Employee options

11 Oct 2007 07:00

Ceramic Fuel Cells Limited11 October 2007 11 October 2007 Employee options Ceramic Fuel Cells Limited announces that it has granted a total of 3,799,060options over Ordinary Shares to employees under the CFCL Directors and EmployeeBenefits Plan ("Plan"). Under the Plan, approved by shareholders in November2006, the Board offers options to staff as a long-term incentive component ofremuneration. This grant of options is based on the Board's review of personal and Companyperformance for the year ended 30 June 2007. Under this offer, options weregranted to a total of 69 staff members, including all senior managers. ChiefFinancial Officer Tony Sherburn was granted 350,000 options. The Exercise Price of each option is A$1.02, which is equal to the average ofCFCL's closing price on ASX over the 30 days up to 30 June 2007. The ExercisePeriod for each option is 29 August 2008 to 28 August 2017. In the Remuneration Report section of the 2007 Directors' Report, released tothe market on 24 September 2007 (click here) the Directors noted that theyintended to increase the amount of options offered to staff, in particular tosenior managers, in order to attract and retain quality staff, align employeeincentives with shareholders' interests (by giving staff a higher ownershipstake in the Company) and to give key staff significant incentives to achievethe Company's demanding goals. This offer is consistent with that approach. The Board also proposes to grant options to Managing Director Mr Brendan Dow,and to four non-executive Directors, subject to shareholder approval. The termsof the proposed grants to Directors are set out in the notice of Annual GeneralMeeting, released to the market on 11 October 2007 (and available onwww.cfcl.com.au). ENDS For further information please contact: Ceramic Fuel CellsAndrew Neilson Tel: +613 9554 2300 Email: investor@cfcl.com.au About CFCL Ceramic Fuel Cells Limited is a leader in developing solid oxide fuel cell(SOFC) technology which can provide reliable, energy efficient, high-quality,and low-emission electricity from widely available natural gas and renewablefuels. CFCL is developing SOFC products for small-scale on-site micro combinedheat and power (m-CHP) and distributed generation units that co-generateelectricity and heat for domestic use. CFCL is listed on the London StockExchange AIM market and the Australian Stock Exchange (code CFU). www.cfcl.com.au This information is provided by RNS The company news service from the London Stock Exchange