LTIP option awards and PDMR dealings

Mirriad Advertising PLC

19 July 2023

 

19 July 2023

Mirriad Advertising plc

("Mirriad" or the "Company")

LTIP option awards and PDMR dealings

Mirriad Advertising plc, the leading in-content advertising company, announces that, under the terms of the Company's long-term incentive plan ("LTIP"), a total of 25,687,322 options over Ordinary Shares of £0.00001 each in the Company (the "Options") were granted on 19 July 2023 to a director, senior managers and employees, as detailed below.

The Options consist of three grants:

1.    New three year Options granted to Mirriad's three senior executives: the Chief Executive Officer (CEO), the General Manager (GM) of North America and the Chief Technology Officer (CTO).  These have been issued at a strike price of 3p each (equivalent to the price of the recent placing and open offer).  The Options will vest annually over three years;

2.    Grants to the same three senior executives in return for agreeing to one-off 12 month salary cuts of 10%, in the case of the CEO, and 5% for the GM North America and CTO respectively.  In the case of the CEO and the CTO these Options will have a strike price equivalent to the nominal value of the Company's ordinary shares(£0.00001).  For the GM North America these Options have a strike price of 3p as the personal tax treatment of nominal value options differs in the US .  All these Options have a one year vesting period; and

3.    Grants to certain other senior managers some of whom are regarded as PDMRs.  These grants continue the programme of annual Option grants to senior managers which commenced in 2022.  These Options have a strike price of 3p and vest after two years.

Director and PDMR Option awards: new three year options with a strike price of 3p

Name and position	Number of shares subject to option
Stephan Beringer, CEO (Executive Director)	12,740,584
Mark Melvin, GM North America (PDMR)	1,800,000
Philip Mattimoe, Chief Technology Officer (PDMR)	4,069,999
Total option grants in this category	18,610,583

Director and PDMR Option awards: new one year options with a strike price of £0.00001

Name and position	Number of shares subject to option
Stephan Beringer, CEO (Executive Director)	1,512,712
Philip Mattimoe, Chief Technology Officer (PDMR)	366,102
Total option grants in this category	1,878,814

Director and PDMR Option awards: new one year options with a strike price of 3p

Name and position	Number of shares subject to option
Mark Melvin, GM North America (PDMR)	1,448,400

PDMR Option awards: new two year options with a strike price of 3p

Name and position	Number of shares subject to option
Rajasekhar Parakkal, MD India (PDMR)	280,000
Tim Jones, Global Head of Research & Insights (PDMR)	214,288
Jamie Allen, Group Financial Controller & Company Secretary (PDMR)	195,431
Total option grants in this category	689,719

In total the Company has granted 22,627,516 Options to senior managers who are either Directors or deemed PDMRs.

Other senior managers and employee option awards

The Company has also granted 2,152,555 Options to ten existing senior managers, who are not regarded as PDMRs. These options have a strike price of 3p and will also vest after two years on 19 July 2025 and will add to existing option grants, which were initially granted on 6 June 2022.

Total options granted

In total this grant of 24,780,071 Options equates to 5.1% of the Company's existing issued share capital (the "ISC"). In total, following the grant of these Options, 48,229,831 options are now under grant but not exercised under the Mirriad Advertising plc LTIP scheme (the "Total Options"), which equates to 9.9% of the ISC. The weighted average price of the Total Options is approximately 9.1p.

