Long Term Incentive Plan

RNS Number : 5546N

Obtala Limited

21 January 2019

 

21 January 2019

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014.

Obtala Limited

("Obtala", the "Group" or the "Company")

(AIM: OBT)

 

Long Term Incentive Plan ("LTIP")

 

Miles Pelham, Chairman, has entered into an LTIP with Paul Dolan, Chief Executive, whereby he has sold 30,000,000 ordinary shares in the Company to Paul Dolan for a consideration of £1,950,000, which remains outstanding free of interest under the terms of a loan agreement under which Mr Dolan has agreed to make payment to Mr Pelham as follows:

(a)         £650,000 10 business days after the first trading day after the third anniversary of the agreement;

(b)         £650,000 10 business days after the first trading day after the fourth anniversary of the agreement; and

(c)          all amounts then remaining under the loan agreement 10 business days after the first trading day after the fifth anniversary of the agreement.

Under the LTIP, Mr Pelham will hold the shares in trust for Mr Dolan, who will acquire beneficial ownership including all voting and dividend rights. Subject to his continued employment by the Company at the end of the relevant period referred to above, upon payment of each tranche of the amount outstanding under the loan agreement, Mr Dolan can request the transfer to him of the pro rata number of shares. Should Mr Dolan leave the Company's employment before the 5^th anniversary, Mr Pelham can re-purchase any balance of shares held in trust at the original price, to be satisfied to the extent possible by release of the loan (and any balance in cash), and Mr Dolan must pay all outstanding loan amounts (in respect of any shares which are not re-purchased) within 10 business days of such election.

Mr Dolan is entitled to prepay the outstanding loan balance at any time. Mr Dolan may not sell, transfer or give security or grant options over any of the shares purchased until all liabilities under the loan agreement have been discharged.

Miles Pelham, Chairman, commented: "I am delighted to have implemented this Long Term Incentive Plan for the benefit of Paul Dolan. As Chief Executive, Paul is critical to the success of Obtala and the creation of value for all our shareholders. As such it is in everyone's interest that I have made these shares available for implementation of the LTIP, which is designed to incentivise Paul and ensure his retention by Obtala for many years to come.  It goes without saying that a personal gesture such as this, which protects existing shareholders from dilution, should leave no doubt about my resolve to ensure Obtala is in the best possible shape to increase shareholder value going forwards.  I remain as committed as ever to guiding this company to significant scale."

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Miles Christian Pelham
2	Reason for the notification
a)	Position/status	Chairman
b)	Initial notification/ Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Obtala Limited
b)	LEI	2138001U7SLCSRKV3P06
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 1p each OBT LN  ISIN GG00B4WJSD17
b)	Nature of the transactions	Sale of 30,000,000 ordinary shares of 1p in Obtala Limited pursuant to the LTIP
c)	Price(s) and volume(s)	Price(s) Volume(s) £0.065 30,000,000
d)	Aggregated information -     Aggregated volume -     Price	30,000,000 £1,950,000
e)	Date of the transaction	18 January 2019
f)	Place of the transaction	London

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Paul Dolan
2	Reason for the notification
a)	Position/status	Chief Executive Officer
b)	Initial notification/ Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Obtala Limited
b)	LEI	2138001U7SLCSRKV3P06
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 1p each OBT LN  ISIN GG00B4WJSD17
b)	Nature of the transactions	Purchase of 30,000,000 ordinary shares of 1p in Obtala Limited pursuant to the LTIP
c)	Price(s) and volume(s)	Price(s) Volume(s) £0.065 30,000,000
d)	Aggregated information -     Aggregated volume -     Price	30,000,000 £1,950,000
e)	Date of the transaction	18 January 2019
f)	Place of the transaction	London

Obtala Limited Miles Pelham - Chairman Paul Dolan - CEO www.obtala.com	[phone]
Arden Partners Plc (Nominated adviser and broker) Tom Price Maria Gomez de Olea	[phone]

 

END

 

 

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