Clean Power Hydrogen Lock-in Agreement Extension (0585R)
27 Fevereiro 2023 - 4:00AM
UK Regulatory
TIDMCPH2
RNS Number : 0585R
Clean Power Hydrogen
27 February 2023
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014 which is part of UK law by
virtue of the European Union (withdrawal) Act 2018. Upon the
publication of this announcement, this inside information is now
considered to be in the public domain.
27 February 2023
Clean Power Hydrogen Plc
("CPH2", the "Company" or the "Group")
Signature of Lock-in Agreement Extension
CPH2, the UK-based green hydrogen technology and manufacturing
company that has developed the IP-protected Membrane-Free
Electrolyser ("MFE"), announces that it has entered into Deeds of
Amendment (the "Amendments") relating to the lock-in agreements
agreed with Jon Duffy, CEO, and a number of other shareholders,
including the Company's founders, at the time of the Company's
admission to AIM in February 2022.
Under the terms of the Amendments, each of Jon Duffy, Clive
Brook, Joe Scott, Nigel Williamson and Henry Price have agreed not
to dispose of any of the Ordinary Shares held by them (or enter
into a transaction with the same economic effect) before the
earlier of:
(A) 12 months from 16 February 2023; or
(B) the completion of a Site Acceptance Test with one or more
customers, to that customer's satisfaction (covering full capacity
'Mark 1' MFE 220 customer owned units); or
(C) the closing mid-market share price of CPH2 being in excess
of 55p for at least 20 consecutive trading days (together, the
"Conditions").
The Amendment agreed with Jon Duffy permits him to sell a
limited number of Ordinary Shares to cover the cost of exercising
any existing share options during the restricted period and the
associated tax burden.
Each of the parties outlined above has also undertaken to not
dispose of their Ordinary Shares in the 12-month period following
the first satisfaction of any such Condition, other than through
Cenkos Securities plc on an orderly market basis.
The Company has also entered into Amendments with Rodney Brook
and Charles Munroe pursuant to which each individual has agreed not
to dispose of more than 10 per cent. of their current holding prior
to one of the Conditions being met.
In aggregate, the Amendments cover 97,424,617 Ordinary Shares in
the Company, which equates to approximately 37% of the current
issued share capital of the Company.
Jon Duffy, Chief Executive Officer of CPH2, commented:
"The Directors, founders and related parties, many of whom were
instrumental to the initial growth of CPH2, are pleased to show
their support in entering into new lock-in arrangements which
demonstrate their commitment to CPH2 and belief in the ultimate
value of the Company. With a significant pipeline of potential
orders and a clearly defined strategy to our target production
capacity of 4GW by 2030, we remain extremely positive about the
future of the Company as we begin commercial production from our
units this year."
For more information, please contact:
Clean Power Hydrogen Plc via Camarco
Jon Duffy, Chief Executive Officer
James Hobson, Chief Financial Officer
Cenkos Securities plc - NOMAD & Broker
+44 (0)131 220
Neil McDonald 9771
+44 (0)131 220
Peter Lynch 9772
+44 (0)131 220
Adam Rae 9778
+ 44(0) 20 3 757
Camarco PR 4980
Billy Clegg
Owen Roberts
Lily Pettifar
To find out more, please visit: https://www.cph2.com
Overview of CPH2
CPH2 is the holding company of Clean Power Hydrogen Group
Limited ("Clean Power") which has almost a decade of dedicated
research and product development experience. This experience has
resulted in the creation of simple, safe and sustainable technology
which is designed to deliver a modular solution to the hydrogen
production market in a cost-effective, scalable, reliable and
long-lasting manner. The Group's strategic objective is to deliver
the lowest LCOH in the market in relation to the production of
green hydrogen. The Group's MFE technology is already commercially
available and demonstrating cost efficiencies and technological
advantages. CPH2 is listed on the AIM market and trades under the
ticker LON:CPH2.
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