TIDMIX.
RNS Number : 9845W
i(x) Net Zero PLC
21 April 2023
The information contained within this Announcement is deemed by
i(x) Net Zero plc to constitute inside information as stipulated
under the Market Abuse Regulation (EU) No. 596/2014 as it forms
part of UK law by virtue of the European Union (Withdrawal) Act
2018 ("MAR").
21 April 2023
i(x) Net Zero PLC
("i(x) Net Zero" or the "Company")
Management incentivisation
i(x) Net Zero PLC (AIM: IX.), the investing company which
focuses on Energy Transition and Sustainability in the Built
Environment, announces that further to its announcement regarding
the strategic update and board changes, it has today entered into
new incentivisation arrangements.
Options
In order to effectively incentivise the management team the
Company has today agreed to issue a total of 6,324,545 options to
subscribe for new Ordinary Shares in the Company ("Options") under
the 2022 i(x) Net Zero Plc Equity Incentive Plan (the "EIP"). The
Options all have an exercise price of 20p, being a 142.4 per cent
premium to yesterday's closing share price on AIM of 8.25p. The
Options vest over a period of three years, with a third vesting on
each of the three successive anniversaries of the date of
grant.
The option grants include the following grants to Executives and
related parties (for the purposes of the AIM Rules for
Companies):
Executive Position Options granted Exercise Total options
price now held
Par Lindstrom CEO & CIO 3,083,216 20p 3,083,216
------------- ---------------- --------- --------------
Jonathan Stearns CFO 2,450,761 20p 2,450,761
------------- ---------------- --------- --------------
COO & Group
Director
Dmitri Tsvetkov of Finance 790,568 20p 790,568
------------------ ------------- ---------------- --------- --------------
On 4 February 2022, in conjunction with its IPO, the Company
issued options over Ordinary Shares representing approximately 6.3
per cent. of the Company's issued share capital under the EIP ("IPO
Options"). In conjunction with the above issuance of Options, all
remaining IPO Options that have not yet already lapsed, have been
surrendered. In total, 2,166,157 share options have been
surrendered, of which 1,375,589 were held by Par Lindstrom and
790,568 were held by Dmitri Tsvetkov.
Following the new grant of the Options, and the surrender of IPO
Options, the Company has a total of 6,324,545 options to subscribe
for new Ordinary Shares outstanding, which represents 8.0 per cent
of the Company's current issued share capital at the date of this
announcement (and prior to the issue of the shares referred to
below).
CEO Bonuses
In December 2022, the Company agreed to pay to Pär Lindström an
incentive bonus of GBP160,772 in respect of the year ended 31
December 2022, an amount which equates to approximately 50% of his
annual compensation for the year. In order to preserve the
Company's cash resources and to demonstrate his commitment to the
Company, Mr Lindström has agreed to apply this sum to a
subscription of new ordinary shares at yesterday's closing price of
8.25p per share. This will result in the issue of 1,948,748 new
ordinary shares to Mr Lindström ("2022 Bonus Shares"). The 2022
Bonus Shares represent 2.5% of the issued share capital as at the
date of this announcement and prior to the issue of shares referred
to in this announcement.
Furthermore, as part of his promotion to CEO in January 2023,
the Company agreed to pay Mr Lindström a promotion bonus based on
increased responsibilities as CEO of GBP401,929 being approximately
120% of his 2023 annual compensation. In order to preserve the
Company's cash resources and to demonstrate his commitment to the
Company, Mr Lindström has also agreed to apply this sum to a
subscription of new ordinary shares at yesterday's closing price of
8.25p per share. This will result in the issue of 4,871,870 new
ordinary shares to Mr Lindström ("CEO Bonus Shares"). The CEO Bonus
Shares represent 6.2% of the issued share capital as at the date of
this announcement and prior to the issue of shares referred to in
this announcement.
By way of further alignment to shareholders and the creation of
shareholder value, in respect of the 2022 Bonus Shares and CEO
Bonus Shares, the shares subscribed for by Mr Lindström pursuant to
each of these bonus schemes will be subject to a risk of forfeiture
and may not be sold or otherwise transferred until such forfeiture
risk has lapsed. Specifically, Mr. Lindstrom may not sell,
transfer, or otherwise transact in these shares until such time as
the risk of forfeiture with respect to the bonus shares has lapsed.
