Business
Employee Share Plan and Grant of Options
Employee Share Plan and Grant of Options.
About this update from Accsys Technologies Plc
[{"type":"text","content":"\n \nRNS Number : 4815L Accsys Technologies PLC 01 August 2011 \n \n\n \nAIM: AXS\nNYSE Euronext Amsterdam: AXS\n1 August 2011\n \nACCSYS TECHNOLOGIES PLC\n(\"Accsys\" or the \"Company\")\n \nAccsys Employee Share Participation Plan and Grant of Options\n \nAccsys, the environmental science and wood technology company, announces that it has established a new Employee Share Participation Plan (the \"Plan\"). The Plan is intended to promote the long term growth and profitability of Accsys by providing employees with an opportunity to acquire an ownership interest in new ordinary shares in the Company (\"Shares\") as an additional benefit of employment. The Board hopes this will further incentivise employees to contribute to and participate in the success of Accsys.\n \nFurther to the implementation of the Plan, Accsys is delighted to announce that various employees have subscribed for a total of 783,283 Shares at an acquisition price of €0.11 per Share (being the closing price of shares in the Company on 14 July 2011 on Euronext Amsterdam, the closing date for subscriptions of Shares under the Plan).\n \nUnder the terms of the Plan, the Company shall issue these Shares to a trust for the benefit of the subscribing employees. The Shares shall be released to employees after one year, together with an additional Share on a 1 for 1 matched basis provided the employee remains in the employment of Accsys at that point in time (subject to good leaver provisions). The Plan is in line with industry approved employee share plans and is open for subscription by employees twice a year following release of annual and half yearly financial results. The maximum amount available for subscription by any employee is €5,000 per annum.\n \nOf the 783,283 Shares to be issued, 261,818 Shares are to be issued to Persons Discharging Managerial Responsibilities, including 36,363 Shares to be held beneficially by Paul Clegg, Chief Executive Officer and 22,727 to be held beneficially by Hans Pauli, Chief Financial Officer. All Shares will be issued pending receipt of subscription monies and admission of the Shares to trading on AIM and Euronext, which is expected to take place on Tuesday 2 August 2011.\n \nFollowing the issue of the above Shares, the Company will have a total of 403,885,828 shares in issue...