Director Shareholding and Issue of Options

RNS Number : 8775I

CyanConnode Holdings PLC

22 June 2017

 

CyanConnode Holdings plc

("CyanConnode" or the "Company")

Director Shareholding and Issue of Options

CyanConnode (AIM:CYAN.L), the world leader in narrowband radio mesh networks, announces that John Cronin, Executive Chairman, has today purchased 43,500,000 ordinary shares of 0.01p in the Company ("Ordinary Shares"), at a price of 0.115 pence per share.

This brings John Cronin's interest in the Company's current issued share capital to 429,590,662 Ordinary Shares, being approximately 2.4 % of the current issued share capital. The total amount invested to date in the Company by Mr Cronin has increased from £0.8 million to £0.85 million.

This purchase is following the investment made by all Directors and certain senior managers in the Company over the past 12 months whereby Directors have used 100% of their remuneration to purchase shares in the Company at the July 2016 placing price of 0.18 pence per share. The amount invested by Directors and certain senior managers under this arrangement was £0.7 million, and was in addition to £0.3 million invested by Directors and senior managers in the Placing in July 2016, bringing the amount already invested in CyanConnode shares by the Directors and relevant senior managers over the last twelve months to £1 million.

John Cronin commented: "Having already invested £0.8 million of my own money in CyanConnode equity, I have today made a further investment of £50,000. Over the last week we have announced two solid customer orders, the Queen's speech to Parliament ratified the UK Government's commitment to roll out smart metering and yet the share price has materially declined. As the fundamentals of the business have improved and not deteriorated, I viewed this share price weakness as a buying opportunity."

Furthermore, pursuant to the CyanConnode Non-Executive Share Plan, which is detailed below, and following the above purchase yesterday, the Company will now grant options over 43,500,000 Ordinary Shares with an exercise price of 0.115 pence per Ordinary Share to John Cronin. Following this grant, John Cronin will hold options over 609,330,705 Ordinary Shares.

CyanConnode Matching Share Plan

The Board has adopted a share subscription and option plan in order to retain and attract employees and Executive Directors. All employees including Executive Directors will be offered the opportunity to purchase up to a maximum of £200,000 for ordinary shares in the Company at the then current market value and receive an associated grant of options over an equal number of ordinary shares at the same market value.

The key terms of the subscription and options are as follows:

·      The employee would decide the number of ordinary shares that he or she wishes to purchase (up to the maximum subscription of £200,000) at the then market price.

·      The Company will grant the employee options to subscribe for an equal number of ordinary shares exercisable at the same market price per share.

·      The options will ordinarily be exercisable only after the fourth anniversary of the date of grant.

·      The options must be exercised in any event prior to the tenth anniversary of the date of grant.

The options may be exercised in full prior to the fourth anniversary of the date of grant in the event of a successful takeover of the Company.

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

Enquiries:

CyanConnode Holdings plc	Tel: [phone]
John Cronin, Executive Chairman	www.cyanconnode.com
FinnCap Limited (Nomad and Broker) Adrian Hargrave/Giles Rolls (Corporate Finance) Alice Lane (Corporate Broking)	Tel: [phone]
Walbrook PR (Investor Relations)	Tel: [phone]
Paul Cornelius / Nick Rome	[e-mail]

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	John Cronin
2.	Reason for the Notification
a)	Position/status	Executive Chairman
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	CyanConnode Holdings plc
b)	LEI	n/a
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the Financial instrument, type of instrument	Ordinary shares of 0.01p
	Identification code	GB00B0P66Q02
b)	Nature of the transaction	Purchase of ordinary shares
c)	Price(s) and volume(s)	Price(s) Volume(s) 0.115p 43,500,000
d)	Aggregated information: ·      Aggregated volume ·      Price	Purchase of 43,500,000 ordinary shares of 0.01p pence at 0.115 pence per ordinary share
e)	Date of the transaction	22 June 2017
f)	Place of the transaction	London Stock Exchange, AIM Market (XLON)

 

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