This forfeiture risk will expire if and when the Company's Net
Asset value reaches and exceeds $120 million within the 24 month
period following their issue ("NAV Hurdle"). If the NAV Hurdle is
not met in that time period, the bonus shares will be forfeited
back to the Company.
Following the surrender of the IPO Options, the issue of the
2022 Bonus shares and the CEO Bonus Shares, Mr Lindström will hold
9,602,930 Ordinary shares, representing 11.2 per cent of shares in
issue following the issue of the 2022 Bonus share and the CEO Bonus
Shares, of which 7.9% are subject to the forfeiture arrangements if
the NAV hurdle is not met. In addition, Mr Lindström will hold
options over 3,083,216 Ordinary Shares.
Application has been made to the London Stock Exchange for the
2022 Bonus Shares and the CEO Bonus Shares to be admitted to
trading on AIM ("Admission"). Admission is expected to become
effective at 8.00 am on or around 26 April 2023.
Total Voting Rights
Following Admission, the Company will have 85,877,429 Ordinary
Shares in issue, each carrying the right to one vote. No Ordinary
Shares are held by the Company in treasury. The total number of
voting rights in the Company is therefore 85,877,429. The above
figure of 85,877,429 may be used by shareholders in the Company as
the denominator for the calculations by which they will determine
if they are required to notify their interest in, or a change to
their interest in, the share capital of the Company under the FCA's
Disclosure Guidance and Transparency Rules.
Related Party Opinion
As Pär Lindström , Jonathan Stearns and Dmitri Tsvetkov are all
related parties for the purposes of the AIM Rules for Companies and
the grant of the Options is considered a related party transaction
for the purposes of the AIM Rules for Companies. The independent
directors, being Nicholas Hurd, Alice Chapple and Patricia McCall,
having consulted with Canaccord Genuity Limited, the Company's
Nominated Adviser, consider the terms of the grant of the Options
to be fair and reasonable insofar as the Company's shareholders are
concerned.
As Pär Lindström is a related party for the purposes of the AIM
Rules for Companies his subscription for the 2022 Bonus Shares and
the CEO Bonus Shares are considered related party transactions for
the purposes of the AIM Rules for Companies. The independent
directors, being Nicholas Hurd, Alice Chapple, Jonathan Stearns and
Patricia McCall, having consulted with Canaccord Genuity Limited,
the Company's Nominated Adviser, consider the subscription for the
2022 Bonus shares and the CEO Bonus Shares to be fair and
reasonable insofar as the Company's shareholders are concerned.
Further details of PDMR dealings are set out below and made in
accordance with the requirements of the EU Market Abuse Regulation
(as it forms part of UK law pursuant to the European Union
(Withdrawal) Act 2018).
- Ends -
For further information visit https://ixnetzero.com/ or contact:
i(x) Net Zero Via Buchanan below
Pär Lindström - Chief Executive
Officer
Jonathan Stearns - Chief Financial Officer
Canaccord Genuity Limited
Nominated Adviser & Broker +44 20 7523 8000
Max Hartley
Harry Pardoe
Buchanan
Helen Tarbet +44 7872 604 453
Simon Compton +44 7979 497 324
Abby Gilchrist +44 7557 952 223
Notes to Editors
About i(x) Net Zero PLC
i(x) Net Zero PLC is an AIM quoted investing company that
provides its shareholders the opportunity to create long- term
capital growth with positive, scalable, measurable and sustainable
impact on the environment and on the communities it serves.
In accordance with its belief that the world's biggest problems
are also the biggest market opportunities, i(x) Net Zero focuses on
two critical areas in which it aims to make a positive impact: (i)
Energy Transition and (ii) Sustainability in the Built Environment.
The Company uses a multi-strategy investment approach, providing
the companies in which it invests with the expertise and catalytic
capital to help them grow. To date, i(x) Net Zero has invested in
biofuels, direct air capture (carbon removal), renewable energy,
sustainable workforce housing and net zero construction
technology.
i(x) Net Zero is a signatory to the UN Principles for
Responsible Investing. The Company has received the London Stock
Exchange's Green Economy Mark.
