid market share price on 12 February 2009).

The shares subject to the SOP option will vest over a four-year period subject to continued employment. 

The Company may issue up to 15% of its shares within a ten-year period to satisfy awards to participants in the Schemes operated by the Company under which shares are issued.

The Company will post a Circular to the shareholders of the Company on Monday 16 February 2009 convening an Extraordinary General Meeting of the Company to be held on 12 March 2009 at 10.00 a.m. at the offices of Orrick Herrington & Sutcliffe, Tower 42, Level 35, 25 Old Broad Street, London EC2N 1HQ for the purposes of seeking approval to the implementation of the Gas Turbine Efficiency plc 2009 Long Term Incentive Plan, the Gas Turbine Efficiency plc 2009 Restricted Share Plan, the Gas Turbine Efficiency 2009 Share Option Plan and also to make an amendment to the Company's Articles of Association to bring the articles in line with the Companies Act 2006 relating to notices for General Meetings. 

Full details of the Schemes and the changes to be made in the Articles will be included in the Circular, which will also be made available on the Company's website www.gtefficiency.com .

For further information, please contact:

Gas Turbine Efficiency plc
Steven Zwolinski, CEO
[phone]

Financial Dynamics
Jon Simmons
Susanne Yule

Sophie Moate
[phone]

Collins Stewart Europe Limited (Nomad & Joint Broker)
Hugh Field
Bruce Garrow

[phone]

Mirabaud Securities Ltd (Joint Broker)
Rory Scott

[phone]

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About GTE 

Gas Turbine Efficiency plc designs, manufactures and supplies proprietary cleantech energy saving and performance enhancing systems to the power generation, oil & gas and aviation industries. GTE's extensive portfolio of patented cleantech solutions save fuel, reduce emissions, increase availability, and extend turbine and parts life. 

The Group also provides solutions for burning a wider variety and quality of fuels such as liquefied natural gas, clean coal, and alternative fuel blends. Specific product and services developed by our world-class technology team include compressor cleaning and power augmentation systems; fuels management systems; combustion design, repair, upgrade and monitoring; and fluid and control auxiliaries. The Group's systems and associated services are provided to turbine end users and OEMs including General Electric, Pratt & Whitney, Rolls Royce, Caterpillar-Solar and Siemens from operation centres in Europe and the USA. Gas Turbine Efficiency plc shares are traded on London Stock Exchange's AIM (Ticker: GTE).

 

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