TIDMPHE
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
GBP988,000.
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 GBP100
million or more at any time;
o 20 per cent if the Company's market capitalisation is GBP200
million or more at any time; and
o 30 per cent if the Company's market capitalisation is GBP300
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.
<ends>
For additional information please contact:
PowerHouse Energy Group plc
Ross Lyndon-James
+44 (0) 20 7887 1362
Email: inquire@powerhousegroup.co.uk
Merchant Securities Limited (NOMAD and Broker)
David Worlidge/Simon Clements
+44 (0) 20 7628 2200
Pelham Bell Pottinger
Nick Lambert / Jenny Renton
+44 (0) 20 7861 3232
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)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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