1 Details of the person discharging managerial responsibilities
a) Name Par Lindstrom
-------------------------- ------------------------------------
2 Reason for the notification
----------------------------------------------------------------
a) Position/status Chief Executive Officer
-------------------------- ------------------------------------
b) Initial notification/ Initial Notification
Amendment
-------------------------- ------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------
a) Name i(x) Net Zero PLC
-------------------------- ------------------------------------
b) LEI 213800YUAD1FCXH29638
-------------------------- ------------------------------------
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 Ordinary Shares of no par value
financial instrument
-------------------------- ------------------------------------
b) Identification code JE00BP4DVJ57
of the Financial
Instrument
-------------------------- ------------------------------------
c) Nature of the transaction Award of Share Options
-------------------------- ------------------------------------
d) Price(s) and volume(s) Price(s) Volume(s)
Exercise Price: 20p 3,083,216
----------
-------------------------- ------------------------------------
e) Aggregated information: N/a
volume, Price
-------------------------- ------------------------------------
f) Date of the transaction 21 April 2023
-------------------------- ------------------------------------
g) Place of the transaction Outside of a trading venue
-------------------------- ------------------------------------
1 Details of the person discharging managerial responsibilities
a) Name Jonathan Stearns
-------------------------- ------------------------------------
2 Reason for the notification
----------------------------------------------------------------
a) Position/status Chief Finance Officer
-------------------------- ------------------------------------
b) Initial notification/ Initial Notification
Amendment
-------------------------- ------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------
a) Name i(x) Net Zero PLC
-------------------------- ------------------------------------
b) LEI 213800YUAD1FCXH29638
-------------------------- ------------------------------------
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 Ordinary Shares of no par value
financial instrument
-------------------------- ------------------------------------
b) Identification code JE00BP4DVJ57
of the Financial
Instrument
-------------------------- ------------------------------------
c) Nature of the transaction Award of Share Options
-------------------------- ------------------------------------
d) Price(s) and volume(s) Price(s) Volume(s)
Exercise Price: 20p 2,450,761
----------
-------------------------- ------------------------------------
e) Aggregated information: N/a
volume, Price
-------------------------- ------------------------------------
f) Date of the transaction 21 April 2023
-------------------------- ------------------------------------
g) Place of the transaction Outside of a trading venue
-------------------------- ------------------------------------
1 Details of the person discharging managerial responsibilities
a) Name Dmitri Tsvetkov
-------------------------- ------------------------------------
2 Reason for the notification
----------------------------------------------------------------
a) Position/status Chief Operating Officer
-------------------------- ------------------------------------
b) Initial notification/ Initial Notification
Amendment
-------------------------- ------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------
a) Name i(x) Net Zero PLC
-------------------------- ------------------------------------
b) LEI 213800YUAD1FCXH29638
-------------------------- ------------------------------------
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 Ordinary Shares of no par value
financial instrument
-------------------------- ------------------------------------
b) Identification code JE00BP4DVJ57
of the Financial
Instrument
-------------------------- ------------------------------------
c) Nature of the transaction Award of Share Options
-------------------------- ------------------------------------
d) Price(s) and volume(s) Price(s) Volume(s)
Exercise Price: 20p 790,568
----------
-------------------------- ------------------------------------
e) Aggregated information: N/a
volume, Price
-------------------------- ------------------------------------
f) Date of the transaction 21 April 2023
-------------------------- ------------------------------------
g) Place of the transaction Outside of a trading venue
-------------------------- ------------------------------------
1 Details of the person discharging managerial responsibilities
a) Name Par Lindstrom
-------------------------- ------------------------------------
2 Reason for the notification
----------------------------------------------------------------
a) Position/status Chief Executive Officer
-------------------------- ------------------------------------
b) Initial notification/ Initial Notification
Amendment
-------------------------- ------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------
a) Name i(x) Net Zero PLC
-------------------------- ------------------------------------
b) LEI 213800YUAD1FCXH29638
-------------------------- ------------------------------------
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 Ordinary Shares of no par value
financial instrument
-------------------------- ------------------------------------
b) Identification code JE00BP4DVJ57
of the Financial
Instrument
-------------------------- ------------------------------------
c) Nature of the transaction Subscription of New Ordinary Shares
-------------------------- ------------------------------------
d) Price(s) and volume(s) Price(s) Volume(s)
Nil 6,820,618
----------
-------------------------- ------------------------------------
e) Aggregated information: N/a
volume, Price
-------------------------- ------------------------------------
f) Date of the transaction 21 April 2023
-------------------------- ------------------------------------
g) Place of the transaction London Stock Exchange
-------------------------- ------------------------------------
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