The notifications below are made in accordance with the requirements of the Market Abuse Regulations.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Stephan Beringer
2	Reason for the notification
a)	Position / status	Chief Executive Officer (Director)
b)	Initial notification / amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Mirriad Advertising plc
b)	LEI	213800ZKOK9GIME7HE62
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 Identification code	Ordinary shares of £0.00001 each ISIN: GB00BF52QY14
b)	Nature of the transaction	Grant of Options over Ordinary Shares
c)	Price(s) and volume(s)	Exercise price 3p, volume 12,740,584 Exercise price £0.00001, volume 1,512,712
d)	Aggregated information - Aggregated volume - Price	14,253,296 £382,233
e)	Date of the transaction	19 July 2023
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Mark Melvin
2	Reason for the notification
a)	Position / status	GM North America (PDMR)
b)	Initial notification / amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Mirriad Advertising plc
b)	LEI	213800ZKOK9GIME7HE62
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 Identification code	Ordinary shares of £0.00001 each ISIN: GB00BF52QY14
b)	Nature of the transaction	Grant of Options over Ordinary Shares
c)	Price(s) and volume(s)	Exercise price 3p, volume 3,248,400
d)	Aggregated information - Aggregated volume - Price	3,248,400 £97,452
e)	Date of the transaction	19 July 2023
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Philip Mattimoe
2	Reason for the notification
a)	Position / status	CTO (PDMR)
b)	Initial notification / amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Mirriad Advertising plc
b)	LEI	213800ZKOK9GIME7HE62
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 Identification code	Ordinary shares of £0.00001 each ISIN: GB00BF52QY14
b)	Nature of the transaction	Grant of Options over Ordinary Shares
c)	Price(s) and volume(s)	Exercise price 3p, volume 4,069,999 Exercise price £0.00001, volume 366,102
d)	Aggregated information - Aggregated volume - Price	4,436,101 £122,104
e)	Date of the transaction	19 July 2023
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Rajasekhar Parakkal
2	Reason for the notification
a)	Position / status	MD India (PDMR)
b)	Initial notification / amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Mirriad Advertising plc
b)	LEI	213800ZKOK9GIME7HE62
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 Identification code	Ordinary shares of £0.00001 each ISIN: GB00BF52QY14
b)	Nature of the transaction	Grant of Options over Ordinary Shares
c)	Price(s) and volume(s)	Exercise price 3p, volume 280,000
d)	Aggregated information - Aggregated volume - Price	280,000 £8,400
e)	Date of the transaction	19 July 2023
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Tim Jones
2	Reason for the notification
a)	Position / status	Global Head of Research & Insights (PDMR)
b)	Initial notification / amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Mirriad Advertising plc
b)	LEI	213800ZKOK9GIME7HE62
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 Identification code	Ordinary shares of £0.00001 each ISIN: GB00BF52QY14
b)	Nature of the transaction	Grant of Options over Ordinary Shares
c)	Price(s) and volume(s)	Exercise price 3p, volume 214,288
d)	Aggregated information - Aggregated volume - Price	214,288 £6,429
e)	Date of the transaction	19 July 2023
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Jamie Allen
2	Reason for the notification
a)	Position / status	Group Financial Controller & Company Secretary (PDMR)
b)	Initial notification / amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Mirriad Advertising plc
b)	LEI	213800ZKOK9GIME7HE62
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 Identification code	Ordinary shares of £0.00001 each ISIN: GB00BF52QY14
b)	Nature of the transaction	Grant of Options over Ordinary Shares
c)	Price(s) and volume(s)	Exercise price 3p, volume 195,431
d)	Aggregated information - Aggregated volume - Price	195,431 £5,863
e)	Date of the transaction	19 July 2023
f)	Place of the transaction	Outside a trading venue

ENDS

For further information please visit www.mirriad.com or contact:

Mirriad Advertising plc Stephan Beringer, Chief Executive Officer David Dorans, Chief Financial Officer	Tel: [phone]
Nominated Adviser & Broker: Panmure Gordon  James Sinclair-Ford/Daphne Zhang (Corporate Advisory) Rupert Dearden (Corporate Broking)	Tel: [phone]
Financial Communications: Charlotte Street Partners             Tom Gillingham Fergus McGowan	Tel: [phone] Tel: [phone]

About Mirriad

Mirriad's award-winning solution unleashes new revenue for content producers and distributors by creating new advertising inventory in content. Our patented, AI and computer vision technology dynamically inserts products and innovative signage formats after content is produced. Mirriad's market-first solution seamlessly integrates with existing subscription and advertising models, and dramatically improves the viewer experience by limiting commercial interruptions. 

Mirriad currently operates in the US, Europe and the Middle East.

 

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