LONDON (ShareCast) - (Sharecast News) - Clean Power Hydrogen (CPH2) announced on Monday that it has agreed amendments over the lock-ins with chief executive officer Jon Duffy and a number of other shareholders, including its founders, at the time of its admission to AIM in February last year.
The AIM-traded firm said that under the amendments, each of Jon Duffy, Clive Brook, Joe Scott, Nigel Williamson and Henry Price had agreed not to dispose of any of their shares, or enter into a transaction with the same economic effect, before the earlier of 12 months from 16 February 2023, the completion of a site acceptance test with one or more customers, or its closing mid-market share price being above 55p for at least 20 consecutive trading days.

It said the amendment agreed with Duffy would permit him to sell a limited number of shares to cover the cost of exercising any existing options during the restricted period, and the associated tax burden.

The company also entered into amendments with Rodney Brook and Charles Munroe under which each individual agreed not to dispose of more than 10% of their current holding before one of the conditions was met.

In total, the amendments covered 97,424,617 shares in CPH2, equating to37% of its current issued share capital.

"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," said Jon Duffy.

"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."

At 1117 GMT, shares in Clean Power Hydrogen were up 3.65% at 24.88p.

Reporting by Josh White for Sharecast.com.

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