Directorate Changes & Issue of Options

RNS Number : 4592L

Powerhouse Energy Group PLC

01 August 2011

 

1 August 2011

PowerHouse Energy Group plc

("PowerHouse", the "Group" or the "Company")

Directorate Changes, Issue of Options and Change of Registered Office

PowerHouse Energy Group plc, (AIM: PHE) an alternative energy business specialising in the sale of zero-emission waste to energy equipment systems, announces the resignation of Julian Moore as Interim Finance Director of the Company and the appointment of Mark Johnston to the Board, as Finance Director of the Company, with immediate effect. Mr. Moore successfully completed his role as Interim Finance Director seeing the Company through its reverse listing stage onto the London AIM market and now intends to pursue his other business interests in South Africa.

Mr. Johnston, 52, trained and qualified as a Chartered Accountant in the London office of KPMG. He has spent 25 years in various finance functions in industry both in the UK and Europe and in both PLC and private companies. He was Finance Director of Kingfield Heath Limited from 2005 to 2010. Previously he spent three years as Finance Director of the James Hull Group Limited and was Finance Director of Simon Carves Limited, part of the publicly quoted Simon Group from 1997 to 2005. He has extensive experience in managing growth situations and negotiating and managing transactions.

Ross Lyndon-James, Executive Chairman of Powerhouse Energy Group plc, commented:

"I would like to thank Julian for his contribution to the Company and in particular during the recent reverse takeover.  The Board wishes him well in his future ventures in South Africa.  I would also like to welcome Mark to the Board.  His depth of experience will be of great benefit to the Company now that we are entering a rapid growth stage."

Under Schedule 2, paragraph (g) of the AIM Rules, the following information is disclosed:

Mr Johnston, aged 52, has the following directorships:

Current Directorship

Johnston & Young Property Development Limited Past Directorships Brady & Hunt Limited Caboodle Office Supplies Limited ISA Group Limited ISA Retail Limited John Heath & Co Limited John Heath (Holdings) Limited Kaye Office Supplies Limited Kingfield Limited Kingfield Heath Group Limited Kingfield Heath Holdings Limited Kingfield Heath Investments Limited Kingfield Wholesale Office Supplies Limited KOSL Trustees Limited Matini Acquisitions 1 Limited Matini Acquisitions 2 Limited Neville & Gladstone Limited Office Friendly Limited Office Warehouse Limited Stationery Trading UK Limited Supplies Team Limited Vasanta Group Limited Vasanta Group Holdings Limited Vow Europe Limited Vow (Ireland) Limited Vow Retail Solutions Limited Vow Trading (Ireland) Limited Wrapide Limited

As at today's date, Mr Johnston holds 250,000 Ordinary Shares in the Company, representing 0.09 per cent. of the issued share capital of the Company. 

In addition, in connection with his appointment as a director, the Company has committed to grant Mr Johnston options over 6,000,000 Ordinary Shares at an exercise price of 17.5p per share at the earliest opportunity, as follows:

·     50  per cent of the total grant to vest immediately;

·     5 per cent of the total grant to vest on each of the first, second and third anniversaries of grant; and

·     35 per cent of the total grant will vest according performance criteria as determined by the Remuneration Committee.

A further announcement will be made when these options are granted.

Mr Johnston was a director of Stationery Trading UK Limited, a wholly owned subsidiary of Vasanta Group Limited, which went into creditors' voluntary liquidation on 22 July 2010.  After excluding intercompany debt, the net deficiency to unsecured creditors was £988,000.

Mr Johnston has confirmed there is no additional information under Schedule 2, paragraph (g) of the AIM rules which needs to be disclosed.

Issue of Options

In the admission document published by the Company on 31 March 2011, the Company stated that it intended, following the adoption of an employee share option scheme at the general meeting of the Company, to grant options over 2,789,265 Ordinary Shares to James Greenstreet, a non-executive director of the Company. 

The Company announces that on 29 July 2011 it issued options over 2,789,265 Ordinary Shares to James Greenstreet at an exercise price of 17.5p per share, exercisable at any time up to 29 July 2021 as follows:

·     25 per cent of the total grant to vest immediately;

·     5 per cent of the total grant on each of the three years on the first, second and third anniversaries of Admission; and

·     60 per cent of the total grant to vest as follows:

o  10 per cent if the Company's market capitalisation is £100 million or more at any time;

o  20 per cent if the Company's market capitalisation is £200 million or more at any time; and

o  30 per cent if the Company's market capitalisation is £300 million or more at any time.

Mr. Greenstreet does not hold any Ordinary Shares in the Company or any other options over Ordinary Shares. 

Change in registered office address

The Company announces that the registered office of the Company has been changed to 16 Great Queen Street, London WC2B 5DG with immediate effect.

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For additional information please contact:

PowerHouse Energy Group plc

Ross Lyndon-James

[phone]

Email: [e-mail]

Merchant Securities Limited (NOMAD and Broker)

David Worlidge/Simon Clements

[phone]

Pelham Bell Pottinger

Nick Lambert / Jenny Renton

[phone]

Notes to Editors:

·     PowerHouse Energy Group plc is a leading provider of economically proven, on-site clean energy systems that use traditional and renewable forms of fuel to generate electric and thermal energy in an environmentally responsible way

·     The Company's forward development strategy includes the conversion of waste, coal and coal waste to cleaner liquid fuels including diesel and jet fuels

·     PowerHouse offers a complete turnkey waste/biomass to energy equipment solution either by: direct sale or energy supply under long term power purchase agreements

·     PowerHouse's shares trade on the Alternative Investment Market under the ticker (PHE)

 

END

 

 

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