StockMarketWire.com - Active Energy Group has granted options over new ordinary shares to chief executive Richard Spinks, chief operating officer Matteo Girlanda, and chief financial officer Brian Evans-Jones.

Spinks has been granted an option exercisable at nil cost over a maximum of 4% of the company's issued share capital as enlarged by exercise of his option.

Vesting of the option, which is conditional upon AEG receiving by 8 April 2020 a distribution from a transaction introduced by Spinks. This will take place in respect of that proportion (up to 4%) of AEG's issued share capital, as enlarged by the exercise of his option, as is equal to 10% of the proportion of such distribution to AEG's then market capitalisation. Any unexercised part of the option will expire on 8 April 2020 and shares acquired on exercise of the option may not be sold by Spinks for five years following the date of grant.

AEG says that on 8 May 2014, it announced the cancellation of the deferred consideration of up to 62,500,000 ordinary shares conditionally payable to Girlanda in respect of the acquisition on 4 June 2013 of Nikofeso Holdings Limited. The board now recognises that this cancellation was premature as the condition relating to AEG generating aggregate EBITDA over any three consecutive years to 31 December 2018 remains capable of being satisfied.

AEG has granted Wood Investments Limited, a company controlled by Girlanda, an option exercisable at nil cost over 37,500,000 ordinary shares (which represents approximately 6.7% of AEG's current issued share capital) provided AEG generates aggregate EBITDA of at least US$7.5 million over any three consecutive years to 31 December 2018.

Any shares acquired on exercise of the option can be sold at any time. The option is exercisable until 8 April 2025 following which it will lapse.

Evans-Jones has been granted an option exercisable over 12 million ordinary shares (which represents approximately 2.1 per cent. of AEG's current issued share capital) at 5 pence per share by no later than 8 April 2025. Under the option, 3 million ordinary shares may be subscribed immediately and three further blocks of 3 million ordinary shares may be subscribed once the Company's average mid-market share price over 10 trading days meets 6 pence, 8 pence and 10 pence, respectively. Any shares acquired on exercise of the option can be sold at any time.

At 9:42am: [LON:AEG] Active Energy Group share price was +0.01p at 4.83p



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