ITM power surges after share option awards to top directors
Shares of ITM Power surged following news that it had awarded several of its top directors new options at an exercise price of 48.0p.
FTSE AIM All-Share
755.28
17:14 26/04/24
ITM Power
51.10p
16:49 26/04/24
On 24 October, the energy storage and hydrogen refueling specialist granted chief executive officer Graham Cooley 307,500 more options, taking his total to 6.398m, together with another 159,750 for its chief technology officer Simon Bourne, who was left holding 2.86m.
Rachel Smith, an executive director, was awarded 72,000 options leaving her holding 1.35m, and finance director Andy Allen was awarded 47,250, leaving him with 1.05m options.
The options would vest on the third anniversary of the grant award and have a 10-year expiry starting from the date on which they were granted.
Tuesday´s news followed the company's announcement from 3 October that it intended to raise at least £52.0m via a strategic investment from Germany's Linde and a placing with certain existing and new institutionbal shareholders at 40.0p.
It would raise a further £6.8m via an open offer at that same price.
As of 1514 GMT, shares of ITM Power had run up 16.33% to 58.40p, having earlier risen as high as 59.80p, on a heavier than usual trading volume.